High-priced homes are driving the jump in prices in the state.
The interest in expensive homes in California is contributing to the rise in house prices to record levels in the state, according to the California Association of Realtors , even as sales of cheaper homes declined last month.Read more: Find the Lowest Rates From Top Mortgage LendersHome sales dropped by more than 1 percent last month and were down 6 percent compared to the same time a year ago, to about 275,550 houses.
The sales of pricier homes now make up close to 37 percent of all home sales in California in what is the largest share in five years, according to CAR.'A persistent shortage of homes for sale, particularly in the more affordable market segments, continued to push up California's median home price to record highs over the past couple of months,' Jordan Levine, CAR's chief economist, said in a statement.
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