Median home prices in California for March saw their first rise in 16 months on a year-over-year basis -- at 1.6% -- while the 9.2% increase from February was the largest sequential gain in almost eight years.
According to the California Association of Realtors, the statewide median single-family home sales price was $291,080 in March, up from $266,660 in February. In March 2011 the listing price was $286,550.
By region, median prices in the Bay Area spiked 9.1% on a sequential basis, but were down 1.6% when compared to last March. Median prices in Los Angeles rose 4.5% over February and 1.3% over March 2011. In the Inland Empire values rose 4% and 3.9% respectively.
Tight inventory, especially in the Bay Area, fueled the statewide increase in median prices, said CAR president LeFrancis Arnold.
The state's highest priced market, San Mateo, had a median price of $677,900, a 16.4% improvement from February. Compared to a year ago values were up 1.6%.
The former highest price market, Marin, saw its median sales price decline to $672,620 from $732,140 in February and $826,700 for March 2011.
Meanwhile, because housing inventory is tight in California, the Federal Housing Finance Agency's proposal to implement an REO bulk sale pilot program in Los Angeles and Riverside counties is not necessary or needed there or elsewhere in the state, declared CAR chief economist Leslie Appleton-Young.
In March, the unsold inventory for existing homes was at 4.1 months, down from 5.4 months in February. CAR said a seven-month supply is considered normal.
