California home sales are up, but dip in San Francisco Bay Area |

California home sales are up, but dip in San Francisco Bay Area

For Sale Sign
Getty Images/iStockphoto | iStockphoto

SAN FRANCISCO — 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. reported Tuesday, April 19, 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.

Support Local Journalism

Support Local Journalism

Readers around the Lake Tahoe Basin and beyond make the Tahoe Tribune's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Your donation will help us continue to cover COVID-19 and our other vital local news.

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User