The median price of an existing home in California in March increased 22 percent and sales increased 4 percent compared to the same period a year ago, the California Association of REALTORS® (C.A.R.) reported today. "The median price of a home continued its run of double-digit price increases last month as buyers scrambled to purchase homes amid concerns of rising mortgage interest rates," said C.A.R. President Ann Pettijohn. "This unprecedented demand helped push the median price of a home in many regions in the state to record highs in March. And at $428,280, the median price for the state also hit a record high in March compared to $351,130 just one year ago."
The median price of a home in the Central Valley, High Desert, Monterey, Monterey County, Northern California, Northern Wine, Orange County, Riverside/San Bernardino, Sacramento, San Diego, Santa Clara, Santa Cruz, North Santa Barbara County and Santa Barbara South Coast regions posted record highs in March, according to C.A.R.
Closed escrow sales of existing, single-family detached homes in California totaled 590,220 in March at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 4 percent from the 567,610 sales pace recorded in March 2003. The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.