California home prices just reached a new record high [View all]

Home prices in California reached a new record high in April as sales activity increased despite the state’s seemingly insurmountable housing shortage.

The median price of a single-family home climbed to $904,210 last month, nearly 6% higher than March and 11% above April 2023, according to data released on Friday by the California Association of Realtors.

Home sales also increased month over month and year over year by low single-digits.

California’s affordability crisis is well documented, and experts point to high housing costs as one of the key contributors. This makes owning a home in the Golden State, particularly in major metropolitan areas, a good investment. However, Levine says the barrier to entry is becoming increasingly high due to the housing shortage.

https://ktla.com/news/california/california-home-prices-just-reached-a-new-record-high/