Californiaâ€™s median price continued to register double-digit gains from year-ago levels and
strong sales of higher-priced homes led to a year-over-year increase in sales in California
during November, the CALIFORNIA ASSOCIATION OF REALTORSÂ® reported this week.
Making sense of the story
ï‚· The statewide median price of an existing, single-family detached home increased 2.3
percent from Octoberâ€™s $341,370 median price to $349,300 in November.
ï‚· Novemberâ€™s price was up 24.8 percent from a revised $279,910 recorded in November
2011, marking the ninth consecutive month of annual price increases and the fifth
consecutive month of double-digit annual gains. The year-to-year percentage increase
was the largest since June 2004.
ï‚· Sales of existing, single-family detached homes in California were down 4.9 percent
from October, but up 2.7 percent compared with the previous year.
ï‚· â€œCaliforniaâ€™s median home price continued to strengthen in November, marking its
highest point since August 2008,â€ said C.A.R. Vice President and Chief Economist Leslie
Appleton-Young. â€œThe significant increase in price was due in part to the change in the
mix of sales. Coastal markets, which tend to have high-end properties, accounted for a
larger share of total sales and led to strong price gains overall.â€
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