The median price for a single-family house in California surpassed $900,000 for the first time ever, according to the California Assn. of Realtors.
Want a house in California? It'll likely cost you over $900,0000. The statewide median sales price for a previously owned single-family house surpassed $900,000 for the first time in April, a shocking figure that underscores just how unaffordable housing has become across the Golden State. The April median of $904,210 is up 11.4% from the same month a year earlier, according to data from the California Assn. of Realtors.
Wealthy Californians also have hordes of excess cash they can plow into down payments that help offset high borrowing costs. If prices keep rising at 11% a year, the California median house price would climb above $1 million in 2025. That may not happen, however. In recent weeks, more homes have started to come onto the market as some owners start to decide a new home is more important than a low rate. Inventory is still extremely tight and economists don't expect the floodgates to open.
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