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UPDATE

Briefly ...

September 28, 2003|From Times wire and staff reports

* The median price of an existing home in California reached a record $404,870 in August, up 5.6% from July and 21.1% from a year ago, the California Assn. of Realtors reported.

* Single-family new home sales rose 3.4% to a 1.15 million annual rate in August from a revised 1.11 million pace in July, the Commerce Department said. Sales of previously owned homes rose 5.5% to 6.47 million at an annual rate, the National Assn. of Realtors said.

* Last week, the average rate on 30-year fixed mortgages declined for the third consecutive week, dipping to 5.98% from 6.01% the week before. The 15-year fixed mortgage rate held at 5.30%, Freddie Mac said.

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