From CAR


California Home Sales and Prices Ratchet Up in March
California’s housing market continued to pick up steam as existing home sales and prices propelled higher, with both posting back-to-back increases in March, C.A.R. reported this week.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 391,680 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in March were up 6.3 percent from a revised 368,400 in February and up 7.3 percent from a revised 365,120 in March 2014.  The year-over-year sales increase was the first back-to-back sales gain since December 2012 and the largest observed since May 2012.

The median price of an existing, single-family detached California home jumped in March from both the previous month and year. The median home price was up 9.2 percent from $428,970 in February to $468,550 in March, the highest level in seven months. The increase was stronger than the long-run February-to-March average of 3.9 percent. March’s median price was 7.2 percent higher than the revised $437,100 recorded in March 2014.
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- Sunil Sethi


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