New data from the California Association of Realtors (CAR) show existing home sales had the largest year-over-year growth since May 2009, one of many records smashed in year-end reports. Additionally, the median price continued to rise for the fourth time in the last five months average just under $718,000.
The CAR also notes that home sales in California once again remained about 500,000, consecutive gains not seen in more than a decade.
Will the rise continue into the new year? Experts at CAR seem to think so, given low inventory, lower rates and high demand.
“Low rates and tight housing inventory are contributing factors to the statewide median price setting a new record high three months in a row from June to August. A change in the mix of sales is another variable that keeps pushing median prices higher, as sales growth of higher-priced properties continued to outpace their more affordable counterparts,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young.