California's median home price hits record
high at $900,000, realtors association says
Scripps News,
by
Staff
Original Article
Posted By: OhioNick,
5/22/2024 11:16:34 PM
The average price to buy a home in California has reached a new historic high with the median price for a dwelling in the state hitting $900,000, the California Association of Realtors said in a recent report.
The new record of $904,210 was recorded amid a spike in home sales for April. [SNIP] California Association of Realtors President Melanie Barker said the rebound "in both home sales and price shows the resilience of California’s housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment."
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Reply 1 - Posted by:
Catherine 5/22/2024 11:21:43 PM (No. 1723114)
Guess Newsom needs to raise the minimum wage to $1000/hr.
13 people like this.
Headline says, "median"; first sentence says, "average" and "median". Which is it? Regardless, 20% down would mean total mortgage payments of probably $7K a month for the next 30 years - and that's assuming you can get homeowner's insurance (not a sure thing in fire-prone CA).
9 people like this.
Reply 3 - Posted by:
Strike3 5/23/2024 2:00:34 AM (No. 1723140)
I believe that it is speculators and not new home owners that are buying the homes and driving up the prices because fleeing residents will run you over with their U-Haul if you attempt to enter the state. Just more lies from a failed and broke communist government.
14 people like this.
Reply 4 - Posted by:
Rumblehog 5/23/2024 3:23:29 AM (No. 1723159)
Who will be able to afford such prices? New trucks are upwards of $100k and then there the CA taxes and insurance costs. If a Real Estate implosion starts on the Left Coast we're going into a deep recession.
8 people like this.
Reply 5 - Posted by:
DiegoDude 5/23/2024 6:09:07 AM (No. 1723197)
Grew up in San Diego, left in 1974 when I joined the military. Almost went back in 1995, but didn't. In retrospect, best decision I ever made.
11 people like this.
Reply 6 - Posted by:
planetgeo 5/23/2024 8:24:34 AM (No. 1723277)
Oh, and don't forget the property tax on that humble median home...about $14,000 - $16,000 a year, depending on the city/county/special districts where you live. Yes. Democrat Paradise.
7 people like this.
Reply 7 - Posted by:
chumley 5/23/2024 8:34:22 AM (No. 1723282)
900,000? I paid 115 for my better than average house on two acres here in WV 16 years ago. They say it is worth a lot more now but I dont see why. For 900,000 I could own an estate with a moat and staff. I dont care how many bikini hotties California has, no house without its own airport is worth that.
7 people like this.
Reply 8 - Posted by:
Californian 5/23/2024 8:46:35 AM (No. 1723287)
7, I recently fled California.
Don't worry about missing out on the bikini hotties. You'll mostly find green hair fat mannish lesbians in the north and plastic surgery coke heads in the south. None of it is real.
8 people like this.
Reply 9 - Posted by:
red1066 5/23/2024 9:30:39 AM (No. 1723305)
Our son was asked by his employer to think about taking a job in California. It would have been a promotion for him, and he was seriously thinking about taking it. My wife and I talked him out of it not just because he would be three thousand miles away, but because of the enormous cost. Even with the large increase in salary he would receive, we explained to him that he would not be better off financially and might actually end up with less money than what he was making now with cost of living, taxes, and everything else. Similar positions were available in other parts of the country where the cost of living isn't outrageous.
6 people like this.
Reply 10 - Posted by:
LC Chihuahua 5/23/2024 9:48:55 AM (No. 1723315)
More evidence the dollar has been de-valued. Invest in Tiny Homes! They are only 500k in the People's Republic of California.
3 people like this.
Reply 11 - Posted by:
granny5 5/23/2024 9:55:36 AM (No. 1723323)
A friend of a friend in Southern California just listed their 848 sq. ft. home for sale for $760,000.00 Who can afford to pay over $5,000 a month for a home that's smaller than most apartments? Where my daughter lives, a home just under 1,300 sq. ft. will cost you around $950,000.00.
4 people like this.
Reply 12 - Posted by:
Safari Man 5/23/2024 9:55:42 AM (No. 1723324)
Bubble, bubble toil and Trouble (trouble with a capital T).
2 people like this.
Reply 13 - Posted by:
DVC 5/23/2024 11:50:12 AM (No. 1723406)
Right, #2. Many people are blissfully ignorant that "median" and "mean" are two entirely different things, and use the terms interchangeably in their total ignorance of statistics.
The median is the point in a data distribution where half the samples are higher than the median and half the samples are lower than the median. In a distribution which has a symmetrical form, like the often used Bell Curve, which is actually called a "normal distribution", the median and the mean coincide.
But, LOTS of groups of data samples are NOT symmetrical. My bet is that the price of all the homes in California are very much not a symmetrical distribution. It seems likely that there are many more homes on the lower end of the scale. This would give a distribution which has a high bulge on the left and then tapers down a long slow ramp to the highest priced homes. So in this case, the median would be well to the left of the mean.
Example: If we have 12 numbers, 1, 2, 3, 3, 2, 4, 2, 3, 7, 9. The sum of these numbers is
0 people like this.
Reply 14 - Posted by:
DVC 5/23/2024 12:07:23 PM (No. 1723418)
darn it....hit submit in error.
OK, the sum of the numbers is 36, so to get the mean we divide by 10, getting a mean of 3.6.
In this case, the median value is 3, only a little different from the mean.
In this example it should be clear by inspection that there are a more low numbers than high numbers.
If there was only a single change in the 'data', making the 7 into a 32, the mean would increase to 6.1, brought up a lot by one very high value. Yet the median would still be 3. Now, the mean is far above the median. A few unusually high values will skew an average a lot, but not so much a median.
Whether you want to use "mean" or "median" should be based on actually understanding what the definitions are, and most people don't know the difference and think they are the same.
4 people like this.
Reply 15 - Posted by:
MickTurn 5/23/2024 12:56:12 PM (No. 1723461)
IF you Californication lovers were smart, you'd SELL and GTFO...Get the Frick OUT!
3 people like this.
Reply 16 - Posted by:
Geoman 5/23/2024 1:15:15 PM (No. 1723476)
Re: #13, #14 - As an old LEO Operations Research guy, I applaud your primer. Looking at your example, I thought you were going to introduce the "mode" but I guess that can be saved for another time, perhaps along with the "Standard Deviation." Back in the early '80s, I would have appreciated you being my multivariate analysis professor, to ease understanding of IVs, DV, Little r and Big R.
2 people like this.
Reply 17 - Posted by:
Jesuslover54 5/23/2024 1:34:30 PM (No. 1723493)
Chicoms still exhibiting wealth flight by buying California real estate.
2 people like this.
Reply 18 - Posted by:
TXknitter 5/23/2024 3:04:15 PM (No. 1723519)
Thanks #13. I did not understand the difference between the two words. Your clear explanation very much appreciated.
1 person likes this.
Reply 19 - Posted by:
snowoutlaw 5/23/2024 3:15:55 PM (No. 1723522)
#3 I own/live in one of the average CA homes in San Diego area, not a day goes by that I don't get a letter from a speculator wanted to pay cash, sight unseen. Property taxes are under 2K/year thanks to Prop 13.
1 person likes this.
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