California Resales Plunge From '05 Level

The sales of existing homes in California were down 28.7% in October from the level recorded a year earlier, according to the California Association of Realtors.The seasonally adjusted annualized rate of closed escrow sales of existing single-family detached homes totaled 443,320, down from the 621,530-unit rate recorded in October 2005, CAR said. The median price of an existing single-family detached home in California totaled $548,680 in October, up 2% from $537,930 a year earlier, according to CAR. "While it appears that home sales have stabilized over the past three months, it's too soon to say whether or not the market has bottomed out," said CAR president Colleen Badagliacco. CAR can be found online at http://www.car.org.