Home prices in California rose to a median of $861,020 in December, marking a 1% increase from November and a total of 5% since December 2023. Driven by a surge in high-end home sales, four out of five California regions saw double-digit increases in single-family home sales compared to the previous year. Despite high mortgage rates hovering around 6.58%, expectations for the spring homebuying season suggest potential demand increases despite challenges posed by wildfires and economic conditions.
The statewide median home sales price was $861,020 in December, reflecting a 1% increase from November. High-end home sales significantly contributed to this rise.
Mortgage rates remain high, currently averaging 6.58%, and California Association of Realtors president Heather Ozur anticipates a slow start for the year, improving in spring.
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