In a recent interview with the California Association of Realtors, they highlighted a significant trend in the state’s real estate market, particularly regarding the median home prices. As of September 2024, the median home price has dipped to $868,150, down from $888,740 in August. However, compared to the same time last year, there has still been a 2.9% increase.
The association pointed out a noticeable decline in sales volume over the last few months, reaching a nine-month low. This drop is attributed to economic uncertainties and a cautious approach from potential buyers as mortgage rates waver. Due to these factors, sales have fallen for two consecutive months, marking the lowest point of the year.
Interestingly, the California real estate market is witnessing fluctuating mortgage rates, with Zillow reporting a 30-year fixed-rate mortgage at 6.28% as of October 21. The association believes that due to the expected further decrease in home prices over the next few months, there may be a beneficial opportunity for buyers to enter the market.
In terms of affordability, the association revealed the ten counties in California with the lowest median home prices:
1. Trinity County: $274,500
2. Lassen County: $265,000
3. Siskiyou County: $290,000
4. Tehama County: $320,000
5. Mariposa County: $322,500
6. Lake County: $335,000
7. Glenn County: $348,000
8. Tuolumne County: $357,500
9. Del Norte County: $370,000
10. Shasta County: $374,500
Conversely, the five most expensive counties are:
1. San Mateo County: $2.1 million
2. Santa Clara County: $1.9275 million
3. Marin County: $1.75 million
4. San Francisco: $1.625 million
5. Orange County: $1.397450 million
Notably, the priciest homes in California are predominantly located in the Bay Area, where residential prices have surpassed $2 million in September, while Southern California’s median price sits at $850,000. This underscores the significant disparity in home prices across different regions of the state.
