The disparity between the growth trajectory of high-income housing submarkets in California and a decline in overall home sales in the Golden State continues to widen.
According to the most recent monthly Sales and Price report from the California Association of Realtors, California's median home price set another record in April at $884,890, 4.2% higher than the $849K recorded in March and 8.7% higher than the April 2021 level of $814K, which was a record at the time.
The share of sales for million-dollar homes increased in California for the third consecutive month, hitting a record of nearly 35%. Home sales in high-income submarkets in CA continue to be brisk, and tight supply is seeing wealthy buyers bid up prices: nearly 73% of homes sold in April fetched sale prices above the asking price, CAR says.
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