The median price of a California home reached its highest level in more than four years in September, the California Association of Realtors reports. But while prices rose, a continued shortage of homes on the market lowered sales.
“Low inventory – especially in distressed areas – is dampening sales activity,” association President LeFrancis Arnold said. “In many of these areas, there is a one- to two-month supply of REO (banked owned) homes on the market.”
The report shows statewide:
The median price for an existing, single-family detached home was $345,000 in September, up 19.5 percent from a revised $288,700 recorded in September 2011, marking the seventh consecutive month of both month-over-month and year-over-year increases.
September’s median price was the highest since August 2008, when it was $352,730. This was the largest year-over-year increase since May 2010.
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