California Housing Snapshot

Home sales increased 83.2 percent in November in California compared with the same period a year ago, while thhomeimp02e median price of an existing home fell 41.8 percent, according to the latest housing report from C.A.R.

Closed escrow sales of existing, single-family detached homes in California totaled 514,710 units in November at a seasonally adjusted annualized rate. Statewide home resale activity increased 83.2 percent from the revised 280,920 sales pace recorded in November 2007. Sales in November 2008 decreased 6.9 percent compared with the previous month.

The median price of an existing, single-family detached home in California during November 2008 was $285,680, a 41.8 percent decrease from the revised $490,511 median for November 2007, C.A.R. reported. The November 2008 median price fell 5.3 percent compared with October’s revised $301,740 median price.

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