The housing industry in California is in recovery mode and multiple offers and
bidding wars are now the norm in many markets. The state median home price
continued its year-over-year increase in April for the fourteenth consecutive
month at $402,760, up 28.9 percent from April 2012. This gain in price is the
highest year-to-year gain since February 1980. The mix of sales played an
integral role in the price jump, with sales in the higher price segments
comprising a larger portion of the market than a year ago. While sales in the
State dropped 3.7 percent from last year, they rose 29.1 percent in the $400,000
– $500,000 price range and were up 44.9 percent in the over $500,000 price
range. Read
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