Median home price reaches $800,000 in California

The median price of a single-family home in California reached $800,000 in April, the first time the state’s housing market has reached that height.

Strong demand, and a shortage of homes for sale, caused the market to hit that mark, according to data released this week by the California Association of Realtors.

Sales of existing single-family homes statewide were 458,170 in April, up 2.6 percent from March and 65.1 percent from April 2020.

That figure is seasonally adjusted, meaning it represents what would be the number of homes sold during 2021 if sales maintained their April pace for the rest of the year. It also takes into account seasonal factors that influence sales.

April’s statewide median home price was $813,980, up 7.2 percent month-over-month and 34.2 percent from April 2020.

The Inland Empire recorded a $500,000 median home price last month, up slightly from March but up 28.2 percent from one year earlier, according to the Los Angeles-based association.