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California Home Sales Soften in May

LOS ANGELES—Despite the 1.1% dip, the housing market momentum continues to be solid as the spring home-buying season marked higher year-over-year home sales and prices for the fourth straight month.

By Natalie Dolce | Updated on June 16, 2015

LOS ANGELES—California home sales softened in May, but the housing market momentum continued to be solid as the spring home-buying season marked higher year-over-year home sales and prices for the fourth straight month. That is according to a recent report from the California Association of Realtors.

Home sales rose above the 400,000 mark in May for the second straight month since October 2013 and were the second highest level in nearly two years. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 423,360 units in May, according to information collected by C.A.R. from more than 90 local realtor associations and MLSs statewide.

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