The median price of an existing home in California in June increased 15.9 percent and sales increased 7.2 percent compared to the same period a year ago, the California Association of REALTORS (CAR) reported. "The median price of a home in Southern California, especially in the Riverside/San Bernardino and Central Valley regions, continued to post impressive gains," said CAR President Toby Bradley. "Prices in the San Francisco Bay Area region, by comparison, are appreciating at a slower rate than other regions in the state."

The median price of an existing, single-family detached home in California during June 2003 was $376,260, a 15.9 percent increase over the revised $324,640 median for June 2002, CAR reported. The June 2003 median price increased 1.8 percent compared to a revised May 2003 $369,450 median price.

The statewide sales figure represents what the total number of homes sold during 2003 would be if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

"The wild cards in the equation are mortgage interest rates," said CAR Vice President and Chief Economist Leslie Appleton-Young. "If the national economy recovers at a faster pace than expected, long-term rates will likely increase more quickly than we've anticipated. This could have a negative effect on affordability and the ability of Californians to purchase a home."

Source: California Association of REALTORS, 7/28/2003