California home prices climb 8 percent in June

SAN DIEGO ? A research firm says California home prices rose sharply last month to the highest levels in more than two years.

DataQuick said Wednesday that the median price for new and existing houses and condominiums was $274,000 in June, up more than 8 percent from the same period last year. It marks the fourth straight increase and the highest since May 2010.

The San Diego-based research firm says more than 41,000 homes were sold in the state last month, up more than 5 percent from last year.

DataQuick says foreclosed properties were a much smaller part of the sales mix. Foreclosed homes tend to sell at steep discounts.

Source: http://feeds.cbsnews.com/~r/cbsnews/feed/~3/cDcbfcZTUhk/

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