The median price of an existing home in California in November increased 17.8 percent and sales increased 15.7 percent, compared to the same period a year ago, according to the report from the California Association of Realtors.

"The California housing market continues to surge forward as we approach the end of 2003," said the association's president, Ann Pettijohn. "Mortgage interest rates have hovered below 6 percent—a boon to the housing market under any circumstance, and a major factor contributing to the record performance thus far this year."

Closed escrow sales of existing, single-family detached homes in California totaled 627,190 in November at a seasonally adjusted annualized rate, according to information collected by the state association from more than 90 local associations statewide. Statewide home resale activity increased 15.7 percent from the 542,120 sales pace recorded in November 2002.

The median price of an existing, single-family detached home in California during November 2003 was $386,760, a 17.8 percent increase over the revised $328,440 median for November 2002, the association reported. Santa Clara County's median home price was $485,000, as opposed to last year's November median home price of $458,000. Los Gatos showed an increase in its median home price from last November at $585,700 to $750,000. Although Saratoga dipped slightly from last November at $1,050,000 to $913,250, its median price made the top 10 list again for November 2003.

"The Southern California and Central Valley real estate markets were very strong last year, and 2003 has been no exception," said Leslie Appleton-Young, California Association of Realtors vice president and chief economist. "This year, San Francisco Bay Area sales are up dramatically compared to the second half of last year, which has propelled the statewide market into record high sales territory over the past few months."

Thirty-year fixed mortgage interest rates averaged 5.93 percent during November 2003, down from 6.05 percent in November 2002, according to Freddie Mac. Adjustable mortgage interest rates averaged 3.75 percent in November 2003 compared to 4.14 percent in November 2002.

In a separate report covering more localized statistics generated by California Association of Realtors and DataQuick Information Systems, 92.5 percent or 356 of 385 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 November 2003 were: Los Altos, $1,297,500; Palos Verdes Estates, $1,150,000; Laguna Beach, $1,130,000; Malibu, $1,125,000; Beverly Hills, $1,012,500; Manhattan Beach, $1,000,000; Saratoga, $913,250; Rancho Palos Verdes, $822,500; Mill Valley, $821,000; and Newport Beach, $794,500.

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.