California Home Prices Climb the Most in 8 Years

Ben Bernanke's mad money printing continues to impact Silicon Valley and much of the rest of California.

California home prices rose 25 percent in the 12 months through November, the most in eight years, as demand rose in expensive coastal areas, according to the California Association of Realtors.

The median price of an existing, single-family detached home was $349,300 last month, up from $279,910 a year earlier, the said. The last time prices had a larger gain was in June 2004.

In the San Francisco bay area, the median home price was up 26 percent from a year earlier at $588,800.

In the Los Angeles metropolitan area, the median price was $327,840 last month, up 22 percent from a year earlier and 2.9 percent from October.

(Via the San Francisco Chronicle)