IE Business Daily Business news for the Inland Empire.
Seasonally adjusted single-family home sales topped 400,000 in May in California, their second-highest level in nearly two years.
Sales of existing, single-family detached homes statewide totaled a seasonally adjusted 423,360 units last month, down 1.1 percent from April but up 8.9 percent compared with May 2014, according to data released Monday by the California Association of Realtors.
Those figures represent what would be the total number of homes sold this year if the rate of sales established in May were to last through December. Those numbers allow for seasonal factors that influence home sales, according to the association, a trade entity based in Los Angeles.
“The spring home-buying season continues to be strong, especially in areas where insufficient housing supply is less of an issue,” association president Chris Kutzkey said in a statement.
The median price of a single-family home in California last month was $485,830, up 4.4 percent year-over-year and the highest it’s been since November 2007, according to the association’s report.
