Housing Sales Drop 14 Percent In April

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(Sacramento, CA)
Thursday, May 25, 2006

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.