The median price for a home in California reached its highest level in more than four years in September, according to a report by the California Association of Realtors (CAR).
However, the report also showed that an ongoing shortage of homes on the market suppressed actual sales, according to the Orange County Register.
“For the state, at 3.7 months of supply, unsold inventory is still less than half what it would be in a normal market,” said Leslie Appleton- Young, CAR vice president and chief economist.
She said sales for homes priced under $200,000 fell about 28 percent and homes priced $200,000 to $300,000 fell more than 15 percent in September. In contrast, she said sales of homes priced above $400,000 rose, because inventory is less of an issue.
The median price for a home in Orange County in September was $561,830, up 12.4 percent from September 2011.
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