The slowing market hasn’t stopped records from being set statewide in California home prices, though the volume of sales has dipped.
According to reporting by the Sacramento Bee, the median home price in the Sacramento region in May was $625,000, higher than all but four states (including California) and an increase of 11.6% over the previous year.
Here in western Nevada County, the median price for May was $553,000 (see graphic below).
“The median sale price of a single-family home in California broke yet another record in May, placing the prospect of homeownership out of reach for more residents of the Golden State,” the Bee reports.
“California Department of Finance data show the median price of a single-family home in May was $898,980, up a significant 1.6% over the previous month and an increase of nearly 10% over the same time last year. With mortgage rates spiking, the required annual income to afford the median-priced home in California is around $180,000 – more than twice the state’s median household income.
“New data from Redfin also show California has by far the most expensive housing costs in the nation. April numbers from the national real estate firm showed California’s median home value was $100,000 more than the second most expensive state: Hawaii. Other western states also had far lower housing prices.”
Read more at: https://www.sacbee.com/news/california/article262865873.html#storylink=cpy
Monthly comparison May vs. April 2022 home sales in western Nevada County.