California Existing-Home Sales Drop 7.5%

April sales of existing single-family detached homes in California dropped 7.5% to a seasonably adjusted annualized rate of 493,110, down from 532,900 a year ago, according to the California Assn. of Realtors. “Higher interest rates, coupled with concerns about the stock market, may have slowed down the housing market in California last month,” said association President Richard F. Gaylord. Nationally, the April sales pace dipped to 5.2 million units, down 6.9% compared with a year ago, according to the National Assn. of Realtors. The median price paid for an existing single-family home in California jumped to a record $241,600, up 11.6% from $216,490 in the same period a year ago. Ventura County led the region with a 19.3% increase. Prices in San Diego County rose 16%; Orange County, 15%; Riverside and San Bernardino counties, 6%; and Los Angeles County, 4%.