Median home prices have climbed 2.4% from February to $425,000. Compared to a year ago home prices have climbed 6.3% which is a much slower pace than the previous year of 15.8 % in March 2014. That is good news as shows the housing market is stabilizing. The slowing appreciation is more realistic of a normal market and while boosting equity for homeowners also gives those who who want to buy a more realistic opportunity to do so.
Southern California home sales jump, prices rise in March
Signs direct home shoppers to open houses in Huntington Beach last June. Southern California home prices are up, after remaining essentially flat for nearly a year. (Bryan Chan / Los Angeles Times)
That’s according to numbers out Thursday from real estate firm CoreLogic that show home sales jumped 11.1% in March from a year earlier -- the first gain in three months.
Prices were up too, after remaining essentially flat for nearly a year.
With few homes on the market and more families searching for a house during the typically busy spring season, the median price climbed 2.4% from February to $425,000.
The median -- the point at which half of homes sold for more and half for less -- had held around $415,000 since May.
Compared to a year earlier, prices increased 6.3%, a slower pace than the 15.8% annual pop seen in March 2014.
Economists have said slowing price appreciation should give more families a chance to purchase a home as the economy strengthens, while still boosting equity for existing home owners.
Home sales jumped across Southern California in March, rising in Orange, Los Angeles, Ventura, Riverside, San Bernardino and San Diego counties.