Driven by strong sales in high-end coastal areas and
shrinking inventory, California's median home price hit its highest level in
March since May 2008, according to the CALIFORNIA ASSOCIATION OF REALTORS®
Making sense of the story
- Closed escrow sales of existing, single-family
detached homes in California totaled a revised seasonally adjusted
annualized rate of 417,520, according to information collected by C.A.R.
from more than 90 local REALTOR® associations and MLSs statewide.
- March closings were up a slight 0.1 percent
from a revised 417,310 in February but down 4.9 percent from a revised
439,260 in March 2012. The statewide sales figure represents what
would be the total number of homes sold during 2013 if sales maintained the
March pace throughout the year. It is adjusted to account for
seasonal factors that typically influence home sales.
- The statewide median price of an existing,
single-family detached home climbed 13.7 percent from February’s $333,380
median price to $378,960 in March, reversing a two-month decline.
The available supply
of homes for sale fell significantly in March, falling to a 2.9-month supply,
as measured by C.A.R.’s Unsold Inventory Index. The March Unsold
Inventory Index for existing, single-family detached homes was down from 3.6
months in February and down from 4.2 months in March 2012. The index
indicates the number of months needed to sell the supply of homes on the market
at the current sales rate. A six- to seven-month supply is considered.
- The month-to-month increase was the highest
since C.A.R. began tracking this statistic in 1979. The March price
was up 28.2 percent from a revised $295,630 recorded in March 2012,
marking the 13th consecutive month of annual price increases and the ninth
consecutive month of double-digit annual gains.