California Resales Fall 22.7%

The sales of existing single-family detached homes in California were down 22.7% in July from the level recorded a year earlier, according to the California Association of Realtors.The seasonally adjusted annualized rate of closed-escrow resales totaled 350,980 in July, down from the 453,980-unit rate recorded in July 2006, CAR reported. The median price of an existing single-family detached home in California totaled $586,030 in July, up 3.2% from a revised $567,860 a year earlier, the association said. "With credit drying up in recent weeks, we expect further weakness in sales over the next few months," said CAR president Colleen Badagliacco. "It is too early to say how long the current credit crunch will continue, but we are hopeful that we will avoid a prolonged credit crisis that might cause sales to decline over a longer period of time." CAR can be found online at http://www.car.org.