Talking Points
- Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 431,370 units in May, according to information collected by the CALIFORNIA ASSOCIATION OF REALTORS®.
- Sales in May were up 1.9 percent from a revised 423,420 in April but down 3.6 percent from a revised 447,530 in May 2012. The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
- The statewide median price of an existing, single-family detached home rose 3.6 percent from April’s median price of $402,760 to $417,350 in May. May’s price was up 31.9 percent from a revised $316,460 recorded in May 2012, marking 15 straight months of annual price increases and the eleventh consecutive month of double-digit annual gains.
- The year-over-year price increase was the highest since at least 1980, when C.A.R. began tracking this statistic. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.