The California Gold Rush Boom By Rick Tobin
The California statewide median home price reached an alltime record high of $ 908,040 in May , which was more than $ 500,000 higher than the national average price of $ 407,600 . Through June 2024 , the median home price average remained above $ 900,000 for three consecutive months in California .
By the end of the 1st quarter of 2024 , California homeowners saw the largest yearoveryear equity gain in the nation at $ 64,000 . Los Angeles metropolitan region homeowners had even larger gains while netting closer to $ 72,000 , according to the CoreLogic Homeowner Equity Insights report .
The CoreLogic analysis showed that homeowners across the nation with mortgages ( approximately 62 % of all properties ) had total equity gains of roughly $ 1.5 trillion dollars between the first quarter of 2023 and 2024 , an annualized percentage gain of + 9.6 %. Massachusetts had the # 2 overall state equity gain at $ 61,000 and New Jersey was ranked # 3 at $ 59,000 .
By comparison , the median national home price hovered between about $ 430,000 and $ 445,000 through May and June 2024 , according to multiple sources such as Realtor . com . The typical home listing nationwide took 45 days on average to sell , which is still well below the historical average time to sell listed properties .
These massive equity gains each year for most states have dropped the average loantovalue ( LTV ) for mortgaged homes nationwide to a record low 48.3 % LTV . While other types of consumer debt are currently near alltime record highs for credit cards , student loans , and automobile loans , many American homeowners have never been wealthier .
No matter how fast national home prices are increasing each year , California home prices continue to remain at least twice as high as the national average .
Two Top California Home Regions
There are several booming housing regions across California . Yet , two of the best overall housing markets remain here in Southern California : Orange County and San Diego County .
1 . Orange County , California : Through June 2024 , Orange County topped a ranking of homeprice gains for 30 U . S . cities for the fourth consecutive month , according to data released by First American Title . Orange County price gains grew by + 10.2 % in 12 months . By comparison , the # 2 and # 3 national home price gain leaders were in Miami (+ 8.9 %) and Pittsburgh (+ 6.5 %).
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