While the pace of California home sales declined in March, the median home price in the state increased for the first time in 16 months.
Sales of existing, single-family detached homes, seasonally adjusted, was 505,360 in March, a 4.5% drop from February and a 2.3% drop from the same month in 2011, according to a survey by the California Assn. of Realtors.
Meanwhile, the statewide median price for an existing, single-family detached home reached $291,080 in March, a 9.2% increase from the February median price of $266,660, according to the association. The March median price was also 1.6% above the price for March 2011.
Real estate officials say the median price increased statewide thanks to a significant jump in most regions, including the San Francisco Bay Area, where prices surged 9.1% in March, over the previous month. The prices rose even higher in the San Mateo and Contra-Costa regions, the report said.