California home prices hit 7-year high in April

Low interest rates and job growth lured buyers, a research firm reported Thursday.|
<BR/> BY ELLIOT SPAGAT
ASSOCIATED PRESS

SAN DIEGO — A research firm says California home prices rose last month to a new 7½-year high as low interest rates and job growth lured buyers. Sales were brisk.

CoreLogic said Thursday that the median sales price for new and existing single-family homes and condominiums climbed above the $400,000 mark during April to $405,000, a gain of 6 percent from the same period last year. It's the highest median sales price since November 2007.

More than 40,100 homes sold in the state, a gain of 9 percent from March and an increase of 6 percent from April 2014. It's the second straight month that sales grew from a year earlier, even as supplies remain thin.

UPDATED: Please read and follow our commenting policy:
  • This is a family newspaper, please use a kind and respectful tone.
  • No profanity, hate speech or personal attacks. No off-topic remarks.
  • No disinformation about current events.
  • We will remove any comments — or commenters — that do not follow this commenting policy.
Send a letter to the editor