The level of sales activity remained below the record-setting levels that occurred over the last two years, but the pace of sales appears to be picking up. Many buyers who had adopted a wait-and-see approach with respect to interest rates earlier this year realize that while rates are higher than they were six months or a year ago, they still remain just above historically low levels.

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The grass isn't always greener on the other side.

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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.

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Sales fell last month compared with December 2004's record-setting pace, prompted by consumers' concerns about rising interest rates.

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