California Home Sales Drop in December

December sales of existing single-family homes in California dropped 5.4% to a seasonably adjusted rate of 479,220, down from 506,550 a year ago, according to the latest figures from the California Assn. of Realtors. The trade group attributes the decline to the emerging energy crisis, uncertainty about the November election outcome and a dip in consumer confidence. Nationally, the December sales pace fell 5.3% to 4.87 million units, from 5.14 million units a year ago, according to the National Assn. of Realtors. The median price paid for an existing single-family home in California rose to $249,370, up 11% from $225,260 a year ago.