Home Sales, Prices Up in California

California home sales rose slightly in October, while low inventories continued to drive median home prices ever higher, according to a study by the California Assn. of Realtors and Real Estate Solutions, a real estate information service. Sales of existing, single-family homes rose to 548,230, a 0.3% increase from the same period a year ago, the report found. The median price of an existing, single-family home in California was $252,510 last month, up 17% from $215,820 in October 1999, according to CAR. This was the 11th time in the last 13 months that the demand for housing in the state has pushed the median home price increase into the double digits, CAR said. National home sales also moderated in October, with the National Assn. of Realtors reporting that sales of existing, single-family homes came in at 4.96 million units, down 1.6% from 4.88 million units sold in October 1999.