As we reported yesterday, California’s existing home sales and median sale prices were all up in March, according to new numbers out from the California Association of Realtors. Now, we’re diving into the regional data and getting a better sense of prices across the Southland.
At the regional level, home prices in all major California regions continued to surge from last year by double-digits, with four reaching new record highs in March. According to CAR, the Central Coast region recorded the highest year-over-year price growth with a 20.4 percent increase, followed by the Central Valley at 19.3 percent, the San Francisco Bay Area at 17.9 percent, Southern California at 13.8 percent and the Far North 12.9 percent. The Far North was the only region that did not set a new median high in March.
In SoCal, San Diego had the largest month-over-month increase, reaching a median sale price of $950,000. That’s up 7 percent from February 2022 when the median sale price hit $888,000.
San Bernardino and Orange County were close behind with 5.6 percent and 3.6 percent increases, respectively. The median sale price in the O.C. was $1,305,000 last month.
Los Angeles had the smallest month-over-month price increase in March, reaching $781,050. That’s up just 1 percent from February, but a 13.3 percent increase from March 2021 when the median price stood at $689,440.
To see how NorCal’s numbers looked last month, click here.