California Median Home Sale Price Rose In October

California home prices edged higher last month as first-time buyers took advantage of a federal tax credit and foreclosure properties made up a smaller slice of the market, fresh data showed Thursday. The median price paid for a home statewide was $257,000 in October, up 2.4% from September and down 7.6% from October 2008, according to MDA DataQuick, a real estate research firm based in San Diego. It was the narrowest year-over-year decline in the statewide median home price since September 2007. “The low-end housing market is recovering, but slowly,” UC Berkeley economist Kenneth Rosen said. “Prices have bottomed at the entry-level part of the marketplace.” About 41,280 homes sold statewide last month, a 2.6% increase from September and a 2.4% decrease from October 2008. [Read this article]

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