The median price of existing homes in California was up 15.6% in May from the level recorded in May 2002, but sales were down 7.7% from a year earlier, according to the California Association of Realtors."Low mortgage interest rates, coupled with continued strong demand in California real estate, drove the median price upward in May," said CAR president Toby Bradley. "But with the median price of a single-family home posting double-digit increases in 22 out of the past 24 months, affordability concerns are increasing for many families in California." The median price in May was $369,290. CAR can be found online at http://www.car.org.
Processing Content
