Source: The World Property Journal —
The California Association of Realtors reported this week that heated market conditions and a shortage of homes for sale continued to put upward pressure on home prices in California, driving the state’s median price above the $800,000 benchmark for the first time ever in April 2021, as home sales soared from last year’s pandemic-level lows.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 458,170 in April, reports C.A.R. The statewide annualized sales figure represents what would be the total number of homes sold during 2021 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.