CA Home Prices Spike; 27% Of CA Residents Can Afford To Buy A Home In The State

The median price of an existing, single-family home in Riverside County is now $545,500, as of April 2021.


That’s 10-thousand dollars more than it was in March of 2021.


If you cannot afford that price, don’t bother looking anywhere else in California, where the median price of a home statewide is nearly 814-thousand dollars.

Buses are available to get you to Detroit, where you can buy a home for the price of a new electric car in California.


But all is not rosy in the Golden State, according to the Vice President of the California Association of Realtors, Jordan Levine who says “not only do skyrocketing home prices threaten already-low homeownership levels and make it harder for those who don’t already have a home to purchase one, it also brings to question the sustainability of this market cycle.”


For the Southern California region as a whole, April’s median home price was $750,000, a 6.4% increase from the March 2021 figure of  $705,000.


As always though, the biggest increase was seen in the San Francisco Bay area, which saw its median home price jump from $1.225 million in March 2021 to $1.328 million in April 2021.


As a result of the spike in home prices, statewide housing affordability in California, has reached its lowest level since mid-2018. Only 27% of Californians can afford to purchase a median-priced, existing single-family home in April 2021.


In April of 2020, that figure was 35%.


Sale representative turns over keys to a home buyer.

Photo form Alpha Media USA Portland OR