CA Resale Prices Up 15.7%

The median price of an existing home in California was 15.7% higher in March than the level recorded a year earlier, and resales were up 7.5%, according to the California Association of Realtors.The median price of an existing single-family detached home in California totaled $495,400 in March, compared with $428,060 a year earlier, CAR reported. The seasonally adjusted annualized rate of closed escrow sales of existing single-family detached homes totaled 634,700, up from the 590,220-unit rate recorded in March 2004, CAR said. "The median price of a home was just shy of a half-million dollars in March, although the annual rate of increase was the smallest we've seen since June 2003," said CAR president Jim Hamilton. "The inventory of homes for sale has increased compared to a year ago, which has lessened the upward pressure on home prices, but consumers' perceptions that interest rates will increase continues to drive the market." CAR can be found online at http://www.car.org.