Record real estate prices set in California

Median home value jumps 18% from a year ago



The median price of an existing home in California in December increased 18.1 percent from a year ago to a new high, and sales increased 1.4 percent during the same period, the California Association of Realtors reported today.



The median price of an existing, single-family detached home in California during December 2004 was $474,480, compared to the revised $401,720 median for December 2003, C.A.R. reported. The December 2004 median price increased 0.5 percent compared with a revised $471,980 median price in November.



"Home buyers concerned about future mortgage-rate increases flooded the market in December, driving the median price to an all-time high of $474,480," said C.A.R. President Jim Hamilton. "The median price increased by double-digits in every region of the state, with the High Desert, Riverside/San Bernardino, Sacramento, Santa Barbara and North Santa Barbara County regions posting increases of more than 30 percent."



Closed escrow sales of existing, single-family detached homes in California totaled 645,860 in December 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 1.4 percent from the 637,080 sales pace recorded in December 2003.



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