California home prices, sales rise in April

May 21, 2015 4:54 PM by News Staff

SAN DIEGO (AP) - A research firm says California home prices rose last month to a new 7½-year high as low interest rates and job growth lured buyers. Sales were brisk.

CoreLogic said Thursday that the median sales price for new and existing single-family homes and condominiums climbed above the $400,000 mark during April to $405,000, a gain of 6 percent from the same period last year. It's the highest median sales price since November 2007.

More than 40,100 homes sold in the state, a gain of 9 percent from March and an increase of 6 percent from April 2014. It's the second straight month that sales grew from a year earlier, even as supplies remain thin.

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