The median price of an existing home in the San Francisco area soared to $243,900 in the first quarter, meaning half sold for more and half sold for less. That represented a 31.8% increase from a year ago and was the steepest appreciation rate among 83 metropolitan areas surveyed by the trade group.

In fact, California accounted for the top five appreciation rates in the nation. Home prices in Orange County shot up 30.2% to a median of $237,900. In Los Angeles, prices rose 26.3% to $201,000; in San Diego, 21.9% to $163,900; and in Riverside-San Bernardino, 21.6% to $116,000.

The five least expensive areas in the country were: Peoria, Ill., $42,000; Spokane, Wash., $50,200; Mobile, Ala., $50,900; Oklahoma City, $52,300, and Akron, Ohio, $56,000.