The median home price in California rose to more than $900,000 for the first time ever in April, setting a record for the state. That average has risen 11.4% since April 2023, jumping to $904,210.
Despite an overall poor perception of the economy and mortgage rates hovering around 7%, housing inventory is still constrained. Sales of homes priced over $1 million have surged nearly 40%, aiding the rising median home price.
Speculations of a San Francisco Bay Area exodus were contradicted by a 15.5% price increase since April 2023. While most regions in California experienced price growth, the Far North region saw a 5.2% decrease.
Prices in 2023 increased rapidly in Tustin by 11.7% year over year, with a median home price of $1 million. Coachella also experienced substantial growth, up 11.5% in home prices.
#california-real-estate-market #median-home-price #housing-inventory #regional-price-growth #home-affordability
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