California Home Sales to Climb 1% Next Year, Realtors Expect

Home sales in California, the most populous U.S. state, are likely to rise 1 percent in 2012 after being “essentially flat” this year, the California Association of Realtors forecast today.

Sales of existing homes are expected to rise to 496,200 units from a projected 491,100 in 2011 and 491,500 last year, the Los Angeles-based group said in a statement. Median prices probably will rise 1.7 percent to $296,000 from $291,000 this year, according to the Realtors.