According C.A.R. Vice President and Chief Economist Leslie Appleton-Young, “In line with our forecast, California’s housing market experienced strong sales and price growth throughout last year, with the median price increasing 6.2 percent for the year as a whole to reach $474,420 in 2015. Looking forward, we expect the foundation for the housing market to remain strong throughout the year, with moderate increases in home sales and prices, but headwinds of tight housing supply and low affordability will remain a challenge.”
[Excerpted from December home sales and price report, dated January 15, 2016]
LOS ANGELES (Jan. 15) – California existing home sales rebounded in December after new loan disclosure rules delayed closings in November, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.Home sales exceeded the 400,000-unit level in December after falling short in November. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 405,530 units in December, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2015 if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.