If you're eyeing a house purchase in California, brace yourself for significant expenses.

As per the April home sales and price report by the California Association of Realtors, the median price for an existing single-family home in California surged to a record high of $904,210.

Since April 2023, the statewide median home price has climbed approximately 11%. Jordan Levine, the association's vice president, noted that although the market showed robust performance in April, a swift recovery isn't expected due to persistent inflation and fluctuating mortgage rates, despite recent decreases. As of Monday, the average interest rate for a 30-year fixed mortgage in California stood at 6.64%, as reported by Zillow.

Levine highlighted that the uptick in housing inventory will furnish much-needed supply to the market, potentially fostering a higher volume of home sales in the latter half of the year. For those on the hunt for a new residence, the California Association of Realtors' April home sales and price report delineates where to find the most affordable and priciest housing options.

Which areas offer the most affordable housing options in California?

The report indicates that the lowest home prices in California are predominantly situated in Northern California and the Central Valley. Specifically, these 10 counties in California boasted home prices beneath the state median of $904,210:

1. In Lassen County

• Median selling price of pre-existing single-family residences: $205,000

• Location: Northern California

2. In Trinity County

• Median selling price of pre-existing single-family residences: $212,000

• Location: Northern California

3. In Siskiyou County

• Median selling price of pre-existing single-family residences: $281,500

• Location: Northern California

4. In Tehama County

• Median selling price of pre-existing single-family residences: $309,750

• Location: Northern California

5. In Plumas County

• Median selling price of pre-existing single-family residences: $320,000

• Location: Northern California

6. In Lake County

• Median selling price of pre-existing single-family residences: $340,000

• Location: Northern California

7. In Shasta County

• Median selling price of pre-existing single-family residences: $360,000

• Location: Northern California

8. In Glenn County

• Median selling price of pre-existing single-family residences: $362,000

• Location: Central Valley

9. In Kern County

• Median selling price of pre-existing single-family residences: $377,000

• Location: Central Valley

10. In Imperial County

• Median selling price of pre-existing single-family residences: $377,500

• Location: Southern California

WHERE ARE THE HIGHEST HOME PRICES IN CALIFORNIA?

The California Association of Realtors states that the highest home prices in California are typically in the Bay Area, where housing expenses can exceed $2 million.

Housing costs in Southern California closely mirror those in the Bay Area, with the median selling price of pre-existing single-family homes at $880,000.

 

As per the home sales and price report, the following five counties showcased the priciest single-family homes last month:

1. San Mateo County - $2,150,000

2. Santa Clara County - $2,000,000

3. San Francisco County - $1,800,000

4. Marin County - $1,700,000

5. Orange County - $1,440,000