California Median Home Price Up

The median price of a home in California rose two consecutive months for the first time in nearly two years, beckoning calls for a bottom in home prices. The statewide median price of an existing detached home rose from $253,040 in March to $256,700 in April. The 1.4 percent monthly gain was the second in a row after a 2.2 percent gain in March. Despite month-to-month gains, the median price continued its string of year-to-year decreases, declining 36.5 percent from the April 2008 median of $404,470.

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