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California residence costs simply reached a brand new report excessive

Laguna Beach

Laguna Beach, California Aerial View (Getty Images)

The cost of becoming a homeowner in California continues to rise.

According to the California Association of Realtors, the median price of an existing single-family home in the Golden State reached a new record of $908,040 in May, $4,000 higher than in April, which was the first time prices surpassed the $900,000 mark.

Despite the increase, prices were either flat or slightly down in some counties and regions of the state last month, including the cities of Los Angeles, San Francisco and San Diego, and Ventura and San Bernardino counties.

However, San Mateo County, the state’s most expensive, saw home prices soar by more than 11% in May to a median of $2.4 million.

May 2024 California Home Prices
May 2024 California Home Prices and Sales (California Association of Realtors)

For comparison, the national median was $407,600 in April, the last full month of data available.

Home sales continue to be impacted by fluctuating mortgage rates, which are tied to the Federal Reserve.

The average 30-year fixed-rate mortgage was 6.95% last week: three to four percent above historic lows seen during the pandemic that pushed sales- and sale prices- to unprecedented levels.

Seasonally adjusted home sales in California fell 6% year over year in May and was mostly unchanged from April. See the full data.

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