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For release: April 15, 2015
Buoyed by stronger economy, California housing market accelerates in March as home sales and prices ratchet up
LOS ANGELES (April15) – California’s housing market continued to pick up steam as existing home sales and prices propelled higher, with both posting back-to-back increases in March, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 391,680 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. Sales in March were up 6.3 percent from a revised 368,400 in February and up 7.3 percent from a revised 365,120 in March 2014. The year-over-year sales increase was the first back-to-back sales gain since December 2012 and the largest observed since May 2012. The statewide sales figure represents what would be the total number of homes sold during 2015 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
“The housing market is picking up momentum and continuing its upward trend as economic conditions improved throughout the state”, said C.A.R. President Chris Kutzkey. “A better economy, improved job creation, and an increase in inventory in Central Valley and Southern California, in particular, are pushing sales higher, which led to the strongest February-to-March increase we’ve seen since 2008.”