From the California Association of Realtors this week comes some data that shows a statewide increase in the median price of a home of over 20% since a year ago. The rise for the San Francisco Bay Area was over 13%.

CAR President Jim Hamilton is quoted, “While fixed mortgage interest rates have not increased, adjustable rates have risen in reaction to the Federal Reserve and a more general increase in short-term rates,” he said. “Since more buyers are relying on adjustable-rate mortgages to finance the purchase of their homes, buyers may be moving more quickly to make the home purchase decision in anticipation of future rate increases. This is adding more pressure to the price of a home.”

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