California home prices in the first half of 1988 jumped 15.3 percent from the year before, with most of the state's urban areas registering double-digit increases, a real estate group said.
But the price spiral and rising mortgage rates apparently did little to dampen demand for housing, according to the California Association of Realtors.Th group reported that home sales in the first six months of 1988 increased 3.1 percent over sales in the first half of 1987.
Statewide, the median price of an existing single-family home in the first half of the year was $156,683, up 15.3 percent from the median price of $135,892 in the same period on 1987. That figure doesn't include condominium or new home sales.
A median sale price, as distinguished from the average, is the price at which half the homes are more expensive and half sell for less.
Would-be buyers may get a bit of a break in the second half of the year, as rising interest rates, seasonal slackening in demand and a slowdown in demand from people trading up to more expensive homes take effect, said association economist Joel Singer.