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California: News and Insight on Business in the Golden
State | THE STATE / THE ECONOMY

Statewide Home Sales Show Slight Rise

November 26, 1998|Jesus Sanchez

October sales of existing homes rose 1.6% from the same month last year to a seasonally adjusted, annualized rate of 615,930, according to the California Assn. of Realtors. Statewide, the median price rose 4.2% on a year-over-year basis to $197,230. The results, while still above year-ago levels, reflect a cooling off from the quick sales and soaring prices seen earlier in the year. The slowdown has been most prominent in Northern California, where October sales in Santa Clara County--the heart of Silicon Valley--plunged 17%. October sales in Los Angeles and Orange counties fell 2.5% from the same month last year.

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