The median house price of residential real estate in California has increased notably since 2012. After a brief correction in property prices in 2022, the median price reached 756,200 U.S. dollars in December 2023.

Graph and download economic data for All-Transactions House Price Index for Sacramento-Roseville-Folsom, CA (MSA) (ATNHPIUS40900Q) from Q2 1976 to Q4 2024 about Sacramento, appraisers, CA, HPI, housing, price index, indexes, price, and USA.

The S&P Case Shiller Los Angeles Home Price Index measures changes in the prices of existing single-family homes in Los Angeles. The index value was equal to 100 as of January 2000, so if the index value is equal to 130 in a given month, for example, it means that the house prices have increased by 30 percent since 2000. The value of the S&P Case Shiller Los Angeles Home Price Index amounted to approximately 441.57 in August 2024. That was significantly higher than the national average.

In October 2024, the median sales price of an existing single-family home in Del Norte, California saw an increase of nearly 30 percent, compared to the 5.8 percent increase in the state. 20 counties saw prices fall during this period. In Trinity, the median sales price of single-family homes decreased by approximately 36 percent.

Graph and download economic data for Housing Inventory: Median Listing Price in Los Angeles County, CA (MEDLISPRI6037) from Jul 2016 to Dec 2024 about Los Angeles County, CA; Los Angeles; CA; listing; median; price; and USA.

Graph and download economic data for Housing Inventory: Median Listing Price in Los Angeles-Long Beach-Anaheim, CA (CBSA) (MEDLISPRI31080) from Jul 2016 to Feb 2025 about Los Angeles, CA, listing, median, price, and USA.

In October 2024, the median square footage sales price of a single-family home in the San Francisco Bay Area was approximately 752 U.S. dollars. Condos, on the other hand, sold for 686 U.S. dollars per square foot. The Far North was the most affordable region with sales price of 250 and 203 U.S. dollars for single family homes and condos, respectively.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in San Jose-Sunnyvale-Santa Clara, CA (CBSA) (MEDLISPRIPERSQUFEE41940) from Jul 2016 to Feb 2025 about San Jose, square feet, CA, listing, median, price, and USA.

The U.S. housing market continues to evolve, with the median home price forecast to reach 426,000 U.S. dollars by the second quarter of 2026. This projection comes after a period of significant growth and recent fluctuations, reflecting the complex interplay of economic factors affecting the real estate sector. The rising costs have not only impacted home prices, but also down payments, with the median down payment more than doubling since 2012. Regional variations in housing costs Home prices and down payments vary dramatically across the United States. While the national median down payment stood at approximately 26,700 U.S. dollars in early 2024, homebuyers in states like California, Massachusetts, and Hawaii faced down payments exceeding 74,000 U.S. dollars. This disparity highlights the challenges of homeownership in high-cost markets and underscores the importance of location in determining housing affordability. Market dynamics and future outlook The housing market has shown signs of cooling after years of rapid growth, with more modest price increases of 4.8 percent in 2022 and 6.5 percent in 2023. This slowdown can be attributed in part to rising mortgage rates, which have tempered demand. Despite these challenges, most states continued to see year-over-year price growth in the fourth quarter of 2023, with Rhode Island and Vermont leading the pack at over 13 percent appreciation. As the market adjusts to new economic realities, potential homebuyers and investors alike will be watching closely for signs of stabilization or renewed growth in the coming years.

The average price per square foot of floor space in new single-family housing in the United States decreased after the great financial crisis, followed by several years of stagnation. Since 2012, the price has continuously risen, hitting 168 U.S. dollars per square foot in 2022. In 2024, the average sales price of a new home exceeded 500,000 U.S. dollars. Development of house sales in the U.S. One of the reasons for rising property prices is the gradual growth of house sales between 2011 and 2020. This period was marked by the gradual recovery following the subprime mortgage crisis and a growing housing sentiment. Another significant factor for the housing demand was the growing number of new household formations each year. Despite this trend, housing transactions plummeted in 2021, amid soaring prices and borrowing costs. In 2021, the average construction cost for single-family housing rose by nearly 12 percent year-on-year, and in 2022, the increase was even higher, at close to 17 percent. Financing a house purchase Mortgage interest rates in the U.S. rose dramatically in 2022 and remained elevated until 2024. In 2020, a homebuyer could lock in a 30-year fixed interest rate of under three percent, whereas in 2024, the average rate for the same mortgage type was more than twice higher. That has led to a decline in homebuyer sentiment, and an increasing share of the population pessimistic about buying a home in the current market.

