Resales Dip 1.9% in California: Citing continued affordability pressures and a lackluster economy, the California Assn. of Realtors reported that 467,993 existing single-family, detached homes closed escrow during May on an annualized basis, down 1.9% from April’s 477,173 rate. The May figure was 11.2% lower than the revised May, 1989, annualized pace of 527,024. The annualized figure represents what would be the total number of existing homes sold during 1990 if sales occurred at the May pace throughout the year.
From Times Staff and Wire Reports