State’s Median Home Price a Record $382,000

California’s real estate market showed no signs of slowing in June as buyers scooped up houses and condos at a record clip and helped drive the median price for a home to an all-time high of $382,000.

The median price for June represents a 23.2% increase over $310,000 in the same period last year and a 3.8% jump over the $368,000 recorded in May, according to data released by DataQuick Information Systems on Monday.

In all, 66,850 homes were sold during the month, up 21.7% from 54,930 in June 2003 and up 18% from 56,650 in May.

“We’re still not seeing any turn in the market,” DataQuick analyst John Karevoll said.

Los Angeles County’s median sale price -- the point at which half the homes sold for more and half for less -- rose 32.3% year over year in June to $414,000, the biggest percentage increase in the state during the period. The highest median price for the month was $690,000 in Marin County.

The sales figures suggest buyers sought to lock in a mortgage rate amid speculation that rates would rise after action by the Federal Reserve at the end of the month. The Fed eventually implemented its first interest rate increase in four years, although the mortgage industry actually responded by lowering rates.

Sales also were fueled by a pickup in the number of homes available for sale, particularly in Southern California, as sellers jumped into the market in search of bigger profits.

Donna Gagliano, a real estate agent with Century 21 All Pro brokerage in Garden Grove, said prospective homeowners in June were “panic buying.” This month, that panic seems to have abated because would-be buyers appear uncertain over which way the rates will go.

Despite any uneasiness over mortgage rates, Karevoll predicted strong sales in July and August. “The main driver of the market right now is just plain demand,” Karevoll said.