California home prices just reached a new record high

In April, California's home prices hit a new record, with the median price of a single-family home reaching $904,210, marking an 11% increase from the previous year. This rise occurred despite the state's significant housing shortage and increasing mortgage rates, which are still substantially higher than the lows during the COVID-19 pandemic.

Sales of homes also saw a slight increase both monthly and annually. Notably, regions like the Central Coast and San Francisco Bay Area saw significant price jumps, setting new regional price records. The ongoing high demand, exacerbated by many homeowners retaining low-rate mortgages, continues to drive prices upward, intensifying California's housing affordability crisis.