Industry News

California real estate prices leap 16%

Sales numbers drop in some regions

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The median price of an existing home in California in June increased 16 percent and sales increased 3.6 percent compared to the same period a year ago, the California Association of Realtors reported today. "Fixed mortgage interest rates have fallen compared with a year ago, and remain below 6 percent," said Jim Hamilton, association president. "This continues to propel both sales and the median price of a home as consumers gauge current market conditions against future interest rate increases." Closed escrow sales of existing, single-family detached homes in California totaled 656,310 in June at a seasonally adjusted annualized rate, according to information collected from more than 90 local Realtor associations statewide. Statewide home resale activity increased 3.6 percent from the 633,660 sales pace recorded in June 2004, the association reported. The statewide sales figure represents what the total number of homes sold during 2005 would be if sales maintained the June pace t...