The California housing recovery boomed forward in November, with home prices reaching levels high enough to trigger questions about whether speculators are overdoing a spending spree.
The median price of all houses and condos sold in the Golden State was $291,000 last month, up 2.1% from October and 19.3% from $244,000 in November 2011, the DataQuick real-estate information firm said Thursday. The median is the point at which half the sales are for more and half for less.
Homes purchased for all cash remained at extremely high levels, mostly because of investors snapping up homes after the huge price declines of the housing bust. DataQuick analyst Andrew LePage said 32.5% of all November home sales in California were for cash, more than twice the long-term average.