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# California’s Median Home Price Crosses $900,000 Threshold
May 23 2024
Written by Jonathan Lansner.
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COST OF HOUSING - “How expensive?” tracks measurements of California’s totally unaffordable housing market.
The pain: The typical California house for sale now costs more than $900,000.
The source: My trusty spreadsheet looked at the [California Association of Realtors report](https://www.car.org/aboutus/mediacenter/newsreleases/2024-News-Releases/april2024sales), which says the statewide median price for an existing single-family house reached $904,210 in April. It was a first for the median, which gained 5.8% in a month and 11% in a year.
**The pinch**
It was only March 2022 when the median crossed the $800,000 for the first time.
There’s a steep price to California’s record pricing – a broad lack of affordability. The association reported the number of California homebuyers in April was below 300,000 for the 19th consecutive month. Homebuying in the state has averaged 402,000 sales a month since 1990.
Note that a house hunter seeking a [California house hunter needed a $208,000 household income](https://www.ocregister.com/2024/05/16/southern-californians-need-to-make-200800-to-buy-a-home/) to qualify to buy the median-priced residence of $814,000 in 2024’s first quarter, a previous study by the association said.
###### California median home price by CAR (Chart by Flourish)
**Pressure points**
Let’s take a stroll down memory lane, looking at $100,000 thresholds since this price yardstick first crossed the $200,000 mark in March 1991, at the end of that era’s housing bubble.
By the way, that month’s 9.5% average 30-year mortgage rate, with a 20% down payment, created a payment of $1,345 a month for a buyer spending the threshold price.
$300,000 first crossed in March 2002: Yes, it took 11 years for the next landmark price to fall, as the 1990s were not kind to California’s economy or its housing market. Home sales averaged 377,000 a month in this period. The month’s 7% rate created a monthly payment of $1,598 at this threshold – up 19% from what a buyer theoretically paid when $200,000 was first topped.
$400,000 in August 2003: The early 2000s economic boom translated to a $100,000 climb in a record-fast 17 months. History tells us the upswing was a hint of trouble ahead. Home sales soared to 514,000 monthly. The month’s 6.3% rate created a monthly payment of $1,972 – up 23% from the previous threshold.
$500,000 in April 2005: In 20 months, another benchmark was topped. This was the peak of the easy-money days, creating a massive bubble that burst into the Great Recession. Home sales got even hotter to 572,000 a month. The month’s 5.9% rate created a monthly payment of $2,362 – up 20% from the previous threshold.
$600,000 in May 2018: The ensuing housing debacle meant it took 13 years for the next $100,000 barrier to be crossed. Sales cooled to 415,000 in this tumultuous period. The month’s 4.6% rate created a monthly payment of $2,458 – up 4% from the previous threshold.
$700,000 in August 2020: The pandemic’s push for more living space created momentum for the next barrier to fall in 27 months. Sales dipped to 387,000 amid coronavirus economic challenges. The month’s 2.9% rate created a monthly payment of $2,343 – a drop of 5% from the previous threshold.
$800,000 in March 2022: Historically cheap mortgage rates helped to inflate prices passed this $100,000 barrier in only 19 months. The buying pace quickened, too, to 454,000 a month. The month’s 4.2% rate created a monthly payment of $3,119 – up 33% from the previous threshold.
$900,000 in April 2024: The limited number of qualified house hunters have battled over a thin inventory of homes listed for sale as rates hit highs not seen in 20-plus years. As a result, sales have averaged a meek 280,000 a month in this 25-month period. The month’s 7% rate created a monthly payment of $4,785 – up 53% from the previous threshold.
**Quotable**
Sadly, this was the Realtors’ headline on the April report: “Spring homebuying season kicks off with encouraging start.”
Note sure many house hunters would agree.
*(Jonathan Lansner is the business columnist for the Southern California News Group. This article was first published in the Daily News. He can be reached at .)*
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