Industry News

California home sales fall, prices rise in March

Median single-family home price reaches $580,090

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The rate of single-family home sales plummeted 20.8 percent while home prices rose 3.2 percent in March compared to the same month last year, the California Association of Realtors trade group reported today. The condo sales rate dropped 13.5 percent while condo prices rose 1.2 percent year-over-year in March. The median price of an existing, single-family detached home in the state in March was $580,090, while the median price of an existing condo was $435,770. The seasonally adjusted annual rate for closed-escrow sales of existing, single-family detached homes in the state totaled 427,110 in March, according to information collected by the state Realtor group from about 90 local Realtor associations. This rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. "March sales fell below the levels of recent months in reaction to an uptick in mortgage rates earlier this year along with tighter underwriting standards. The...