|California home prices hit new seven-year high, sales rebound|
| Elliot Spagat | Associated Press | April 18, 2015 | link
SAN DIEGO — California home prices reached fresh seven-year-highs in March, a research firm said Friday, helping sales rebound from a two-month slide as some homeowners put their property on the market to reap gains.
The median sales price for new and existing houses and condominiums was $397,000, up about 5 percent from $378,000 in February and about 6 percent from $376,000 in March 2014, CoreLogic said.
It marked the highest level since December 2007, when the median was $402,000, and the 37th straight month of annual gains.
There were about 35,000 homes sold in March, up 38 percent from about 26,000 the previous month and 7 percent from nearly 33,000 during the same period of 2014. Sales typically increase from February to March but the jump was higher than some expected and followed two straight months of declines from year-ago levels.
The San Francisco Bay Area’s stratospheric prices and thin supplies stood out. Leslie Appleton-Young, chief economist of the California Association of Realtors, said sellers are getting multiple offers well above asking prices.
“The market in the Bay Area is really unique,” Appleton-Young said. “You’ve got this concentration of job and income growth in an environment with very little new construction (and) limited land.”