The California Association of Realtors announced in a recent report that the median home purchase price in California has reached a historic high, with the state’s median home price reaching $900,000.
The group said a new record of $904,210 was set amid a surge in home sales in April. Existing single-family home sales totaled 275,540 units in April, a 3% increase from 267,470 units in March.
“The recovery in home sales and prices demonstrates the resilience of California’s housing market and is a sign that buyers and sellers are beginning to adapt to a high interest rate environment,” said Melanie Barker, president of the California Association of Realtors.
Earlier this month, the U.S. Federal Reserve announced its latest decision on interest rates, saying it would keep interest rates at current levels for now as inflation continues to hurt U.S. spending.
housing
November 1, 2023, 5:55 p.m.
For $1.5 million, you could set up a methamphetamine lab in your California home.
Year-to-date home sales across California rose 1.6%, according to CAR.
“Market fundamentals are showing signs of improvement and competition is once again intensifying,” Barker said. “Home sales are accelerating, with about half of homes selling for above asking price; This is the highest level in nine months.”
Redfin said in March that Americans need to earn about $76,000 a year to buy a basic first home, up 8% from a year ago. “Homebuyers are doing everything they can to come up with a big down payment to reduce future monthly payments,” said Rachel Riva, a Redfin real estate agent.
However, in the real estate industry, there is an old saying: “location, location, location.”
Last year, a 2,743-square-foot, six-bedroom home in South San Jose, California, was listed for sale “as is” for $1.55 million, citing a “dormant methamphetamine lab” and “methamphetamine contamination.”
