Sales, Prices of Existing Homes Show Gains

In yet another sign that the residential real estate market is moving along at a steady pace, sales and prices of existing homes posted year-over-year gains last month in both California and the rest of the nation. State sales of existing homes in September rose to a seasonally adjusted annualized rate of 708,680--a 12.8% jump from the 627,990 pace recorded in September 1998. California sales increased 8.9% from August. On average, the median price of an existing single-family detached home rose 9.2% to $220,740 from a year ago. Median prices declined just 1% from August. It took 35 days to sell a single-family home last month, five fewer days than a year ago. Nationwide, sales of existing homes rose 3.4% to a seasonally adjusted annualized rate of 5.13 million units, remaining above the 5-million mark for the 11th consecutive month, according to the National Assn. of Realtors. Unlike California’s housing market, however, nationwide home sales were down 2.1% from August. The national median price for an existing home rose 3.9% year-over-year to $134,500.