"The median price of a home in California topped a half-million dollars for the first time in April, reflecting the continuing demand for housing and the ongoing supply shortage," said Jim Hamilton, the association's president. "Home prices increased by double-digits in nearly every region of the state, rising 37.9 percent in the more affordable High Desert region, which includes the Antelope Valley, Barstow and Victor Valley areas."

Closed escrow sales of existing, single-family detached homes in California totaled 658,060 in April at a seasonally adjusted annualized rate, according to information collected from more than 90 local Realtor associations statewide.

The median price of an existing, single-family detached home in California during April 2005 was $509,230, a 12.5 percent increase over the revised $452,680 median for April 2004, the association reported. The median price marks the point where half of the home sold for less and half sold for more and represents closed escrow sales.

"Year-to-date sales are up 5.1 percent compared to a year ago," said Leslie Appleton-Young, California Association of Realtors' vice president and chief economist. "Although interest rates remain near their historical lows, consumers are clearly concerned about the impact rising rates will have on their ability to purchase a home."

Thirty-year fixed mortgage interest rates averaged 5.86 percent during April 2005, compared with 5.83 percent in April 2004, according to Freddie Mac. Adjustable mortgage interest rates averaged 4.25 percent in April 2005 compared with 3.65 percent in April 2004.

The median number of days it took to sell a single-family home was 28 days in April 2005, compared with 23 days (revised) for the same period a year ago.

The California Association of Realtors and DataQuick Information Systems also issued a separate report with more localized statistics that found 97.5 percent or 396 of 406 cities and communities showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than Multiple Listing Service information.

Statewide, the 10 cities and communities with the highest median home prices in California during April 2005 were: Los Altos, $1,762,500; Saratoga, $1,525,000; Laguna Beach, $1,485,000; Manhattan Beach, $1,405,000; Newport Beach, $1,297,500; Carmel, $1,294,000; La Canada-Flintridge, $1,290,000; Burlingame, $1,250,000; Calabasas, $1,225,000; Woodside, $1,100,000; Rancho Palos Verdes, $1,100,000.

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.