March Sales Figures for California State

Statewide a total of 39,800 new and resale houses and condos were sold in March. That’s up 27.5 percent from 31,228 for February of 2007.  A increase from February to March is normal for the season.  Last month’s sales made for the slowest March since 1997 when 36,498 homes were sold.  March sales from 1988 to 2007 range from 29,356 in 1993 to 68,848 in 2005. The average is 46,256

California Median Sale Price

The median price paid for a home last month was $484,000 for the state, a new record.  San Diego County Home values were down slightly to $494,250.  While the overall state values went up 2.5 percent from February’s $472,000, and up 3.0 percent from $470,000 for March a year ago, San Diego County Home values were down 5.86%.

The typical California mortgage payment that home buyers committed themselves to paying last month was $2,230. That was up from $2,196 in February, and down from $2,235 for March a year ago. The peak was $2,372 last June. Adjusted for inflation, mortgage payments are 8.3 percent above the spring 1989 peak of the prior real estate cycle.