Investment Watch

Stock prices rising? Old news. Home prices rising? Now that’s a switch--and a welcome one for most Americans, whose home remains their principal asset. The National Assn. of Realtors reported last week that the national median sales price of existing homes was $115,300 in March, up 6.8% from a year earlier. It was the biggest year-over-year rise since 1992. Although strong March home sales and the hefty gain in prices reflect some buyers’ eagerness to beat rising mortgage rates, home prices nationwide have been rising at an accelerated pace since last summer. The next big question: Will California show that its long-depressed housing market can sustain March’s rebound?