California Home Sales Fall in March 2007

According to a recent story on Inman News, “[t]he rate of single-family home sales plummeted 20.8 percent while home prices rose 3.2 percent in March compared to the same month last year, the California Association of Realtors trade group reported today.”

The article goes on to quote Colleen Badagliacco, president of the California Association of Realtors, who said:

March sales fell below the levels of recent months in reaction to an uptick in mortgage rates earlier this year along with tighter underwriting standards. The year-to-year decline in March was larger than in recent months in part because [California home] sales in March 2006 were the strongest in all of last year.