Industry News

Golden State home price soars 22%

Median cost of house tops $428,000 in March

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

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 reported today.   Closed escrow sales of existing, single-family detached homes in California totaled 590,220 in March at a seasonally adjusted annualized rate, up the 567,610 sales pace recorded in March 2003.   The median price of an existing, single-family detached home in California during March 2004 was $428,280, a 22 percent increase over the revised $351,130 median for March 2003, C.A.R. reported. The March 2004 median price increased 8.4 percent compared to a revised $395,060 median price in February.   "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.   The median price of a home in the Centra...