In May, California's housing market showed signs of improvement as home sales surged to the highest level in eight months and the statewide median home price notched above $800,000 for the second straight month. Closed escrow sales of existing single-family detached homes totaled a seasonally adjusted annualized rate of 289,460, up 9.8 percent from April and down 23.6 percent from a year ago. The median home price in California rose 3.0 percent from April to $836,110, however, it was down 6.4 percent from May 2022. Competition for homes increased as nearly half of homes were selling
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