A new report revealed startling news about the high cost of homes in California.
The median price for a single-family home has surpassed $900,000 for the first time ever, according to a new report by the California Association of Realtors.
The new statewide record of $904,210 was recorded amid a surge in home sales in April.
The report showed a median price increase of 11.4% from April of last year when it was $811,510.
The boost in home sales arrived just as the market began its spring homebuying season.
The sales pace in April rose 3% from the 267,470 homes sold in March and increased 4.4% from April of last year.
“April’s rebound in both home sales and price shows the resilience of California’s housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment,” California Association of Realtors President Melanie Barker said.
Year-to-date home sales have also grown 1.6%, according to the report.
