California’s housing market accelerated in April as the spring home-buying season kicked off with both higher home sales and prices for the third straight month.
Home sales rose above the 400,000 mark in April for the first time since October 2013 to post the highest level since August 2013. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 427,620 units in April, 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 April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The April figure was 9.2 percent higher than the revised 391,440 homes sold in March. Home sales were up 9.3 percent from a revised 391,330 in April a year ago, and the increase was the highest year-over-year change since May 2012.
