Home prices in southern Santa Barbara County rose higher last month stopping just shy of the $1 million mark. Demand for more affordable homes on the South Coast has caused condominium prices to rise faster than single-family home prices for the first quarter of this year.
Condos reached a median of $545,000 in the recent quarter, up 25 percent from the same period a year ago. Single-family homes climbed to $965,000 up 20 percent from the $805,000 posted in the year ago quarter.
The fear of higher interest rates could accelerate the rise in prices over the next few months as the county enters its busiest season for home buying.