The housing market in California is showing signs of resilience and growth, with home sales rebounding and the statewide median home price reaching a record high of over $900,000 for the first time ever. According to the California Association of Realtors, home sales increased on a year-over-year basis, with the Central Coast and Southern California leading the way with sales gains of 8.7% and 12.1% respectively.
The median home price in California jumped 11.4% from April 2023 to April 2024, surpassing the $900,000 benchmark. This marks the 10th consecutive month of annual price increases for the state. Tight housing supply conditions and seasonal factors are expected to continue putting upward pressure on home prices in the coming months.
Melanie Barker, President of CAR, noted that the rebound in home sales and prices demonstrates the resilience of California’s housing market. Buyers and sellers are adjusting to the higher interest rate environment, leading to increased competition in the market. Homes are selling faster, with nearly half of them selling above asking price, the highest in nine months.
All major regions in the state saw an annual increase in their median home price, with the San Francisco Bay Area and Southern California experiencing the largest gains. In Southern California, the median price for an existing single-family home reached $880,000, while in the Los Angeles metro area, it rose to $840,000.
Overall, the housing market in California is showing strength and growth, with prices continuing to rise and competition increasing among buyers and sellers. The coming months are expected to see further improvements in market fundamentals and continued upward pressure on home prices.