Industry NewsMarkets & Economy

Calif. resale price rises for 7th month

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The statewide median resale home price rose for the seventh straight month in September, while the pace of single-family sales of previously owned homes was up 0.6 percent from the prior month and up 2.1 percent compared to the same month last year, the California Association of Realtors trade group reported Monday. The median price of resale homes in the state was up 1.1 percent in September, to $296,090, while falling 7.3 percent compared to September 2008, CAR also reported. The year-over-year statewide median price had dropped in double-digit percentages for 22 consecutive months before the single-digit percentage decline in September, the group noted.The statewide median price compares to a national median resale price of $174,900 in September (see related article) -- the national median price dropped 8.1 percent compared to September 2008. CAR's chief economist, Leslie Appleton-Young, said in statement, "Efforts by the government to stimulate housing and the economy ...