California Home Prices Rise in March

The median price of a home in California rose 10% and the number of sales of existing homes increased 9.3% in March over the same month a year ago, a real estate trade group reported. Single-family detached homes in the state sold for a median price of $213,490 last month, an increase of 10.1% over the March 1998 figure, according to the California Assn. of Realtors. That median price is also 7.8% higher than the February 1999 median. Sales of existing single-family houses reached a seasonally adjusted annualized rate of 660,630 last month, according to data the association gathered from 90 multiple-listing services statewide. The annualized rate measures how many homes would be sold in all of 1999 should sales continue at the March pace. The figures do not include condominium or new-home sales. In L.A. County, the median home price rose 6.3% over that of March 1998, to $191,980; the Orange County median climbed to $277,930, up 12.8%. The median price increased 10.8% in Ventura County and 4.9% in the Riverside-San Bernardino county area.