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Business

California Home Prices Rise To 4-Year High

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real estate, home for sale, sales, foreclosure, prices

A ‘sale pending’ sign is posted in front of a home for sale in San Rafael. (Justin Sullivan/Getty Images)

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SAN DIEGO (CBS/AP) — A research firm says California homes prices rose during September to new a four-year high as the supply of foreclosed homes for sale dwindled.

DataQuick said Monday that the median price for new and existing houses and condominiums reached $287,000, up 15.3 percent from $249,000 in September 2011. It is the highest median price since August 2008.

About 35,400 homes sold, down nearly 3 percent from last year. DataQuick says there were fewer business days this September compared to the same period last year.

Less than 18 percent of existing homes sold were in foreclosure during the previous year, compared to more than one of every three sold a year earlier. Foreclosed homes tend to sell at steep discounts, dragging down the median price.

 

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

 

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