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Two California cities among top 15 in U.S. for retirees to buy homes

Two California cities are among the nation's best places for retirees to invest in homes, according to a RealtyTrac report published Thursday.

The Irvine real estate data firm ranked the top 15 U.S. cities where at least one-third of the population is 65 or older by their median home price increase in a 12-month period that ended in May. 

Rancho Mirage, near Palm Springs, and Seal Beach in Orange County both made the list. 

Rancho Mirage was No. 7, with a 16.77% year-over-year increase in home prices. Seal Beach ranked No. 13 with a 9.84% gain. 

But only the wealthy should consider investing in the Golden State. East Hampton, N.Y., is the only city on the list that had a higher median home price in May, $952,500, than the California cities.

Seal Beach had the second-highest median price in May, $692,000, and Rancho Mirage was third at $430,000, according to the report. 

Here's the list of the top 15 retirement hot spots to invest in real estate, with the median home price and year-over-year percentage increase for each city:

1. Dunnellon, Fla.  ($76,941; up 31.42%)
2. Naples, Fla.  ($267,473; up 26.79%)
3. Hot Springs Village, Ark.  ($170,000; up 25.93%)
4. Douglassville, Pa. ($252,000; up 22.33%)
5. Sun City, Ariz.  ($113,275; up 19.90%)
6. North Fort Myers, Fla.  ($84,000; up 19.01%)
7. Rancho Mirage, Calif. ($430,000; up 16.77%)
8. Punta Gorda, Fla.  ($138,938; up 16.71%)
9. Sun City Center, Fla.  ($99,750; up 14.66%)
10. Venice, Fla.  ($148,238; up 11.46%)
11. Florence, Ore.  ($165,000; up 10.37%)
12. Green Valley, Ariz.  ($144,550; up 10.13%)
13. Seal Beach, Calif.  ($692,000; up 9.84%)
14. Orange City, Fla.  ($68,000; up 8.80%)
15. East Hampton, N.Y.  ($952,500; up 8.18%)

ALSO: 

Freddie Mac: Mortgage rates ease after run-up

National home prices jump 12% in May

Construction spending jumps in May

Copyright © 2014, Los Angeles Times
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