California’s housing market surged last month as prices jumped from Southern California to the San Francisco Bay Area.
The state’s median home price in April ticked up 3.5% from the previous month and soared 22.7% from the same month a year ago. The median hit $324,000 in April, which is the highest for any month since June 2008, real estate firm DataQuick reported.
In the Southland, homes sold at their fastest clip for an April in seven years, with regular buyers and investors snapping up more than 21,000 homes in the six-county region. In the Bay Area, the median home price rose above the $500,000 mark for the first time since June 2008.
“There’s somewhat of a perfect storm here, statistically speaking,” DataQuick President John Walsh said in a news release Wednesday announcing the Bay Area statistics. “The pent-up demand, the economy, interest rates, investor buying.”