Southern California home prices soar in May

SAN DIEGO - A research firm says Southern California home prices rose last month at their fastest annual clip since 2004.

DataQuick said Tuesday that the median price for new and existing houses and condominiums reached $368,000 in May, up nearly 25 percent from the same period last year. It is the 14th straight month of annual gains and the highest median price since May 2008, when it was $370,000.

Thin supplies kept a lid on sales in the six-county region, particularly in inland areas. There were more than 23,000 homes sold during the month, up nearly 4 percent from last year.

Sales were brisk in Orange and San Diego counties, while San Bernardino and Riverside counties posted declines.

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