Average Home Price In California Hits $600K

Fox 40

The median home price in California reached a new peak last month, exceeding $600,000 for the first time ever, a new report from the California Association of Realtors finds.

Statewide, the median home price was $600,860 in May, topping the previous high of $594,530 notched 11 years ago during the pre-Great Recession real estate bubble, according to the data released Tuesday.

The increase was largely driven by high costs in the Bay Area, where the median price sat above $1 million for the second month straight. In San Francisco, buyers paid an average of 18 percent over the asking price.

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