California Median House Price Rises 23% on Use of Tax Credits

California house prices rose 23 percent in May from a year earlier as homebuyers took advantage of government tax credits, the state’s Realtors group said.

The median price of an existing single-family home was $324,430, the California Association of Realtors said today in a statement. It was the fifth straight monthly increase of at least 10 percent, the Los Angeles-based group said. Prices rose 5.9 percent from April.

California home prices were helped by homebuyer tax credits, the association said. To qualify for a federal credit, buyers were required to sign a contract by April 30 and complete the purchase by July 1. A state credit of as much as $10,000 began May 1.

http://www.bloomberg.com/news/2010-06-22/california-median-house-price-rises-23-on-use-of-tax-credits.html