Home prices in California, already among the highest in the nation, have reached a new record, according to the latest sales data from the California Association of Realtors.
The median price of a single-family home statewide was $910,160 in April. That’s nearly 3% higher than March but less than 1% above April 2024, when the median price was $904,010.
“I actually expected the statewide median price to inch up a little bit further,” acknowledged Oscar Wei, CAR’s deputy chief economist. He told KTLA that several factors are contributing to this subdued growth.
“The cost of borrowing, with interest rates being high, continued to put downward pressure on home prices,” Wei explained. He added that in recent months, “more high-end homes may not be selling as fast because of the fluctuation of the market, uncertainty with the economy, and also the tariff situation.”
The San Francisco Bay Area remains the most expensive region for home buyers at $1.42 million, followed by the Central Coast at $1.1 million and Southern California at $887,000, according to CAR. The Far North region is the most affordable, with a median price of $380,500.
California Single Family Homes – Median Sold Price
While single-family home prices edged higher, prices for condominiums and townhomes in California fell month-over-month and year-over-year.
The median sale price for condos and townhomes was $670,000 in April, CAR reported, down 1.6% from March and down 2.6% from April 2024.
California Condominiums/Townhomes – Median Sold Price
According to the National Association of Realtors, the median single-family home nationwide was $403,700 in March.
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