California’s Median Home Prices Reach Record High in April

California’s Median Home Prices Reach Record High in April

Homes in Laguna Niguel, Calif., on Sept. 20, 2022. (John Fredricks/The Epoch Times)

Jill McLaughlin

Jill McLaughlin

5/21/2024

Updated: 5/22/2024

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Buying a home in California is becoming even more expensive and sales have increased even as mortgage interest rates continue to rise, according to the latest report by the California Association of Realtors published May 17.
The statewide median home price—meaning half the prices are lower and half higher—reached a record high in April, exceeding $900,000 for the first time, the association reported.
“April’s rebound in both home sales and price shows the resilience of California’s housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment,” the association’s President Melanie Barker said in a statement.
The April statewide median of $904,210 represented a jump of 11.4 percent from April 2023, when it was $811,510. It was also 5.8 percent higher than March’s median price of $854,490.
This is the 10th month of home price increases in the Golden State. Experts said they expect that trend to continue.
“Seasonal factors and tight housing supply conditions will continue to put upward pressure on home prices in the coming months,” the association said.
Mortgage rates continue to rise, reaching 6.99 percent in April, and are expected to remain elevated, according to the association.
Even with the higher rates, a reported 275,540 homes statewide closed escrow last month—a 3 percent increase over March and a 4.4 percent rise over a year ago, when the 30-year fixed interest rate was 6.34 percent.
So far this year, home sales are up 1.6 percent compared to the same time last year, the association reported.
The added home ownership costs don’t seem to be hurting sales of million-dollar properties in California, either.
Sales of homes at or above $1 million in the state continue to hold up better than the state’s more affordable homes, according to the association.
The $1 million-and-higher market was up nearly 40 percent in April compared to the same time last year.
Those under $500,000 dropped by 8 percent over the same time period.
Sales of homes priced about $1 million made up more than one-third of all sales in April, the most in the last five years.
Fourteen of the state’s 53 counties tracked by the association recorded declining home sales compared to a year ago, with five dropping more than 10 percent. Sales in three of those counties decreased by 20 percent or more.
Sutter County posted the biggest sales drop of 26 percent, followed by Mono County, which recorded a drop of 25 percent, and Lassen County, dipping 20 percent.
Thirty-nine counties recorded increased home sales compared to last year. Mariposa County reported a 340 percent increase, followed by Mendocino County at 84 percent, and Santa Cruz County at 64 percent.
The San Francisco Bay Area had the biggest price jump compared to last year, increasing nearly 16 percent. Southern California reported a 12-percent gain.
The median number of days it took to sell a single-family home in California was 16 in April, four days fewer than the median length in April 2023.
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Jill McLaughlin

Jill McLaughlin

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Jill McLaughlin is an award-winning journalist covering politics, environment, and statewide issues. She has been a reporter and editor for newspapers in Oregon, Nevada, and New Mexico. Jill was born in Yosemite National Park and enjoys the majestic outdoors, traveling, golfing, and hiking.

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