Industry News

California real estate prices shatter record

Median home value up nearly 25% from April 2003

The median price of an existing home in California in April increased 24.6 percent and sales increased 9.8 percent compared to the same period a year ago, the California Association of Realtors reported today. The median price of an existing, single-family detached home in California during April was $453,590, a 24.6 percent increase over the revised $364,040 median for April 2003, C.A.R. reported. The April 2004 median price increased 5.8 percent compared to a revised $428,570 median price in March. "The median price of a home surged to another record in April as the traditional spring home-buying season got underway," said C.A.R. President Ann Pettijohn. "Buyers concerned about potential interest-rate increases later this year jumped into the market, while the supply of homes for sale continued to shrink." Closed escrow sales of existing, single-family detached homes in California totaled 640,710 in April at a seasonally adjusted annualized rate, according to information collect...