National News

Median home price in California tops $600,000 for 1st time

Posted June 21, 2018 11:24 a.m. EDT

— The median home price in California reached a new peak last month, exceeding $600,000 for the first time ever, a new report from the California Association of Realtors finds.

Statewide, the median home price was $600,860 in May, topping the previous high of $594,530 notched 11 years ago during the pre-Great Recession real estate bubble, according to the data released Tuesday.

The increase was largely driven by high costs in the Bay Area, where the median price sat above $1 million for the second month straight. In San Francisco, buyers paid an average of 18 percent over the asking price.

But in Southern California prices lag behind the rest of the state, CAR said. Though the median home price in Orange County were well above the statewide figure, at $818,000, in Los Angeles County it was slightly lower, at $528,540.

Despite this, sales across across the region were down by 5.8 percent compared to last year. San Bernardino County - where the median home price was comparatively lower at $289,900 - was the only county in Southern California to see an increase.

Home prices in Southern California are still on the rise, though not as markedly as in the Bay. The growth rate was in the double digits in both San Bernardino and Los Angeles counties, but in the single digits elsewhere across the Southland.

Still, there remains a shortage of homes priced under $200,000 on the market. The number of houses available in that range dropped by 28.7 percent over the last year, and the number priced between 200,000 and $300,000 declined 13 percent.

But if you're looking for a home costing at least $1 million, you're in luck - inventory of properties in that range is up by more than 18 percent.

A full list of median home prices in each county can be found in the CAR report.