Sales of existing homes in California increased...

Sales of existing homes in California increased 1.4% during the first quarter of 1988, compared to the same period in 1987, despite a double-digit annual increase in the median price of a home, according to the California Assn. of Realtors. Statewide, sales of existing, single-family detached homes during the first quarter rose at an annual rate of 491,474 units, compared to 484,530 for the first quarter of last year. The first-quarter performance, however, was 4.7% below the annual rate of 515,807 units sold during the fourth quarter of 1987.