California’s Median Home Price Just Hit $600,860
Median home prices in California have surged past the $600,000 mark for the first time ever, according to new data from the California Association of Realtors.
For the first time in 11 years, the statewide median home price surpassed its previous peak price of $594,530, which was recorded more than 10 years ago during the last housing boom. The May statewide median price was $600,860, up 2.8 percent from a revised $584,460 in April and up 9.2 percent from a revised $550,230 in May 2017. The year-over-year price growth pace was the highest rate of growth since May 2014.
The new high was driven in large part by astronomical prices in the Bay Area. The median Bay Area home price remains above $1 million. The median home price in Alameda County is now $1,025,000. It is $1,620 in San Francisco; $1,600,000 in San Mateo; $1,415,000 in Marin; and $1,400,000 in Santa Clara.
Southern California prices also rose, though not as dramatically as in the Bay. San Bernardino and Los Angeles Counties saw the largest increases (near double-digit growth).
Read the full report, including county-by-county data, here.