For the first time in nearly a year and a half the median home price in the California increased. Despite the fact that single-family detached homes sales are down 4.5 percent compared to February the statewide median price for an existing single-family detached home hit $291,080 last month which was a 9.2% increase from the February's median price of $266,660.
In Los Angeles, the median price increased 4.5 percent from February to March and the San Francisco Bay Area had prices surging by 9.1% in March compared to February and prices in the San Mateo and Contra-Costa regions of California rose even higher.
The trigger for these price increases can be attributed to rising home sales and a declining inventory.