California home and condo sales were up 20.9% in March 2014 from February but were down 13.3 percent from March 2013. Both distressed and non-distressed property sales posted gains for the month. March 2014 distressed property sales gained 7.4 percent from February, while non-distressed property sales were up 25.2 percent.
The March 2014 median price of a California home hit its highest level since March 2008, rising $16,000, or 4.6 percent, to $366,000 from $350,000 in February. On a year-ago basis, median home prices jumped 13.3 percent. Driving the month-over-month price increase in March was a 25.2 percent increase in the sales volume of higher priced non-distressed properties.
- Institutional Investor LLC and LP purchases gained 2.0 percent for the month but are down 26.5 percent from March 2013. Seventy-five percent of March LLC and LP purchases were for cash compared to nearly 80 percent in March 2013. Despite March’s modest gain, LLC and LP purchases are down 48.5 percent from their December 2012 peak.
- Cash sales were up 10.6 percent for the month but down 11.4 percent year-over-year.
- Flip sales gained 7.0 percent for the month but were down 26.9 percent year-over-year
- Foreclosure sales continued to decline, down 2.4 percent for the month and 40.1 percent year-over-year.
Continued shortage of inventory is still preventing housing sales numbers from reaching normal levels since for every seller there are still 4 buyers on the market.