Industry News

Record real estate prices set in California

Median home value jumps 18% from a year ago

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The median price of an existing home in California in December increased 18.1 percent from a year ago to a new high, and sales increased 1.4 percent during the same period, the California Association of Realtors reported today. The median price of an existing, single-family detached home in California during December 2004 was $474,480, compared to the revised $401,720 median for December 2003, C.A.R. reported. The December 2004 median price increased 0.5 percent compared with a revised $471,980 median price in November. "Home buyers concerned about future mortgage-rate increases flooded the market in December, driving the median price to an all-time high of $474,480," said C.A.R. President Jim Hamilton. "The median price increased by double-digits in every region of the state, with the High Desert, Riverside/San Bernardino, Sacramento, Santa Barbara and North Santa Barbara County regions posting increases of more than 30 percent." Closed escrow sales of existing, single-family detach...