Southern California Home Prices Soar in March - New York News

Southern California Home Prices Soar in March

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SAN DIEGO (AP) - A research firm says Southern California home prices neared a 5-year high last month, the latest evidence of a sharp market turnaround.

DataQuick said Wednesday that the median price of new and existing houses and condominiums surged to $345,500 in March, gaining 8% during one month alone and up more than 23% from the same period last year. It is the highest median price since July 2008.

Gains were spread across all six counties and pricing categories. The median price in Orange County, the region's most expensive, topped $500,000.

There were more than 20,000 homes sold in the region, up more than 3% from a year earlier. It is the highest March sales tally since 2007.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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