The median price of a previously owned house in California soared 31.9 percent in May, the largest year-over-year increase in more than three decades as sales of more expensive properties increased and inventory remained tight, a trade group said Monday.
Last month, the state’s median home price increased to $417,350 from $316,460 in May 2012, according to Los Angeles-based California Association of Realtors.
The association reported that the year-over-year price increase is the biggest since February 1980, when it rose 29.1 percent to $94,4890 from $75,520 a year earlier.
In the Los Angeles metro area, the median price rose 31.12 percent to $379,640 in May from $289,280 in May 2012. The Los Angeles County-wide median rose 29.4 percent to $365,990 from $282,930. And the Inland Empire median increased 32 percent to $238,240 from $180,530.
The price increase is mostly driven by fewer sales of distressed properties and an uptick in transactions involving more expensive homes.
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