The median price for an existing single-family house in California reached $904,210 in April, rising 5.8 percent from the previous month and 11 percent in a year.
Record prices for single-family homes in California have widened the affordability gap, with the number of homebuyers below 300,000 for the 19th month in a row.
Since 1990, home buying in California has averaged 402,000 sales a month, but now a family would need to earn $208,000 to qualify for a typical $814,000 home.
The price of a typical home in California has seen a steady rise over the years, surpassing $300,000 in 2002, $400,000 in 2003, $500,000 in 2005, $600,000 in 2018, $700,000 in 2020, and now over $900,000 in 2022.
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