California House Prices Forecast to Rise in 2010

California house prices may rise in 2010 for the first time in three years as first-time buyers and investors return to the market, the state Association of Realtors said.

The median price for detached, single-family homes in the most populous U.S. state likely will rise 3.3 percent to $280,000 next year, the California Association of Realtors said in its annual housing forecast, issued today. The number of sales will probably drop 2.3 percent to 527,500, following an estimated 23 percent increase this year.

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