For the first time in 16 months, California home prices have posted a gain on a year-over-year basis, according to a press release from the California Association of Realtors.”While home sales were down statewide, the housing market continued to perform at a solid pace by historical standards. In fact, sales jumped significantly in most regions of the state, with many areas experiencing double-digit gains,” said C.A.R. President LeFrancis Arnold. “Tight inventory and robust home sales, particularly in the San Francisco Bay Area, fuelled the substantial increase in the March median home price.”
Single family homes were up 9.2% last month and up 1.6% from March 2011. As Business Wire states, the single month increase was the largest since March of 2004.