California Median Home Price Hits Record $904,210

Statewide median for single-family homes surpasses $900,000 for the first time, reflecting severe affordability challenges.

Home prices have risen 11.4% from a year earlier, despite high mortgage rates.
Current 30-year fixed mortgage rates are over 7%, doubling from pandemic lows.
Inventory remains tight as homeowners hold onto low-rate mortgages.
Wealthy buyers with substantial cash reserves continue to drive prices up.
Northern California and Central Valley offer the most affordable housing options.