Home prices have soared to unprecedented levels, according to the latest report. The median statewide price has surged to an astonishing $904,210, marking a significant 11.4% rise since April 2023 and a 5.8% increase from just last March. This marks the 10th consecutive month of annual price hikes in California, a trend that appears poised to continue unabated in the near term.

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Several factors are cited by experts as driving this sustained growth. Chief among them is the persistent issue of tight inventory. The ongoing scarcity of homes for sale relative to robust demand has continued to exert upward pressure on prices. Furthermore, California’s robust job market and overall economic stability are further stimulating buyer interest, particularly among higher-income individuals who are less susceptible to the impact of rising interest rates.

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