Median Home Sale Price: All Residential: Bangor, ME data was reported at 164.000 USD th in Jul 2020. This records a decrease from the previous number of 181.000 USD th for Jun 2020. Median Home Sale Price: All Residential: Bangor, ME data is updated monthly, averaging 140.000 USD th from May 2015 (Median) to Jul 2020, with 63 observations. The data reached an all-time high of 181.000 USD th in Jun 2020 and a record low of 106.000 USD th in Feb 2017. Median Home Sale Price: All Residential: Bangor, ME data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB056: Median Home Sale Price: by Metropolitan Areas.

Graph and download economic data for Home Price Index (High Tier) for San Francisco, California (SFXRHTNSA) from Jan 1987 to Jan 2025 about high tier, San Francisco, HPI, housing, price index, indexes, price, and USA.

New housing price index (NHPI). Monthly data are available from January 1981. The table presents data for the most recent reference period and the last four periods. The base period for the index is (201612=100).

Graph and download economic data for Housing Inventory: Median Listing Price in Napa County, CA (MEDLISPRI6055) from Jul 2016 to Dec 2024 about Napa County, CA; Napa; CA; listing; median; price; and USA.

The number of U.S. home sales in the United States declined in 2023, after soaring in 2021. A total of four million transactions of existing homes, including single-family, condo, and co-ops, were completed in 2023, down from 6.12 million in 2021. According to the forecast, the housing market is forecast to head for recovery in 2025, despite transaction volumes are expected to remain below the long-term average. Why have home sales declined? The housing boom during the coronavirus pandemic has demonstrated that being a homeowner is still an integral part of the American dream. Nevertheless, sentiment declined in the second half of 2022 and Americans across all generations agreed that the time was not right to buy a home. A combination of factors has led to house prices rocketing and making homeownership unaffordable for the average buyer. A survey among owners and renters found that the high home prices and unfavorable economic conditions were the two main barriers to making a home purchase. People who would like to purchase their own home need to save up a deposit, have a good credit score, and a steady and sufficient income to be approved for a mortgage. In 2022, mortgage rates experienced the most aggressive increase in history, making the total cost of homeownership substantially higher. Only 15 percent of U.S. renters could afford to become homeowners and in metros with highly competitive housing markets such as Los Angeles, CA, and Urban Honolulu, HI, this share was below five percent. Are U.S. home prices expected to fall? The median sales price of existing homes stood at 387,000 U.S. dollars in 2023 and was forecast to increase slightly until 2025. The development of the S&P/Case Shiller U.S. National Home Price Index shows that home prices experienced seven consecutive months of decline between June 2022 and January 2023, but this trend reversed in the following months. Despite mild fluctuations throughout the year, home prices in many metros are forecast to continue to grow, albeit at a much slower rate.

Graph and download economic data for Housing Inventory: Median Listing Price in Contra Costa County, CA (MEDLISPRI6013) from Jul 2016 to Dec 2024 about Contra Costa County, CA; San Francisco; CA; listing; median; price; and USA.

Graph and download economic data for Home Price Index (High Tier) for Los Angeles, California (LXXRHTSA) from Jan 1987 to Jan 2025 about high tier, Los Angeles, HPI, housing, price index, indexes, price, and USA.

Graph and download economic data for All-Transactions House Price Index for San Jose-Sunnyvale-Santa Clara, CA (MSA) from Q3 1975 to Q4 2024 about San Jose, appraisers, CA, HPI, housing, price index, indexes, price, and USA.

The number of homes sold in California declined for the second year in a row in 2023, reaching roughly 260,000. The most homes were sold in 2021, amounting to over 442,000 transactions. Despite the slowdown of the market, the median home price in California peaked in 2023.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Los Angeles-Long Beach-Anaheim, CA (CBSA) (MEDLISPRIPERSQUFEE31080) from Jul 2016 to Feb 2025 about Los Angeles, square feet, CA, listing, median, price, and USA.