Industry News

Real estate inventory expands in California

Median price of existing homes in state is $460,370

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The median price of an existing home in California in October increased 21.4 percent since October 2003, to $460,370, and sales increased 0.5 percent in that time, the California Association of Realtors reported today. The October 2004 median price decreased 0.7 percent compared with a revised $463,620 median price in September 2004. Median condo prices in the state increased from $369,380 in September 2004 to $373,310 in October 2004, and were up 26.1 percent from October 2003. "While the median price of a home continued to charge ahead in October compared with a year ago, sales moderated to a more sustainable pace, typical for this time of year," said Jim Hamilton, president of the California association. "The inventory of homes for sale also increased to nearly a four-month supply, compared with about a two-month supply a year ago," he said. "This is giving buyers a greater number of options when looking for a home, and also is reflected in the time it's taking to list and sell a h...