California's resale housing market was unseasonably brisk in December, the California Association of Realtors reported Friday, with sales of existing homes rising 1.7 percent and median home prices climbing 8.4 percent year-over-year. "Historically, the median price declines November through February and then rises in March. However, lean inventory, historically low interest rates, and incentives for homebuyers have resulted in California's housing market experiencing non-seasonal variations," said Leslie Appleton-Young, the state association's vice president and chief economist, in a statement. "While we expect to experience price gains in the near term, it remains to be seen how the market will fare once the Federal Reserve discontinues its purchase of mortgage-backed securities." The statewide median home price was $306,820, compared with the revised $283,060 median for December 2008. The price also represents a 0.8 percent month-to-month increase. Santa ...
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