Sales of Single-Family Homes Soar in 1996

Statewide sales of single-family homes increased 18.8% above 1995 to 505,220 properties--the highest level since 1989, according to the California Assn. of Realtors. Home prices in many markets posted strong gains from 1995, but the statewide median sales price slipped 0.3% to $177,630 last year. The association survey does not include the sales of new homes or condominiums. Single-family home values increased the most in the Santa Clara County area, where the median sales price rose 7.3% from the previous year to $273,830. Riverside-San Bernardino posted the steepest price decline, with the median falling 4.7% to $115,240. In the Los Angeles area, the median dropped 3.9% to $172,890.