"Homebuyers concerned about future mortgage-rate increases flooded the market in December, driving the median price to an all-time high of $474,480," said the association's president, Jim Hamilton. "The median price increased by double digits in every region of the state."

Closed escrow sales of existing, single-family detached homes in California totaled 645,860 in December 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 1.4 percent from the 637,080 sales pace recorded in December 2003.

The median price of an existing, single-family detached home in California during December 2004 was $474,480, an 18.1 percent increase over the revised $401,720 median for December 2003, the association reported.

"After peaking in the middle of 2004, the number of homes for sale dropped again last month to a 2.8-month supply compared with 3.5 months in November," said California Association of Realtors Vice President and Chief Economist Leslie Appleton-Young. "Despite having fewer homes to choose from, buyers are becoming more selective and are taking more time before making an offer on a home. The median number of days it took to sell a single-family home reached 43 days in December, compared to 27 days a year ago."

Thirty-year fixed mortgage interest rates averaged 5.75 percent during December 2004, down from 5.88 percent in December 2003, according to Freddie Mac. Adjustable mortgage interest rates averaged 4.18 percent in December 2004 compared with 3.75 percent in December 2003.

Data for condominiums is based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.

In a separate report covering more localized statistics generated by the association and DataQuick Information Systems, 96.7 percent or 407 of 421 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 December 2004 were: Los Altos, $1,485,000; Burlingame, $1,417,750; Beverly Hills, $1,275,000; Manhattan Beach, $1,250,000; Palos Verdes Estates, $1,117,500; Saratoga, $1,000,000; Hermosa Beach, $976,500; Newport Beach, $925,000; Calabasas, $915,000; and Rancho Palos Verdes, $900,000.

The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.

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 gmeissner@silvar.org.