CAR: Home Sales, Prices Will Set Records

Home sales and home prices will both set records this year in California, according to the California Association of Realtors.In a rundown of this year's housing market in California, CAR reported that sales of existing single-family homes are expected to rise 1.8%, to 635,000, from last year's record of 624,700. The state's median home price is expected to reach $523,150 this year and then increase 10% next year to $573,500, according to the association. CAR said the median home price in California experienced a double-digit increase for the fourth consecutive year, but slowed to 16% from the 18%-21% rises of the previous three years. The association can be found online at http://www.car.org.