Southern California home prices climb in March - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Southern California home prices climb in March

Posted: Updated:

SAN DIEGO (AP) — A research firm says Southern California's median home sale price has hit $400,000, setting a new six-year high.

DataQuick said Tuesday that the median price for new and existing houses and condominiums was $400,000 in March, up 4 percent from $383,000 in February and up 16 percent from $345,500 in March 2013. It's the 24th straight annual gain, including the last 20 months in double digits.

The median price was the highest since February 2008.

Tight inventories kept a lid on sales in the six-county region. Slightly more than 17,600 homes sold during March, down 14 percent from the same period a year earlier. It was the slowest March in six years.

DataQuick says price increases have put new homes out of reach for some buyers.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly
All content © Copyright 2000 - 2018 KFMB-TV. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.