California home prices have increased on a year-over-year basis, but the rising rates have been very slow compared to the beginning of this year, before the interest rates increased. September’s statewide median home price was $822,680 making it the fourth consecutive month with single-digit yearly growth at 1.6%.
At the regional level, home sales in all major California areas declined from a year ago, with four of the five major regions dropping more than 25% year-over-year, but home prices rose in all major regions except San Francisco Bay Area.
- The San Francisco Bay Area had a year-over-year price decline of 2.6 percent, with the median price being $1,256,500.
- The Central Coast had a year-over-year price gain of 3.7 percent, with the median price being $920,000.
- Southern California had a year-over-year price gain of 3.8 percent, with the median price being $783,380.
- The Central Valley had a year-over-year price gain of 1.3 percent, with the median price being $456,000.
- The Far North had the highest year-over-year gain of 2.7 percent, with the median price being $380,000.
According to the California Association of Realtors, the 2022 housing market will be down slightly because of the supply constraints and higher home prices. They still predict that transactions will post their second-highest level in the past five years. The California median home price is forecast to rise 5.2% to $834,400 in 2022.
The California housing market sizzled and broke all records last year, and according to Zillow, California’s housing market remained the most valuable in the country as of last December. Now is still the time to invest in one of the most consistent wealth-building assets over the long haul.
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