The average cost of a single-family home in California is a record $827,000.
The statewide median price in August is the fifth record-high in the past six months, according to the Department of Finance. It's up two percent from July and 17 percent from a year ago. On the other hand, sales for existing single-family homes declined by 13% in August compared to July. The latest number is a 1% drop in median price from June, according to a Monday report from the state’s Department of Finance, still 21.7% higher than in July 2020.
Sacramento-area prices are similarly dropping for the first time in more than a year. In Sacramento County, the median price dropped $10,000 from June to $510,000 in July, according to the Sacramento Association of Realtors.