California Housing Market Is Expected to be ‘Up in 2014’

The California housing market had a decent performance in 2013 so far. For the first nine months of 2013, sales of existing single-family detached homes were down 3.2 percent when compared to the same period of last year. This decline in sales was attributed partially to the hike in interest rates in recent months, as the average 30-year fixed rate increased more than 100 basis points since April 2013 and was the highest since the mid of 2011.

Looking forward, annual sales of detached homes are expected to decline slightly from 439,420 units in 2012 to 430,270 units in 2013, with 2014 improving to 444,040 units.

Source: http://www.car.org/marketdata