California’s single-family home market experienced a sharp uptick in the sale of non-distressed properties in July, PropertyRadar claims in a press release.
The sale of single-family homes and condos escalated 12.1% from June to July in California, while rising 12.9% over the course of the past year.
"With the exception of the temporary bounce in July 2009 sales from the first-time homebuyer tax credit, July 2013 sales were the highest since July 2006," said Madeline Schnapp, director of economic research for PropertyRadar.
"The spike in mortgage interest rates has pushed fence-sitters into the market out of fear rates will go higher and impact sales," Schnapp added.
Additionally, 1.8 million California homeowners with a mortgage were underwater in July.
