Industry News

California real estate prices break record

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The median price of an existing home in California in June jumped 25.3 percent and sales increased 10.8 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 June 2004 was $469,170, a 25.3 percent increase over the revised $374,540 median for June 2003, C.A.R. reported. The June 2004 median price increased 1.2 percent compared to a revised $463,690 median price in May. Closed escrow sales of existing, single-family detached homes in California totaled 633,670 in June at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local Realtor associations statewide. Statewide home resale activity increased 10.8 percent from the 572,130 sales pace recorded in June 2003. "The real estate market in June experienced the confluence of what is traditionally the peak selling season and consumers' responses to a changing ...