The median price of a home in the Bay Area was up 31% in March from the same month one year ago, and now stands at $380,000.

According to a report by MDA DataQuick, Bay area home sales also saw a spike in March, up over 40% from last month and 10% from March 2009.

Foreclosure sales accounted for almost 32% of existing Bay area home sales in March, down from last month and one year ago. However, there are signs that foreclosure resales will increase again in the near future because of a predicted rise in homeowners failing to qualify for loan modifications.

Statewide, March home sales were up almost 33% from last month, and up 3% from one year ago. The median price for a California home sale in March was $255,000, up 2.4% from one month ago.

For the Bay Area report, go here. For the report on statewide March home sales, go here.

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