California's housing market continues to thrive with realtors reporting that numerous aspects of the industry are stengthening. The California Association of Realtor's March Market Pulse Survey shows general optimism with respondents citing an increase in floor calls, listing appointments, open house traffic and multiple offers, compared to February.
The volume of homes that sold above their asking price improved on a year-over-basis, often as a result of bidding wars over the limited number of homes available. 39 percent of properties sold for an amount greater than their original price tag – up from 34 percent last year. On average, these homes went for 9.2 percent more.
Sellers receiving multiple offers has become the relative norm with 74 percent of listings brining in two or more bids. This is a sharp increase from 50 percent in 2016.
Mortgage rates remaining near historic lows could be driving the competitiveness with conforming no-point 30-year fixed rates are averaging 4.125 percent while 15-year rates are near 3.25 percent.
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