CALIFORNIA HOME SALES DECREASE 22.2 PERCENT IN NOVEMBER

The median price of an existing single-family home in California increased 1.4 percent in November and sales decreased 22.2 percent compared with the same period a year ago, the California Association of Realtors reported.

The median price of an existing single-family home in California increased 1.4 percent in November and sales decreased 22.2 percent compared with the same period a year ago, the California Association of Realtors reported.

Also last month, closed escrow sales of existing, single-family detached homes in California totaled 450,930 at a seasonally adjusted annualized rate, down 22.2 percent compared with the sales pace recorded one year earlier and up 1.7 percent from home resale activity in October.

C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in November 2006 was 7.4 months, compared with 3.6 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.                [tags] real estate, housing, housing market, San Diego real estate, real estate bubble, California real estate, San Diego home values[/tags]                                             San Diego real estate agent