California home prices rise slightly in May

Jun 12, 2014 2:59 PM

SAN DIEGO (AP) - A research firm says California home prices rose slightly to a new 6½-year high last month as tight inventories limited sales.

DataQuick said Thursday that the median sales price for new and existing houses and condominiums was $386,000 in May, up 1 percent from $383,000 the previous month and up 14 percent from $340,000 the same period last year. The median rose from a year earlier for the 27th straight month to the highest level since December 2007, though the increases have moderated since last year.

More than 37,700 homes sold in the state, down 1 percent from April and down 14 percent from last year.

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