Industry News

California real estate breaks sales, price records

Low inventory, high demand pushes single-family median to $404,520 in December

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The median price of an existing home in California in December increased 19.4 percent and sales increased 11 percent compared to the same period a year ago, the California Association of Realtors reported Monday. "The median price of a home in California topped $400,000 for the second time in 2003, hitting a record $404,520 last month," said C.A.R. President Ann Pettijohn. "Demand for homes continued unabated, propelled by mortgage rates that remained below 6 percent and an extremely low inventory of homes for sale." The median price of an existing, single-family detached home in California during December increased 19.4 percent over the revised $338,840 median for December 2002, C.A.R. reported. The December 2003 median price increased 5.1 percent compared to a revised $384,930 median price in November. Statewide, the 10 cities and communities with the highest median home prices in California during December 2003 were: Malibu, $1,178,750; Los Altos, $1,165,000; Manhattan Beach, $...