The median price of an existing home in California in November increased 16.2 % and sales decreased 11.2 % compared with the same period a year ago, according to the California Association of Realtors.

“The California housing market continues to experience year-over-year double-digit price appreciation, which is consistent with our expectation that the statewide median for 2005 will increase by 16 percent over last year,” said C.A.R. President Vince Malta.

Sales of existing, single-family detached homes in California totaled 579,560 in November, according to information collected by C.A.R. Statewide home resale activity decreased 11.2 % from the 652,340 sales pace recorded in November 2004. The median price of an existing, single-family detached home in California during November 2005 was $548,400, an increase of 1.8 % compared with October’s $538,770 median price.

“While year-to-date sales in November were 1.7 percent above last year’s pace, we are starting to see the ‘soft landing’ we have been expecting,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “The year-to-year decline in sales is not surprising, given the market was so strong in November 2004. Additionally, rising mortgage interest rates, which have moved above 6 percent over the last few months, contributed to the slowdown in sales.”