Sales of existing homes in the San Francisco Bay Area fell 12 percent

Sales of existing homes in the San Francisco Bay Area fell 12 percent in April compared to a year ago, bucking the statewide trend which saw a 2.5 percent sales increase, according to the California Association of Realtors.

Closed escrow sales of existing single-family detached homes in California totaled 366,720 in April at a seasonally adjusted annualized rate, up from the revised 357,640 sales in April 2007, according to information CAR collected from more than 90 local Realtor associations. The figure represents what total home sales for 2008 would be if the April sales pace continued throughout the year.

The April median price of an existing single-family detached home in California was $403,870, down 2.8 percent from $414,640 in March and 32 percent from the revised $594,110 April 2007 median, CAR said.