California home prices set new record

California home prices set new record

California home prices set new record
Last month saw record-high median home prices across every region of the Golden State, according to new data including double-digit increases in many areas. According to the California Association of Realtors, all 51 counties posted a gain in median home prices on a year-over-year basis, with 45 of them growing by more than ten percent. Southern California alone saw a 20.5 percent increase in median home prices over the last year.

San Diego County saw a historic rise in prices last month, topping $680,000. This represents a 15.3 percent jump from March 2020.

Driving the price increases is a severe shortage of homes both locally and statewide. Redfin reports that from March 1 to March 28 there were 3,395 active listings in San Diego, down from 5,951 a year ago.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.