Median home price tops $500,000
The median price of a home in California broke $500,000 for the first time last month, up 12.5%, compared with the same period a year ago, the California Assn. of Realtors reported.
The median price of an existing, single-family, detached home in California during April 2005 was $509,230. The number of sales increased 2.7%.
“Year-to-date sales are up 5.1% compared to a year ago,” said Leslie Appleton-Young, CAR vice president and chief economist. “Although interest rates remain near their historical lows, consumers are clearly concerned about the impact rising rates will have on their ability to purchase a home.”
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