California home sellers saw record gains in 2003
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From Times wire reports
The state’s home sellers earned a record median gain of $150,000 in 2003, according to a new report by the California Assn. of Realtors.
“Sellers in 2003 realized an 8% annualized rate of return, far exceeding the returns on many other investment options,” said Leslie Appleton-Young, the trade group’s vice president and chief economist.
The “State of the Housing Market 2003” forecasts that the median price of a home in 2004 will rise 13% to $417,500 from $369,500 last year.
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