Home resales in California surged 27.8% in April.

The increase of existing single-family home sales put them at their highest level in more than five years, the California Assn. of Realtors said. April’s seasonally adjusted annual sales rate of 496,500 units was up from March’s 391,721-unit pace and was 14.6% higher than the 433,266-unit rate of a year earlier. April’s sales pace was the fastest since October, 1980. The association also reported that the median price of an existing single-family home in California in April was a record $130,648, up from March’s $129,849 and 14% above the April, 1985, median price of $114,648.