A recent report released by the California Association of Realtors (CAR) has revealed that California’s housing prices have hit a new all-time high. In April of this year, the median home price in the state surpassed $900,000.
According to the report, in April of this year, the median price for a single-family home in California was $904,210, marking a 5.8% increase from March’s $854,490 and an 11.4% increase compared to the same period last year.
The most expensive housing market in California is in Northern California’s San Mateo, where the median price for a single-family home has risen to $2.15 million, slightly lower than March’s $2.17 million but a 9.1% increase from the same period last year at $1.97 million.
In Southern California, Orange County holds the title for the most expensive area with a median price of $1.44 million for a single-family home, indicating a 2.9% increase from March’s $1.4 million and a significant 17.6% increase from last year’s $1.225 million.
San Diego County’s median price for a single-family home stands at $1,047,500, reflecting a 2.7% increase from March’s $1,020,000 and a 12.6% increase from last year’s $930,000. Home sales volumes saw respective increases of 7.5% and 8.8% compared to March and the same period last year.
The report also notes that home sales volume in April saw an increase, with a total of 275,540 single-family homes sold, up 3% from March’s 267,470 and a 4.4% increase from the same period last year’s 263,960.
Furthermore, the report highlights trends in the different segments of the market. Homes priced at $1 million or above in California have seen increasing sales, with a 39.8% rise compared to the same period last year. In contrast, homes priced around $500,000 or slightly lower have experienced a decline in sales volume, down 8% compared to the same period last year.
Melanie Barker, Chair of the California Association of Realtors, commented on the simultaneous rise in home prices and sales volume, stating that it signifies the strength of the real estate market in California. Barker also mentioned that this trend indicates that both buyers and sellers have adjusted well to the current high-interest rate environment.