Fueled by high demand and tight inventory, California home sales and prices both experienced strong increases in April, with the median price surpassing the $400,000-mark for the first time in five years, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
On the Central Coast the median price of homes sold in April was up to $431,250 from $360,670 a year before.In Santa Barbara county the median went up to $648,260 from $390,380 in April 2012 – a 66% jump..
Home sales were up as well 8% higher in SLO year over year and up 11.4% in Santa Barbara county.
“California’s housing market maintained its momentum in April, getting the spring home-buying season off to a good start,” said C.A.R. President Don Faught. “Southern California regions such as Los Angeles, Orange County, and San Diego led the way in both month-to-month and year-over-year sales increases, while sales in the Bay Area region as a whole posted a healthy monthly gain but dipped slightly from last year.”
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 423,510 units in April – up 1.3 percent from a revised 417,880 in March but down 3.7 percent from a revised 439,770 in April 2012.
State Median Rises 28.9%
The statewide median price of an existing, single-family detached home climbed 6.3 percent from March’s revised median price of $378,960 to $402,760 in April, signaling the first time since April 2008 that the statewide median price has exceeded the $400,000 mark (and was the highest since then). April’s price was up 28.9 percent from a revised $312,500 recorded in April 2012, marking 14 straight months of annual price increases and the tenth consecutive month of double-digit annual gains.
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