Record low interest rates have been fueling the market and many first-time buyers took advantage of cheaper costs of borrowing during this year’s home buying season. The share of first-time buyers reached the highest level in 10 years this past summer, with nearly two of five (38.4%) homes being sold to buyers who purchased for the first time. This year’s spike was also attributed to the fact that fewer homeowners (i.e. repeat buyers) have been putting their house on the market and moving during

The California housing market set several records in March, including an all-time high median price and price per square foot, record low time on market, and record high sales-to-list-price ratio. With nearly two-thirds of homes selling above asking price, competition is fierce. | CALIFORNIA ASSOCIATION OF REALTORS®