Resale Prices Up 20% in CA

The median price of an existing home in California was 20.7% higher in February than the level recorded a year earlier, and resales were up 3.9%, according to the California Association of Realtors.The median price of an existing single-family detached home in California totaled $394,300 in February, compared with $326,640 a year earlier, CAR reported. Closed escrow sales of existing single-family detached homes totaled a seasonally adjusted annualized rate of 589,220, up from the 566,890-unit rate recorded in February 2003, CAR said. "While demand for housing gives no indication of slowing down, the inventory of homes for sale continues to decline," said CAR president Ann Pettijohn. "This dynamic is a key constraint in the housing market and why we're experiencing such dramatic price appreciation." CAR can be found online at http://www.car.org.