Even with mortgage rates hovering around 15-year highs, home prices in California edged higher for the fourth consecutive month in May, according to the latest data from the California Association of Realtors.
The median single-family home price in the Golden State last month was $836,110, roughly $25,000 higher than in April and $100,000 above February’s average, data shows.
The San Francisco Bay Area ($1,300,000), Central Coast ($1,000,000) and Southern California ($800,000) continue to be the priciest, while the Far North region ($380,000) is the most affordable, CAR said.
Home prices are still well below the all-time high recorded in May 2022 when the average California single-family home cost $893,200.
Average Single-Family Home Prices in California
| Region | May 2023 | April 2023 | May 2022 |
| Statewide | $836,110 | $811,950 | $893,200 |
| Condo/Townhomes | $635,000 | $634,000 | $675,000 |
| Los Angeles Metro | $765,000 | $740,000 | $805,000 |
| Central Coast | $1,000,000 | $1,020,000 | $995,000 |
| Central Valley | $485,000 | $463,000 | $510,000 |
| Far North | $380,000 | $385,000 | $425,000 |
| Inland Empire | $574,990 | $565,000 | $596,000 |
| San Francisco Bay Area | $1,300,000 | $1,250,000 | $1,465,000 |
| Southern California | $800,000 | $785,000 | $845,000 |
Additionally, the number of homes under contract in California rose by nearly ten percent in May after dipping in April and March.
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