California Resales Up 43.4%

The sales of existing single-family detached homes in California were up 43.4% 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 489,080 in July, up from the revised 341,130-unit rate recorded in July 2007, CAR reported. The median price of an existing single-family detached home in California totaled $350,760 in July, down 40.3% from a revised $587,560 a year earlier, the association said. "Sales improved significantly in July 2008 and remained above the 400,000 level for the third consecutive month," said CAR president William E. Brown. "Deeply discounted distressed sales continue to drive volume in many regions of the state." CAR can be found online at http://www.car.org.