California sales, prices sag in May

Sales of existing single-family homes in California fell 5.8 percent from April to May to a seasonally adjusted annual rate of 471,480 units, according to statistics collected by the California Association of Realtors from 90 Realtor associations and multiple listing services.

That’s a 14.4 percent decline in sales from the same time a year ago, when federal homebuyer tax credits were still in effect.

At $291,760, the median sale price of existing single-family homes in California during May was down 0.7 percent from April and 10.9 percent from a year ago.

"The monthly decline in sales and the median home price reflect the slowdown in the economic recovery over the past couple of months, which has affected virtually all aspects of consumer spending," said CAR Chief Economist Leslie Appleton-Young in a statement.

Source: California Association of Realtors

CAR estimated there was a 5.4-month supply of single-family detached homes on the market in May, unchanged from April but up from 4.5 months a year ago.

Single-family homes that sold in May were on the market for a median of 51.8 days, up from 37.8 days during the same period a year ago.

Homes in lower price ranges were the most scarce, with a 5-month supply of homes priced under $300,000, up from 3.2 months a year ago. CAR estimated that there was a 5.8-month supply of homes priced at $300,000 to $500,000, up from 3.8 months a year ago.

In upper price ranges, CAR estimated there was a 6.2-month supply of homes priced at $500,000 to $750,000, and a 7.2-month supply of homes prices at $750,000 to $1 million. At the pace of sales in May, there was a 9-month supply of homes priced at $1 milllion and up, CAR said.