REAL ESTATE

California Home Sales Jump: Existing home sales rose 17% in January from the same month last year, to a seasonally adjusted, annualized rate of 469,690 homes, according to the California Assn. of Realtors. Favorable interest rates and job growth contributed to the strong results, which also benefited from a comparison to a weak market in January 1995, when stormy weather depressed sales. The sales pace in January was up 4.3% from a revised annualized rate of 450,320 homes sold in December. The statewide median sales price in January declined 1.6% from the year-ago period to $177,420. In Los Angeles, sales surged 19.5% from year-ago figures, but the median sales price fell 5.9% to $170,320. Orange County sales rose 13.2% from January 1995 and the median rose 1.8% to $207,790.