SAN DIEGO (AP) - A research firm says California home prices registered an eighth straight annual increase last month, the latest evidence that the state's housing market recovery is gaining momentum.
DataQuick said Wednesday that the median price for new and existing houses and condominiums reached $285,000 in October. The median slipped $2,000 from September but was still up 19 percent from $240,000 in October 2011.
More than 39,000 homes sold in the state last month, up 15 percent from the same period last year.
Buyers are snapping up homes in more expensive, coastal areas. Foreclosed properties are also a smaller part of sales mix, lifting the overall market because they tend to sell at steep discounts.
The Associated Press