California's record median home price creeps closer to ...

A contributing factor to the record-setting home prices the state is seeing is a “change in the mix of sales.” In recent months, California experienced stronger sales in high-priced markets than “their more affordable counterparts,” CAR wrote in a news release last week. “California’s housing market is moderating from the 12-year-high levels experienced in 2021, as higher mortgage interest rates and soaring home prices are starting to have an adverse impact on housing demand,” CAR Vice President and Chief Economist Jordan Levine said in a statement. “While we will likely see more listings come on to the market as we move further into the home-buying season, the housing shortage issue will likely persist throughout the rest of the year in major metropolitan areas, such as the Bay Area and the Southern California region.”

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