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by CareyBot

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...