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California home sales tick higher in March as median price reaches eight-month high

– Existing, single-family home sales totaled 423,990 in March on a seasonally adjusted annualized rate, up 0.3 percent from February and 1.6 percent from March 2017.

– March’s statewide median home price was $564,830, up 8.1 percent from February and 8.9 percent from March 2017.

– Alameda, Marin, San Mateo, Santa Clara, San Diego, and Orange counties all hit a new peak price at $955,000, $1,392,500, $1,615,000, $1,454,500, $625,400, and $824,450, respectively.

LOS ANGELES (April 17) – California’s housing market continued its momentum as seasonally adjusted, existing home sales rose both month to month and year to year in March, while the statewide median price accelerated to an eight-month high, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 423,990 units in March, according to information collected by C.A.R. from more than 90 local REALTOR®associations and MLSs statewide.

The statewide annualized sales figure represents what would be the total number of homes sold during 2018 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

March’s sales figure was up 0.3 percent from the 422,910 level in February and up 1.6 percent compared with home sales in March 2017 of a revised 417,380. The year-to-year increase was slightly stronger than the six-month average sales growth of -0.1 percent recorded between September 2017 to February 2018.  read more…

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