Median Home Price Hits Record High

The median price of an existing single-family home in California rose 9% during the third quarter over the same period last year, reaching $206,900, the highest price ever recorded, the California Assn. of Realtors said. The previous high, $206,460, was reached in the second quarter of 1991. Nationwide, the median price for the latest July-September period rose 4.9% over that of the same quarter last year, to $132,700, according to a separate report issued by the National Assn. of Realtors. The median price rose 7.2% in the Midwest, 7.1% in the West, 5.1% in the South and 2.1% in the Northeast. The figures exclude new-home sales and condominiums.