Median Home Prices, Sales Up in November

Median prices and sales of resale detached houses and condominiums rose in November, according to the California Assn. of Realtors.

November sales of detached houses in California rose 4.9% over October, thanks to a brief dip in interest rates and strong demand.

Detached houses sold at an annual rate of 597,000 in November compared to 569,330 in October. The November figure was 17% higher than last November making it the highest in a decade.

The state’s median sales price for resale houses rose 1.2% in November to $177,485. This was a 23.6% jump from November, 1987, when the median was $143,554. Joel Singer, chief economist of the realtors’ group, said lack of inventory helped to cause the price rise.

Condominium resales rose 0.2% over October but 48.4% over November, 1987. The median condominium price fell 2.7%, to $126,328 in November from $129,869 in October. Even so, November’s median price was 10.4% higher than a year ago, when it was $114,457.