California home prices hit nearly 5 year high

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A research firm says California's median home prices surged to their highest level in nearly five years. 
The San Diego-based research firm DataQuick reported Wednesday that the median price paid for a home in California in April 2013 was $324,000 - the highest since June 2008 when the median price hit $328,000.
The median price rose by more than 22 percent compared to April 2012.
The firm says it marked the 14th straight month that the median price rose year-over-year.
More than 39,000 new and existing homes and condominiums sold statewide last month.
The firm notes that low inventory has kept a lid on sales.


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