Sales of homes, condos in California up in March

Two new reports quantify an increase in both sales and pending sales for California’s housing market.

Sales of single-family homes and condominiums grew 8.8 percent statewide in March from a year earlier, according to PropertyRadar, a Truckee-based real estate information company.

“For the first time in 16 months, sales were higher than a year earlier,” said Madeline Schnapp, the company’s director of economic research. “Pent-up demand, mild winter weather and attractive interest rates have created a wellspring of California housing market sales.”

The median sales price of the houses and condos increased 4.9 percent from a year earlier to $393,000, PropertyRadar reported.

As well, the California Association of Realtors reported that its pending home sale index increased 13.8 percent in March from a year earlier. The index score climbed to 130.2 from 114.4 in March 2104.

March’s pending sales constituted the fourth consecutive month where the index rose on an annual basis.