Sale of residential properties in California continue to perform at the hottest pace in history, resulting in a 65% increase in number of sales over the same period last year. The number of homes sold above asking price, the price per square foot, and the sales-to-list price records are all at industry highs.
This unprecedented performance reflects four straight months where housing supply was cut in half from a year ago. Potential buyers continue to flood the market with offers that exceed asking price, in an effort to take advantage of the historic low mortgage interest rates.
Read this article for more detailed information from the CalculatedRiskBlog: California April Housing: Sales up 65% YoY, Active Listings down 50% YoY
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