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California Real Estate Home Sales Are Up; Prices Are Down Jun 27, 2008 at 3:37 pm.

California finally received some good news for a change.  The real estate market in California has been one of the hardest hit states in the current housing crisis, but a local realtor group indicated that sales jumped 18% in May compared to May 2007.

This is good news for California Real Estate, but, don’t relax too quickly:  Even though sales are up, the prices for those sales are actually falling, as much as 35% during that same period, according to a report from the California Association of Realtors (CAR).

“Home sales exceeded 400,000 (on an annualized, adjusted rate) last month for the first time since early 2007,” said CAR President William E. Brown. “While this is a welcome sign for the market, it was due in part to the large share of distressed homes for sale in many parts of the state.”

May was the second consecutive month of increased sales for real estate in California, but that followed an ominous string of 30 consecutive months when real estate sales saw steady declines.

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