Four consecutive months of statewide home-price records may be at an end as the California housing market shows signs of cooling.
The median house price for 2021 still will be up nearly 21% and sales will show an 8% jump over 2020 levels, thanks to the first half’s white-hot home-buying frenzy, California Association of Realtors economists said Wednesday, July 28.
By year’s end, the 2021 median price of an existing single-family home is forecast to be $795,600, up 20.7% from the 2020 median. That’s a gain of $136,000 from last year – and a gain of almost $300,000 over the past five years, surpassing the pre-crash price run-up to 2007.
The median is the midpoint of all sales, with half the homes selling for more and half selling for less.
This year’s house sales are forecast to reach 444,500 transactions, up 7.9% to the highest tally in 12 years.
So, despite some softening in sales in the second half of the year,…