The state's housing market continues to be expensive with median home prices soaring to a record high of $914,810.
The state’s housing market continues to be soul-crushingly expensive as California median home prices in April climbed to a record high of $914,810, according to theSales of existing single-family homes rose 3.9% from March and 4.1% compared to April 2025, marking the largest year-over-year increase in seven months.
The statewide median price increased 2.9% from March, crossing the $900,000 mark for the first time since May 2025.was mostly driven by more activity in higher-end housing markets, according to the realtors association. Sales of homes priced at $2 million or more jumped 8.4% compared to April 2025. Jordan Levine, the group’s chief economist, cautioned that the larger share of expensive homes changing hands doesn’t necessarily mean the market is on solid ground.
California’s sky-high cost of living is continuing to push residents out of the state, according to a March report from the California Policy Lab. The report found Californians who leave the state relocate to neighborhoods where housing costs are an average of $672 cheaper per month, while rents are roughly 30% lower and median home prices are nearly $396,000 less expensive.
Researchers also noted Californians pay about 11% more for groceries, 40% more for gas and 61% more for utilities than the national average. During 2025 alone, nearly 150,000 more people left California than moved into the state, continuing a years-long trend of domestic outmigration tied largely to affordability concerns, according to the California Policy Lab.
“My quality of life here is significantly better,” Ingles said. “But that’s more than just finances. ” The rising cost of living has fueled a steady migration of Californians to lower-cost states like Texas, as well as Arizona, Nevada and Tennessee, where median home prices are often hundreds of thousands of dollars cheaper.
In Placer County, the median home price hit $675,000 in April, while Sacramento County’s median price stood at $546,420 — levels that still require six-figure household incomes for many buyers to comfortably afford monthly payments at current mortgage rates. Tamara Suminski, president of the state realtors association, said buyer demand hasn’t been shaken by higher interest rates and increasing costs for gas and other goods.
“While elevated mortgage rates and ongoing uncertainty in the Middle East continue to weigh on the market, California buyers and sellers are still finding opportunities,” Suminski said in a statement. The San Francisco Bay Area posted one of the state’s strongest sales increases, with sales up 5.5% from a year ago, even as median prices in the region dipped 1.3%. The county of San Francisco itself saw median home prices jump 19.5% year-over-year to more than $2.1 million.
Southern California home sales rose 8% annually, while the Central Valley posted a 10.1% increase. The biggest annual sales surge was in the Far North region at 24.6%. The average 30-year fixed mortgage rate was 6.33% in April, down from 6.73% a year earlier, though slightly above March levels. Despite the recent gains, California buyers are still feeling an affordability crunch as statewide home sales remained below 300,000 for 43rd straight month.
California Housing Market High Housing Prices Sales Of Existing Homes Year-Over-Year Increase Extortionate Cost Of Living Migration Of Residents
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Xavier Becerra’s plan to inflate California’s housing pricesAnd how would Becerra pay for this?
Read more »
California gubernatorial candidates rally behind YIMBY movement to tackle housing crisisThe 2026 California gubernatorial race highlights a bipartisan shift toward pro-development housing policies, as candidates increasingly embrace the YIMBY movement's agenda to address the state's chronic affordability crisis, though public sentiment remains divided on centralized solutions.
Read more »
UK Housing Market Stagnates with Zero Growth and Falling PricesThe UK housing market has not grown and house prices have instead fallen across England. This stagnant and falling price trend has left homeowners feeling as though they are living in Groundhog Day.
Read more »
2026 California treasurer candidates share ideas for financing affordable housingSix people are running to replace termed-out Treasurer Fiona Ma in the June 2 primary election.
Read more »