Bolstered by strong sales in higher-priced regions, California median home price records largest year-to-year gain since 1980, C.A.R. reports

LOS ANGELES (June 17) – Strong sales growth in higher-priced markets and continued housing supply shortage pushed up California’s median home price in May, resulting in the largest year-over-year price gain in at least the last 33 years, the CALIFORNIA ASSOCIATION OF REALTORS ® (C.A.R.) reported. 

“It’s encouraging to see median home prices across most parts of the state continuing to recover.  The Bay Area, in particular, has been experiencing strong price appreciation, thanks to the region’s robust economic growth, extremely low housing inventory, and an increasing demand from international buyers,” said C.A.R. President Don Faught.  “San Francisco County’s median home price, for example, increased 28 percent from last May and has just surpassed its previous record high reached in May 2007.” 

 

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