Information from the California Association of Realtors (C.A.R.) on Tuesday echoing the trend if not the absolute numbers of data released last week from DataQuick.  Both surveys show home sales falling while prices continued a more than two-year upward trajectory.  

(Read More: California Home Sales Dip, Prices Don't)

C.A.R. said sales in May were at a seasonally adjusted annual rate of 391,030 units, 0.6 percent below the April rate of 393,480.  DataQuick reported sales on a monthly basis at 37,988, a decline of 0.7 percent from the month before. C.A.R. said that this was the seventh consecutive month that annualized sales figures were below 400,000 and the tenth time sales were down year over year, falling this time by 9.5 percent from a revised figure of 432,140 in May 2013.  DataQuick put the annual slide at 14.4 percent. 

The realty group said that a shortage of homes and housing affordability concerns probably held back some would-be buyers in Ma, accounting for the slipping sales.  Nonetheless, median prices rose for the third straight month on both a month-over-month and year-to-year basis.

May's median price was $465,960, a 3.7 percent increase from the April median of $449,360 and 11.7 percent higher than the $417,140 recorded in May 2013.   While C.A.R. and DataQuick agreed it was the 27th straight month of price increases and the highest median price since December 2007 they differed substantially on the median price with DataQuick pegging it at $386,000, a 0.8 percent increase from April and 14.5 percent compared to May 2013.  C.A.R. said it was the 23rd straight month of double-digit annual gains.



"While home price increases have tempered over the past few months, prices are still nearly 12 percent higher than a year ago, which is presenting affordability challenges to home buyers," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  "And though housing inventory is up from last year, it's still half of what is considered normal, with some of it being overpriced.  A tempering in home price increases and the recent drop in mortgage rates, however, should help spark the market in the upcoming months."

C.A.R. President Kevin Brown said, "Generally speaking, buyers are feeling less urgency to buy as affordability has become more of an issue and lending standards continue to remain tight.  However, a recent surge in mortgage applications, due partially to declining interest rates, may indicate that higher housing demand can be expected in the coming months.  

Housing inventory was unchanged in May at 3.6 months.  In May 2013 there was a 2.6 month supply of existing single family homes available.  A six to seven month supply is considered typical.  The median number of days it took to sell a single-family home fell to 31.6 days in May, down from 33.8 days in April but up from 27.1 days in May 2013.

C.A.R gathers its information from more than 90 local Realtor associations and Multiple Listing Services and reflects sales of only single family detached homes.