The median sale price for homes in California soared past $900,000, the first time it has done so, according to a report.
In April, the median price of an existing single-family home in California was $904,210, setting a new record high, as reported by the California Association of Realtors (CAR). That number increased by 5.8% from $854,490 in March and 11.4% from $811,510 in April 2023.
Despite record prices, the sales of existing single-family homes in California totaled 275,540 in April on a seasonally adjusted annualized rate. That is up 3.0% from March and 4.4% from April last year. That being said, the sales pace remained below 300,000 for the 19th consecutive month.
"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," CAR President Melanie Barker, a Yosemite REALTOR, said in the report.
"Market fundamentals are showing signs of improvement, and competition is on the rise again; homes are selling faster and nearly half the share of homes is selling above asking price - the highest in nine months," she added.
Where Home Prices Increased the Most
Nearly all major regions experienced an increase in their median price from April 2023. The San Francisco Bay Area recorded the biggest price jump, with the median home sale price increasing 15.5% from last April.
Following behind the San Francisco Bay Area is Southern California where home prices increased by 12.1%. Only the San Francisco Bay Area and Southern California posted double-digit price gains year-over-year.
The Central Valley posted a 6.6% increase while the Central Coast posted a 5.6% increase in median prices from last April.
Only the Far North region posted a decline in median price, with the home sale price falling by 5.2%, per the CAR.
By county, Del Norte had the biggest increase year-over-year, posting a 41.3% gain in April. Santa Barbara and Mariposa follow behind with a 29.6% and a 29.3% increase, respectively. Thirteen counties posted a decline in median price, including Trinity with a 31.1% decline, Lassen with -19.0%, and Amador with -10.2%.
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