California home prices hit nearly five-year high

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US home prices

(AP Photo)

SAN DIEGO (AP) — A research firm says California’s median home prices surged to their highest level in nearly five years.

The San Diego-based research firm DataQuick reported Wednesday that the median price paid for a home in California was $324,000 — the highest since June 2008 when the median price hit $328,000.

The median price rose by more than 22 percent compared to April 2012.

The firm says it marked the 14th straight month that the median price rose year-over-year.

More than 39,000 new and existing homes and condominiums sold statewide last month.

The firm notes that low inventory has kept a lid on sales.

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