The southern California housing market is hot. So hot, that in January 2004, the median home price in Malibu was up 106.7 percent from a year ago. Did Malibu homeowners actually see the price of their homes double in just one year? Increases and decreases in home prices are usually quoted in terms of changes in the median home price. The median price doesn't measure actual home-price appreciation. Instead, it is the midway point of sale prices in an area for a given period of time, usually one month or one year. This means that half the homes sold during the period sold for more than the median price and half sold for less. Malibu home prices surely increased substantially during the last year. But the magnitude of the increase in median home price in Malibu is indicative of a pickup in the upper-end market. Multiple million-dollar properties, which had languished since the recession of 2000, are back in demand. For years, first-time home buyers, who typically buy less-expensiv...
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