California home sales are up, but dip in San Francisco area

Apr 19, 2016 2:38 PM by News Staff

SAN FRANCISCO (AP) - A research firm says California homes notched increases in sales and price in March, hitting a $415,000 median last reached in the heated summer 2015 market.

CoreLogic Inc. reports Tuesday that the statewide median price of new and existing houses and condos was up 5.1 percent from March 2015.

The firm also reports that 38,215 homes closed escrow in March, up 2.3 percent from the previous year.

Overall, home sales and median price increased year over year in Southern California. But in the San Francisco Bay Area, sales slipped 2.9 percent and the 1.4 percent increase in median price was the smallest gain in four years.

Andrew LePage, a research analyst with CoreLogic, says restrictive credit and a lack of inventory, especially in affordable homes, may be to blame.

Copyright 2016 The Associated Press. All rights reserved.


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