Prices at highest ever, leading to sales declines.

California’s median home price reached a new high in May, while home sales retreated both on a monthly and annual basis, wiping out most of the gains posted for the year, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said late Tuesday.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 409,270 units in May. May’s sales figure was down 1.8% from the revised 416,750 level in April and down 4.6% compared with home sales in May 2017 of 428,870. May marked the first year-over-year sales decline in four months and the lowest sales level in more than a year.

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