The latest statistics available show the median price of an existing home in California in February increased 20.4 percent and sales increased 3.2 percent compared with the same period a year ago, according to a report by the California Association of Realtors.

"February typically accounts for the smallest monthly share of annual sales in any given year, so we expected to see a slight dip compared to January," said the association's president, Jim Hamilton. "Year to year, the median price continued its upward climb, increasing 20.4 percent compared to February 2004. While the number of homes available for sale has improved, the short supply of homes on the market contributed to price appreciation."

Closed escrow sales of existing, single-family detached homes in California totaled 608,170 in February at a seasonally adjusted annualized rate, according to information collected from more than 90 local Realtor associations statewide.

The statewide sales figure represents what the total number of homes sold during 2005 would be if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during February 2005 was $471,620, a 20.4 percent increase over the revised $391,550 median for February 2004. The February 2005 median price decreased 2.9 percent compared with January's $485,700 median price.

"While mortgage interest rates remain low by historical standards, upper-end markets may soften as affordability concerns impact households trying to stretch their purchasing power with adjustable- rate loans," said California Association of Realtors Vice President and Chief Economist Leslie Appleton-Young. "Job growth in California in 2004 was stronger than originally projected, and a strengthening job market this year should have a positive impact on household incomes and housing market activity."

Thirty-year fixed mortgage interest rates averaged 5.63 percent during February 2005, compared with 5.64 percent in February 2004, according to Freddie Mac. Adjustable mortgage interest rates averaged 4.16 percent in February 2005 compared with 3.55 percent in February 2004.

Statewide, the 10 cities and communities with the highest median home prices in California during February 2005 were: Los Altos, $1,400,000; Burlingame, $1,400,000; Newport Beach, $1,285,000; Santa Barbara, $996,500; Mill Valley, $932,000; Danville, $875,000; Menlo Park, $841,500; Cupertino, $840,000; Rancho Palos Verdes, $825,000; Los Gatos, $787,500; and Mountain View, $750,500.

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 gmeissner@silvar.org.