California´s residential housing market notched another booming month in November, as buyers seized on still-low mortgage interest rates, helping drive prices to new highs.
DataQuick Information Systems reported today that the statewide median price of homes and condos was $398,000, a 22-point-eight percent increase from $324,000 the same month a year ago. Prices have reached new peaks every month this year except January.
Despite some real estate experts´ projections earlier this year calling for appreciation rates to slow, most of the state´s most populated regions saw the median sale price of homes increase by high double-digit percentage points in November.
In the southern half of the state, the median appreciation rate last month was well above 20 percent in the counties of Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura.
In the northern counties of Solano, Alameda, Contra Costa, Sonoma, Marin, Napa, San Francisco, San Mateo and Santa Clara, the median price of homes rose an average of 17 percent.