DataQuick: California Home Sales, Prices Shoot Up in March

An estimated 37,764 new and resale houses and condos sold statewide in California in March--a monthly increase of 31.5 percent, according to information released by San Diego-based ""DataQuick"":http://www.dataquick.com/.

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March's sales numbers also came in 0.8 percent above March 2012's 37,481, DataQuick reported.

""It's normal for sales to shoot up between February and March,"" the company noted in a release. ""California March sales have varied from a low of 24,565 in 2008 to a high of 68,848 in 2005. Last month's sales were 13.5 percent below the average of 43,648 sales for all the months of March since 1988, when DataQuick's statistics begin.""

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The median price paid for a California home also rose in March, jumping 8.3 percent from February and 24.7 percent from March 2012 to land at $313,000. March was the 13th straight month in which the state's median sale price rose year-over-year.

Among other data: The typical mortgage payment that homebuyers committed themselves to paying was $1,134, up from $901 a year earlier. Adjusted for inflation, March's typical payment was 50.6 percent below the 1989 peak of the prior real estate cycle and 59.9 percent below the 2006 peak of the current cycle.

Foreclosure resales made up 15.2 percent of existing-home sales in the Golden State in March--the lowest level since September 2007, when foreclosures were 12.6 percent of the resale market. Foreclosure resales peaked at 58.8 percent in February 2009.

In addition, indicators of market distress continue to decline, DataQuick reported.

""Foreclosure activity remains well below year-ago and peak levels reached several years ago,"" the company said. ""Financing with multiple mortgages is low, while down payment sizes are stable.""