California’s resale housing market showed further signs...

California’s resale housing market showed further signs of cooling in August, with a 1.4% drop in detached home sales. According to the California Assn. of Realtors, 572,490 detached homes closed escrow in August on a seasonally adjusted, annualized basis, down from 580,759 homes sold in July. Sales for the month, however, were 17.6% higher than in August, 1987. Orange County remained the most expensive major region, with the median resale home price climbing to $224,828, up 2.4% from $219,542 in July and 32.1% from the August, 1987, median price of $170,211. The Los Angeles region experienced a 2.6% increase in the median sales price of a home, which climbed from $188,210 in July to $193,106 in August, up 25.4% from a year ago.