California Home Sales Rise in May, Aided by Lower Interest Rates

According to the California Association of Realtors, California's median home price edged higher to another peak for the second straight month as lower interest rates helped bolster home sales in May 2019. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 406,960 units in May 2019, according to information collected by C.A.R. The statewide annualized sales figure represents what would be the total number of homes sold during 2019 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.