In a first, most California houses sell for over $900,000

The statewide median sales price for a previously-owned single-family house in California exceeded $900,000 for the first time, reflecting the intensifying unaffordability of housing across the state.

Despite the historically high mortgage rates, soaring prices indicate an extreme shortage fueled by homeowners holding onto sub-3% rates, alongside wealthy buyers offsetting expenses with large down payments.

Although the California housing market faces record unaffordability, recent signs show some owners prioritizing new homes over low rates, leading to a slight increase in inventory but with expectations of continued tightness.

Read at Los Angeles Times