“March home sales and price report from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
April 16, 2012
California median home price posts first year-to-year increase in 16 months;
low inventory demonstrates limited need for bulk REO sales, C.A.R. says.
LOS ANGELES (April 16) – California home sales declined in March from February’s pace, while the median home price snapped a 16-month annual price decline and posted its first year-over-year gain.
‘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, fueled the substantial increase in the March median home price.‘”
Read more of this interesting California Housing price trend article at the C.A.R. website, at the link.
Here locally, it certainly feels like prices are up, as demand has spiked. Still, Local housing prices are not necessarily subject to the traditional free market laws of supply and demand. With so much of our available inventory under direct control of the government and big banks, prices are set elsewhere.