LOS ANGELES--(Business Wire)--
Home sales increased 18.1 percent in May in California compared
with the same period a year ago, while the median price of an existing
home fell 35.3 percent, the CALIFORNIA ASSOCIATION OF REALTORS(R)
(C.A.R.) reported today.

"Home sales exceeded 400,000 last month for the first time since
early 2007. While this is a welcome sign for the market, it was due in
part to the large share of distressed homes for sale in many parts of
the state," said C.A.R. President William E. Brown. "Sales also rose
above their year ago levels for the second month in a row after 30
consecutive months of year-to-year decreases. The lower prices
associated with distressed sales along with favorable interest rates
both contributed to higher sales levels."