Southern California home sales strike springtime high

Posted at 11:34 AM, Apr 25, 2017
and last updated 2017-04-25 14:34:01-04

(KGTV)--Southern California home sales in March were highest in more than a decade, according to data released by CoreLogic Tuesday. 

More than 22,000 new and resale houses and condos were sold in March in San Diego, Orange, Los Angeles, Riverside, Ventura and San Bernardino counties, which is a 47.6 percent increase. 

"Southern California's spring home-buying season got off to a strong start," said CoreLogic research analyst Andrew LePage. "A February-to-March spike in sales is normal, but this year's nearly 48 percent increase was the highest in 12 years, and March 2017 sales were the highest for that month in a decade." 

Here are some other Southern California highlights for the month of March 17:

  • Southern California took our approximately 6,600 home equity lines of credit, for a 24 percent increase from last month
  • Absentee buyers, mostly investors and some vacation-home buyers, bought 21.6 percent of all homes sold
  • Cash buyers accounted for 23.7 percent of home sales, a decrease from 25.8 percent last month

Sandy Coronilla is a KGTV digital producer. Follow her @10NewsSandy