Home Prices Forecast to Rise 18% for Year
Home prices throughout California will rise at the steepest pace in more than a decade, growing 18% this year to a record median of $313,000, according to a forecast released by the California Assn. of Realtors.
The group added that sales are projected to grow 8.5% to an all-time high of 547,3000 units, topping the previous peak from 1999.
A growing population, combined with low mortgage rates and a shaky stock market have drawn more buyers to the market, the report said. The percentage gain in prices would be the steepest since 1988.
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