The median housing price in San Diego County increased 19 percent over the year in March to $432,000, according to the Greater San Diego Association of Realtors.
For the first quarter, the local median was up 15 percent from the like quarter of 2012. Condos and townhomes saw an even larger increase in the median price, to $285,000, up 14 percent from February, and 30 percent from March 2012, SDAR said.
Lack of inventory continues to impact the median prices. There is about 1.5 months of housing inventory on the market now, while a healthy market would have about a six-month supply, SDAR said.
Sales of single family houses jumped 39 percent in March compared to February, and were up by 10 percent compared to March 2012, SDAR said.
Condos and townhomes sales also increased, up 31 percent from February and 14 percent from March 2012.
Chula Vista remains the hot spot for residential sales, with 166 reported last month, while Escondido and Oceanside also showed big increases, the report said.
— SDBJ Staff Report