California home prices rise slightly in May

SAN DIEGO (AP) — California home prices rose slightly to a new 6½-year high in May as tight inventories limited sales, a research firm said Thursday.

The median sales price for new and existing houses and condominiums was $386,000, up 0.8 percent from $383,000 in April and up 13.5 percent from $340,000 the same period last year. The median rose from a year earlier for the 27th straight month to the highest level since December 2007, when it was $402,000.