Not all California residents live in a million-dollar home but a growing number live near one. According to information from the U.S. Census Bureau analyzed by Overflow Data, 13.6 percent of owner-occupied homes in the state are valued at more than $1 million.
The seven-figure price tags are not deterring buyers. CoreLogic previously reported that the number of California homes that sold for more than a million dollars continues to increase. The all-time high was reached as recently as 2016 when over 15,000 properties sold for $1 million-plus. Nearly a third of homes that sell near this price are purchased with cash.
Among the areas with the highest number of million-dollar-plus home sales are San Diego's Carmel Valley and La Jolla. Meanwhile, those needing to finance their home purchase will find conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates are near 3.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.