The median home sale price for Southern California homes reached the highest median level in six years. This year’s February figures had the medium sale price of a home at $383,000, with March’s figures improving to $400,000. This marks the highest level since February 2008. This is a 15.8 percent increase.

This median sale price increase is in stark contrast with the overall annual sales numbers with investors and all-cash buyers pulling out of the market due higher prices. First-time homebuyers are also hesitant to continue their search. The six counties in Southern California saw 17,638 homes sold – a 14.3 percent drop in sales from last March. Prices have escalated on lower-priced homes while the number of sales has taken a drastic plunge. This suggests both a lack of inventory and buyers willing to pursue the heavy investment.

Sales of homes priced under $500,000 fell 26.4 percent from this period last year. Homes priced above $500,000 saw sales up by 2.9 percent from last year, while sales of homes priced above $800,000 rose 5.4 percent. Prices of homes grew 21.1 percent to $230,000 in San Bernardino County, and Riverside County up 17.8 percent to $288,500. Slow price changes were seen in Ventura County, rising 6.6 percent to $430,000.

Source: http://www.latimes.com/business/money/la-fi-mo-southern-california-home-prices-20140415,0,6707626.story#axzz2zXgkvV1P