New figures out Thursday show that sales of existing homes
dropped 14% in April, and nearly 40% from a year ago. Robert
Kleinhenz is with the California Association of Realtors.
"It certainly is a decline of a large magnitude the likes of
which we really did not fully anticipate but we do need to bear in
mind for reference point that the prior year's sales were among the
highest if not the highest on record."
He says concerns about inflation, high gas prices and rising
interest rates could be driving the drop in sales. The median price
of a home in the Sacramento area is $374, 360.