California Home Prices Have Biggest Increase in 8 Years

California home prices rose 25 percent in the 12 months through November, the most in eight years, as demand rose in expensive coastal areas, the state Realtors group said.

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