California Home Sales Surge In June

California home sales surged in June on a strong economy and low-interest rates as prices reached seven-year highs Core Logic,  a research firm, reported on Friday.  Sales rose from a year earlier for the fourth straight month to an estimated 46,095 homes despite unusually tight supplies. It marked an increase of 10.8 percent from 41,612 sales in May and 16.8 percent from 39,460 sales a year earlier.

“The economy is clearly in a much better place than it was a year ago,” said Stuart Gabriel, director of the UCLA Ziman Center for Real Estate. “Buyers may also be trying to get ahead of an anticipated increase in interest rates by the Federal Reserve,” Mr. Gabriel said.

Southern California posted its highest monthly sales price since August 2006, according to Core Logic. The median price, $442,000, is up 5.7 percent from $418,000 a year earlier.

“Shoreline Park View Grande” by Santa Barbara artist Chris Potter