California real estate prices leap 16% 

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."

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