According to DataQuick Information Systems, the statewide median price paid for homes and condominiums last month was $421,000, up 3.4 percent from $407,000 in February and up 19.3 percent from $353,000 in March a year ago.
The majority of the California real estate market is represented in Southern California which is showing signs of cooling as the average home appreciation rate dipped below 20 percent in Southern California for the first time in over a year.
In Southern California home prices rose 18.6 percent in March over the same month last year while Northern California saw home prices rise an average of 19.8 percent in March over the previous 12 months.
Nothern California's Santa Clara County in peticular saw the median sale price of homes climb up $86,000 to $606,000 compared to $520,000 during March one year ago. But with the rise of home prices we also see the rise of home mortgages as Bay Area buyers committed to a typical monthly mortgage of $2,566 in March, an all-time high. A year ago it was $2,052.
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