SAN DIEGO (AP) — A research firm says California's median home prices surged to their highest level in nearly five years. The San Diego-based research firm DataQuick reported Wednesday that the median price paid for a home in California was $324,000 — the highest since June 2008 when the median price hit $328,000. The median price rose by more than 22 percent compared to April 2012. The firm says it marked the 14th straight month that the median price rose year-over-year. More than 39,000 new and existing homes and condominiums sold statewide last month.
The firm notes that low inventory has kept a lid on sales.