California Home Prices Surge In March, Sales Fall
Wednesday, April 16, 2014
A research firm says California home prices have surged to a new six-year high amid lackluster sales.
DataQuick said Wednesday that the median sales price for new and existing houses and condominiums reached $376,000 in March, up 6 percent from $355,000 the previous month and up 20 percent from $313,000 in March 2013. It is the 25th straight month of annual increase and the highest level since January 2008.
Nearly 33,000 homes sold in the state last month, down 13 percent from the same period last year. It was the lowest March sales tally in six years.
DataQuick says low inventories kept a lid on sales.