C.A.R. REPORTS MEDIAN HOME PRICE INCREASED 12.8 PERCENT IN MAY

The median price of an existing, single-family detached home in California during May 2005 was $522,590, a 12.8 percent increase over the revised $463,320 median for May 2004, C.A.R. recently reported. The May 2005 median price increased 2.5 percent compared with April's revised $509,630 median price."The California housing market passed an important threshold in April, when the median price rose above $500,000 for the first time," said C.A.R. President Jim Hamilton. "This trend continued in May, with the median price approaching $525,000. At these prices, eroding affordability and concerns about rising interest rates are constraining sales."