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Calif. home prices reach new peak

Posted by Mehran Aram on Sat, Jun 22, 2019 @ 07:06 AM

The median home price in California reached another peak in May according to the California Association of Realtors. This marks the second consecutive month in which home prices in the Golden State reached a new high. Prices reached a new-all time high in May - beating the record the prior month – as the median home price climbed to $611,190. This is up 1.4 percent from April’s $602,920 and 1.7 percent higher than the $600,860 median in May 2018.

In San Diego, the median sold price of existing single-family homes was $650,000, up on both a monthly and yearly basis.

Home sales in May also improved over April as the summer home buying season kicked into high gear. But the affordability crunch brought on by the record-high home prices were reflected in year-over-year sales which were down 0.6 percent from May 2018.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

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Topics: home sales, California, California Association of Realtors, Single Family Home, Mortgage rates, California Housing Market, San Diego Housing Market, Existing Homes, San Diego Home Prices, California Home Prices, California Median Home Price, Golden State