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California median home price reaches new all-time high in March

Christian Fernsby |
Fierce competition drove California's median home price to reach a new record high in March, while the state's housing market continued its momentum with sales remaining solid heading into the spring homebuying season, the California Association of Realtors (C.A.R.) said.

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Topics: CALIFORNIA   

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 446,410 in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.

The statewide annualized sales figure represents what would be the total number of homes sold during 2021 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

March home sales decreased 3.5 percent from 462,720 in February and were up 19.7 percent from a year ago, when 373,070 homes were sold on an annualized basis. While still solid, the monthly sales decline was the third in a row, and the sales pace was the lowest since last July.

The near-20 percent sales gain can be attributed partly to weak home sales a year ago as the Coronavirus outbreak abruptly halted the real estate market and economy.

California's median home price set another new record high in March as the statewide median price surged nearly 24 percent from a year ago. The statewide median home price climbed 8.6 percent on a month-to-month basis to $758,990 in March, up from February's $699,000 and up 23.9 percent from the $612,440 recorded last March. The year-over-year gain was the highest since October 2013 and it was the eighth straight month that California's median price registered a double-digit gain.


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