California’s median home price has crossed the $900,000 mark for the first time, reaching $904,210 in April 2024. This milestone follows a significant price surge, with a 5.8% increase in just one month and an 11% rise over the past year. The housing market’s affordability crisis continues, as the state recorded fewer than 300,000 homebuyers for the 19th consecutive month, well below the historical average of 402,000 monthly sales since 1990.
Reflecting on historical price thresholds, California’s housing market has seen substantial growth over the decades:
Each milestone reflects varying economic conditions and interest rates. For example, in March 2022, with historically low mortgage rates, monthly payments for the median-priced home were $3,119. By April 2024, higher mortgage rates of 7% have pushed monthly payments for a median-priced home to $4,785, a 53% increase from the previous threshold. The affordability crisis is compounded by the limited number of qualified buyers and the competitive market for a sparse inventory of homes.
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