California Home Sales, Prices Inch Up

The median price of a home in California is up from a year ago, sales are rising, and foreclosure resales are declining — all signs that the housing market may be undergoing a sustained recovery, a tracking firm said this week.

About 35,860 new and resale houses and condos were sold statewide last month, up 11.5 percent from about 32,160 in November 2008, said San Diego-based MDA DataQuick. Sales fell 13.1 percent from October, but a decline in sales from October to November is normal for the season.

The median price paid for a home in California last month was $261,000, up 1.6 percent from $257,000 in October and up 1.2 percent from $258,000 a year ago.

The year-over-year increase was the first since July 2007, when the $478,000 median price was up 0.8 percent from $474,000 a year earlier, DataQuick said.

Last month also saw the lowest percentage of foreclosure resales in more than a year.

Comment Policy: We welcome your comments, with some caveats: Please keep your comments positive and civilized. If your comment is critical, please make it constructive. If your comment is rude, we will delete it. If you are constantly negative or a general pest, troll, or hater, we will ban you from the site forever. The definition of terms is left solely up to us. Comments are disabled on articles older than 90 days. Thank you. Carry on.