California home prices climb for 1st time in over a year, showing signs of slow resurrection

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A foreclosure sign is seen in front of a bank-owned home for sale.

It’s hardly what you’d call a robust recovery, but for the first time in 16 months, the median price of a home in California has actually increased.

It’s now just a shade over $291,000, about 9 percent higher than a month earlier and 1.5 percent better than a year ago.

The California Association of Realtors says that most parts of the state are showing gains, but the biggest change is in the Bay Area where a tight supply is driving prices upward.

The numbers in L.A. are smaller, but also on the upswing.

Sales, on the other hand, have yet to recover. The number of homes sold in California is actually down 2 percent from last year.

That said, homes are selling faster. It now takes an average of 53 days for a property to change hands. Last year it took 57.

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