The median price of a single-family home on the South Coast of Santa Barbara County has reached the $1 million mark the highest in California.
The expectation of higher interest rates this summer has created a frenzy in the past several months, as buyers rushed to enter a heated market for fear of missing out.
Desperation-fueled buying pumped the South Coast median to $1.1 million as of May, the California Association of Realtors reported Friday. Year-to-date figures, the best indicator of home values, put the South Coast median at $1 million.
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Posted by gandlwoods at June 28, 2004 08:23 AM