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Southern California home prices climb in March

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News,Business,Real Estate,California,Housing

SAN DIEGO (AP) — A research firm says Southern California's median home sale price has hit $400,000, setting a new six-year high.

DataQuick said Tuesday that the median price for new and existing houses and condominiums was $400,000 in March, up 4 percent from $383,000 in February and up 16 percent from $345,500 in March 2013. It's the 24th straight annual gain, including the last 20 months in double digits.

The median price was the highest since February 2008.

Tight inventories kept a lid on sales in the six-county region. Slightly more than 17,600 homes sold during March, down 14 percent from the same period a year earlier. It was the slowest March in six years.

DataQuick says price increases have put new homes out of reach for some buyers.

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