"The median price of a home in Southern California, especially in the Riverside/San Bernardino and Central Valley regions, continued to post impressive gains," said California Association of Realtors President Toby Bradley. "Prices in the San Francisco Bay Area region, by comparison, are appreciating at a slower rate than other regions in the state."

The median price of an existing single-family detached home in California during June 2003 was $376,260, a 15.9 percent increase over the revised $324,640 median for June 2002, the association reported. The June 2003 median price increased 1.8 percent compared to a revised May 2003 $369,450 median price.

Closed escrow sales of existing, single-family detached homes in California totaled 572,130 in June at a seasonally adjusted annualized rate, according to information collected by the association from more than 90 local Realtor associations statewide. Statewide home resale activity increased 7.2 percent from the 533,840 sales pace recorded in June 2002.

The statewide sales figure represents what the total number of homes sold during 2003 would be if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

"The wild cards in the equation are mortgage interest rates," said the association's vice president and chief economist, Leslie Appleton-Young. "If the national economy recovers at a faster pace than expected, long-term rates will likely increase more quickly than we've anticipated. This could have a negative effect on affordability and the ability of Californians to purchase a home."

The Unsold Inventory Index for existing, single-family detached homes in June 2003 was 2.3 months, compared to 2.4 months for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

Thirty-year fixed mortgage interest rates averaged 5.23 percent during June 2003, down from 6.65 percent in June 2002, according to Freddie Mac. Adjustable mortgage interest rates averaged 3.52 percent in June 2003, compared to 4.65 percent in June 2002.

The median number of days it took to sell a single-family home was 28 days in June 2003, compared to a revised 23 days for the same period a year ago.

In a separate report covering more localized statistics generated by the California Association of Realtors and DataQuick Information Systems, 92 percent or 320 of 348 California cities and communities showed an increase in their respective median home prices from a year ago.

Statewide, the 10 cities and communities with the highest median home prices in California during June 2003 were: Burlingame, $1,282,500; Beverly Hills, $980,000; Malibu, $950,500; Calabasas, $905,000; Laguna Beach, $879,000; San Marino, $870,000; Newport Beach, $862,500; Manhattan Beach, $850,000; Palos Verdes Estates, $823,250; Del Mar, $819,500.

Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors at www.silvar.org. Send questions on any topic to jnewton@jnpr.com.