-California’s home price gain is biggest y/y gain in four years, according to the California Association of REALTORS
– December’s median home price of $615,090 is more than twice the US median home price
– Home sales in California rose +7.4% from December 2018
Leslie Appleton- Young, the California Association of REALTORS’ (CAR) chief economist, said, “California experienced an unusual jump in its median price at the end of the year – a time when the market is supposed to cool down. The surge in price is a byproduct of the imbalance between supply and demand as market competition continues to heat up.”
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Simultaneously, while California home sales volume jumped +7.4% and while median home prices hit $615,090 in December 2019, existing for-sale stock shrank to 2.5 months from 3.5 months one year ago.
Regionally, California home prices and sales volume looked like this in December 2019:
- Los Angeles – Median sale prices increased +10% to $550,000 and sales surged +16% according to CAR
- Central Valley – (the least expensive housing market in the state) – In this inland swath of approximately 450 miles from Redding to Bakersfield, the median sale price increased +7.7% from last year to $342,000 and sales increased +12% from one year ago
- Inland Empire (east of Los Angeles) – The median home price has risen +7.2% from one year ago to $385,000 and sales have increased +13%
- San Francisco Bay Area (the most expensive region in the state) – Median home prices have increased +6.9% to $908,750 while sales have jumped +16%
- Central Coast (Los Angeles to San Francisco) – Median home prices have dropped -2.2% to $700,000 while sales have exploded +42% as buyers rushed to snap up lower prices.
Thanks to the California Association of REALTORS and HousingWire’s Kathleen Howley for source data.
Also read: Top Ten Census Tracts in Opportunity Zones with Median Home Prices +$500,000 or -$200,000, Possible Consequences for Real Estate IF Recession Hits – Part II, Is There a Connection Between Soaring Home Price Growth and Zoning?(