Published June 20, 2024
Median Price Set Another Record
The statewide median price set another record high in May, edging up 8.7 percent from $835,280 in May 2023 to $908,040 in May 2024, exceeding the $900,000-benchmark for the second month in a row. California’s median home price was 0.4 percent higher than April’s $904,210. The year-over-year gain was the 11th straight month of annual price increases for the Golden State. Seasonal factors and tight housing supply conditions will continue to put upward pressure on home prices in the coming months.
Stronger sales of higher-priced properties continued to contribute to solid median price growth, especially since million-dollar home sales in California have been rising more rapidly than their more affordable counterparts in the state. Sales in the million-dollar-and-higher market segment rose 15.5 percent year-over-year in May, while sales in the sub-$500,000 segment declined by 12.2 percent. Sales of homes priced above a $1 million now make up 36.6 percent of all sales ? the biggest share in at least the last five years.
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