California home sales and prices to rise in 2014 as market transitions toward primary home buyers

The California median home price is forecast to increase 6 percent to $432,800 in 2014, following a projected 28 percent increase in 2013 to $408,600… The wildcards for 2014 include federal, fiscal, monetary and housing policies – such as the mortgage interest deduction and mortgage finance reform – as well as housing supply and the actions of the Federal Reserve, which will ensure a higher rate environment.

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According to the California Association of Realtors, the median price of a house sold in California in 2014 is projected to be $433,000, the highest amount since 2006.

Moreover, the California Dollar Volume is steadily improving; up 25.3% in 2013 and up 9.3% in 2014.

For more, visit the Market Forecast at the California Association of Realtors…