California median home price remains strong; buyers confront listings shortage

LOS ANGELES, CA – March 18, 2013 – (RealEstateRama) — California’s median home price marked a full year of annual price gains, propelled by strong sales of higher-priced homes in February, while a lack of inventory constrained total home sales for the month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported. Also, consistent with a rebenchmarking conducted by the NATIONAL ASSOCIATION OF REALTORS® (NAR) in December 2011, C.A.R. released today benchmark revisions to historic single-family existing-home sales. Rebenchmarking is an adjustment performed periodically on a series of data to ensure its continued accuracy.