California home prices hit another record high. Here’s where to find houses as low as $230K
The median home sales price in California has reached a new high.
According to the California Association of Realtors’ May home sales and price report, the median price for an existing single-family home in the state climbed to $908,040. This marks a 0.4% increase from April’s previous record.
Overall, the statewide median home price has risen about 9% from $835,280 in May 2023.
“A persistent shortage of homes for sale, particularly in the more affordable market segments, continued to push up California’s median home price to new record highs over the past couple of months,” Jordan Levine, the association’s senior vice president, said in a news release.
With mortgage rates predicted to drop from their recent peaks, Levine said “the statewide median price may have more room to grow before the summer ends.”
As of Friday, the average interest rate for a 30-year fixed mortgage in California has gone down to 6.61%, according to Zillow.
In the release, association President Melanie Barker said there is an opportunity for interested buyers to enter the housing market with “a moderation in interest rates” and “recent improvements in housing inventory.”
If you’re looking to buy a new home, here’s where you can find the most affordable and the priciest housing options in California:
Where are the most affordable homes in California?
California’s cheapest home prices can largely be found in Northern California and the Central Valley, according to the report.
These 10 California counties had home prices below the state median of $908,040 in May:
1. Del Norte County
- Median sold price of existing single-family homes: $230,000
- Region: Northern California
2. Lassen County
3. Glenn County
4. Siskiyou County
5. Tehama County
6. Lake County
7. Trinity County
8. Kings County
9. Tulare County
10. Shasta County
Which California counties have the most expensive home prices?
According to the California Association of Realtors, the most expensive home prices can be found in the Bay Area, where housing costs can top $2 million.
Southern California’s housing costs are slightly less than those in the Bay Area, with the median sold price of existing single-family home at $880,000.
These five counties had the most expensive single-family homes in May:
- San Mateo County - $2,400,000
- Santa Clara County - $2,100,000
- Marin County - $1,800,000
- San Francisco County - $1,690,000
- Orange County - $1,422,500
How much do homes cost in my California county?
You can see the full list of home prices by county on the association’s website.
This story was originally published June 21, 2024 at 12:17 PM with the headline "California home prices hit another record high. Here’s where to find houses as low as $230K."
