California Home Sales, Prices Continue To Rise
IRVINE (AP) — California home sales are continuing to rise and so are prices, especially in the San Francisco Bay Area, thanks to job growth and low mortgage rates and despite tight supply.
The research firm CoreLogic says there were 40,612 homes and condos sold in California last month — down about 2 percent from April but up around 2 percent from the year before. It's the fourth straight month in which statewide sales have risen compared to the previous year.
The median home price was $401,000 statewide and $650,000 in the Bay Area.
The California price was down slightly from April but up nearly 3 percent from a year earlier. It's the second-highest price for any month in nearly 7½ years.
It's also the 39th straight month of year-over-year price hikes.
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