Industry News

Golden State home price soars 22%

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The median price of an existing home in California in March increased 22 percent and sales increased 4 percent compared to the same period a year ago, the California Association of Realtors reported today.   Closed escrow sales of existing, single-family detached homes in California totaled 590,220 in March at a seasonally adjusted annualized rate, up the 567,610 sales pace recorded in March 2003.   The median price of an existing, single-family detached home in California during March 2004 was $428,280, a 22 percent increase over the revised $351,130 median for March 2003, C.A.R. reported. The March 2004 median price increased 8.4 percent compared to a revised $395,060 median price in February.   "The median price of a home continued its run of double-digit price increases last month as buyers scrambled to purchase homes amid concerns of rising mortgage interest rates," said C.A.R. President Ann Pettijohn.   The median price of a home in the Centra...