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California home prices rise in January

February 14, 2013|By Alejandro Lazo
  • Workers build a home in Rancho Santa Fe. Home prices are now posting double-digit gains in some of the places where so-called negative equity is severe.
Workers build a home in Rancho Santa Fe. Home prices are now posting double-digit… (Sam Hodgson / Bloomberg )

The Golden State posted a 22.9% annual gain in its median home price last month, signaling housing continues to heat up in the new year.

The median price is the point at which half the homes in the state sold for more and half for less.

It was the 11th consecutive year-over-year gain in the median, which was $290,000, according to real estate firm DataQuick.

The median declined 2.7% from December.

Sales fell 27.4% from the prior month and were up only 2.7% from the same month last year to total 19,145.

Sales and price declines from December to January are normal.

Of the previously owned homes sold last month, a little under one in five were foreclosed properties. Short sales made up about a quarter of the resale market.

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