In a news release dated June 15, 2015, the California Association of Realtors (CAR) reports that the statewide price for an existing single-family detached home rose by 0.8%, or $485,830 in May from April’s $481,880. This was reportedly the fourth consecutive increase this year and the highest it’s ever been since November, 2007.
Despite the rise in prices, the CAR said that the spring home-buying season has remained solid, with even higher results for the fourth consecutive month. CAR president Chris Kutzkey explained that this may be due to a sense of urgency on the part of buyers to get into the market before mortgages skyrocket and increased Federal Reserve rates are felt. With costs within the income of buyers, regional sales in the state will show more improvements for this year.