Home Prices Still Rising: Despite a slowing...

Home Prices Still Rising: Despite a slowing economy, there is no end in sight for California’s skyrocketing home prices, according to a Bank of America report. The median price of a single-family home in the state is expected to rise 24% this year to $205,000, compared to $165,602 in 1988, according to the bank’s report. In Orange County and San Francisco, the median home price will break the $300,000 mark by the end of next year, and in Los Angeles it will top $250,000, according to the report. A slower economy and higher interest rates will cool the demand for housing somewhat in 1990, but the median price will still rise 7% to $220,000, the report said.