California home sales softened in May, but the housing market momentum continued to be solid as the spring home-buying season marked higher year-over-year home sales and prices for the fourth straight month.Home sales rose above the 400,000 mark in May for the second straight month since October 2013 and were the second highest level in nearly two years. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 423,360 units in May. The median price of an existing, single-family detached California home edged up in May from both the previous month and year for the fourth consecutive month. The median home price was up 0.8 percent from $481,880 in April to $485,830 in May, the highest level since November 2007.
* Los Angeles Metropolitan Area is a 5-county region that includes Los Angeles County, Orange County, Riverside County, San Bernardino County, and Ventura County * S.F. Bay Area has been redefined to include the following counties: Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma * Inland Empire includes Riverside County and San Bernardino County
* r = revised * MTM%c Chg = Percent change from prior month * YTY% Chg = Percent change from prior year
Regional/County sales data and condo sales data not seasonally adjusted.
The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® and MLSs throughout the state, representing 90 percent of the market. County sales data are not adjusted to account for seasonal factors that can influence home sales. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes an condominiums represents closed escrows. Movements in sales prices should not be interpreted as changes in the cost of a standard home. Median prices can be influenced by changes in cost and in the characteristics and size of homes sold. Due to low sales volume in some areas, median price changes may exhibit unusual fluctuation. C.A.R.’s data has been standardized to reflect county-level statistics.