Cash buyers, investment uptick boost California median home price

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Cash buyers, investment uptick boost California median home price

Many properties have been purchased by investors via cash and they themselves have help to raise the bar when it comes to price California home sales and prices both posted gains in December, with the median price posting strong double-digit gains for six straight months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported. 

Making sense of the story

• Sales in December were up 0.8 percent from a revised 518,460 in November and up 0.9 percent from a revised 517,730 in December 2011.  The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the December pace throughout the year.

• The statewide median price of an existing, single-family detached home climbed 5 percent from November’s $349,300 median price to $366,930 in December.

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