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California Home Prices Up Most in 33 Years, Realtors Say

California home prices rose by the most in three decades as a shortage of houses on the market spurred competition among buyers, the California Association of Realtors said today.

The median price for an existing single-family home jumped to $417,350 in May, up 32 percent from a year earlier, the Los Angeles-based association said in a statement. It was the 15th consecutive annual increase and the largest since at least 1980, when the group started tracking the data.