The median sales price of California residential properties – including sales of distressed properties – was $350,000 in April, up 2 percent over March and a 17 percent spike over April 2013, according to Irvine-based RealtyTrac.
California had some of country’s top regions with the largest gains in year-over-year home prices for April. Modesto was No. 1 at 28 percent; Sacramento was seventh with a nearly 20 percent year-over-year increase in median home sale prices.
Nationally, the median sales price of residential properties was $172,000 in April, an increase of 4 percent from March and a gain of 11 percent from April 2013. RealtyTrac said that was the biggest year-over-year increase since prices bottomed out in March 2012.
“April home sales numbers are exhibiting the continued effects of low supply and still-strong demand that exist in many markets across the country,” said Daren Blomquist, vice president at RealtyTrac. “Median home prices nationwide (in April) increased to the highest level since December 2008.”
According to RealtyTrac, U.S. median home prices have increased 21 percent since hitting bottom in March 2012, but are still 28 percent below their pre-recession peak of $237,537 in August 2006.
Call The Bee’s Mark Glover, (916) 321-1184.