Statewide sales of existing homes surged by...

Statewide sales of existing homes surged by 18.2% in the first half of the year, according to the California Assn. of Realtors. The association said the rise was fueled by a strong economy, lower interest rates and a limited supply of available houses. Houses sold at an annual rate of 504,702 during the first half of the year, compared to 426,906 in 1986. Median home prices rose by 7.1% to $139,934 during the second quarter, and by 4.5% to $136,220 for the half, the trade group said. By region, the costliest housing was in San Francisco, where single-family homes averaged $165,954; followed by Orange County at $163,269; Monterey at $159,487; Ventura at $155,687, and Los Angeles at $135,362.