In Fresno, the median home price of an existing single-family home was $148,240 last month compared to $151,850 in October, the report said.
The median price statewide in November was $349,300 compared to $341,370 the previous month.
“Housing markets with higher-priced homes performed better in November compared with lower-priced areas,” said C.A.R. President Don Faught. “The negative impact of a lean housing supply on home sales is becoming more apparent, especially in markets with more distressed properties.”
Home prices made the highest year-to-year gains since June 2004 and it looks like that trend may continue into the new year.
“As we approach the new year, it is likely that sales and price will remain solid moving forward, dependent upon the strength of the economy,” said Leslie Appleton-Young, the association’s vice president and chief economist.