by Calculated Risk on 4/15/2005 01:57:00 AM

Both Northern and Southern California are reporting record sales for March according to DataQuick. Highlights for Northern California, Record Prices, Near-Record Sales:

Home prices in the Bay Area rose to new highs in March as sales for that month were at their highest level in sixteen years.

Prices are going up at their fastest pace in four years.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $2,566 in March, an all-time high. A year ago it was $2,052.

Indicators of market distress are still largely absent.

And the highlights for Southern California, Records and Near-Records in SoCal:

home prices in Southern California hit a new peak last month

Sales were near record levels

The typical monthly mortgage payment that Southland buyers committed themselves to paying was $1,983 last month, up from $1,905 for the previous month, and up from $1,602 for March a year ago.

Indicators of market distress are still largely absent.

Everything looks great, and yet ...