California May 2008 Home Sales

QUICK STATS!! Here are some tallies for California Real Estate Home Sales last month

CA May 2008 Stats

A total of 33,024 new and resale houses and condos were sold statewide last month. That was up 6.0 percent from 31,150 in April and down 10.7 percent from 36,975 for May last year. Last month’s total made for the slowest May since 1995 when 32,223 homes sold.

Of the homes sold in May, 38.3 percent were foreclosure resales, up from a revised 37.6 percent in April and 5.4 percent in May a year ago.

The median price paid for a home last month was $339,000, down 4.2 percent from $354,000 for the month before, and down 30.0 percent from $484,000 for May a year ago when the median was at its peak. Around half the drop in median is due to depreciation, the other half due to shifts in the types of homes selling, and how those homes are financed.