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University of the Pacific

California home sales surge in June on strong economy

California home sales surged in June on a strong economy and low interest rates as prices reached seven-year highs, a research firm reported Friday. The median sales price for new and existing houses and condominiums hit $417,000, up 3 percent from $405,000 in May and up 6.9 percent from $390,000 during the same period last year, according to CoreLogic Inc. It was the highest median price posted since October 2007. Sales rose from a year earlier for the fourth straight month to an estimated 46,095 homes despite unusually tight supplies. It marked an increase of 10.8 percent from 41,612 sales in May and 16.8 percent from 39,460 sales a year earlier. "The economy is clearly in a...

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