CA Resale Prices Up 16.2%

The median price of an existing home in California was 16.2% higher in November 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 $548,400 in November, compared with $471,980 a year earlier, CAR reported. The seasonally adjusted annualized rate of closed escrow sales of existing single-family detached homes totaled 579,560, up from the 652,340-unit rate recorded in November 2004, CAR said. "The California housing market continues to experience year-over-year double-digit price appreciation, which is consistent with our expectation that the statewide median for 2005 will increase by 18% over last year," said CAR president Vince Malta. CAR can be found online at http://www.car.org.