The home value trends in Orange County through July 2024 were as follows :
• Median listing home price : $ 1.3 million
• Median listing home price per square foot : $ 704 / sq . ft .
• Median sold home price : $ 1.7 million
2 . San Diego , California : In May 2024 , home prices in San Diego County surpassed $ 1 million for the first time ever , as per both the San Diego Union Tribune and CoreLogic . The total overall price increase of more than 9 % yearoveryear was the largest spike of any of the Top 10 metropolitan regions in the nation .
With most coastal regions in Southern California now averaging well over $ 1 million dollars for home prices , a larger number of home buyers are looking at inland regions such as those found in Riverside and San Bernardino counties where some homes can be found at prices closer to the much lower national average .
Low Home Sales Volume
In May 2024 , there were 4.11 million home sales , according to the National Association of Realtors . During this same time , there were 3.7 months of available home listing inventory , a median sales price gain of + 5.8 % yearoveryear , and the inventory percentage increase was just up + 0.6 %.
The May 2024 home sales numbers for the nation dropped to one of the three lowest home sales months over the past decade . The slowest homeselling month was back in May 2020 during the pandemic lockdowns and back in October 2023 when mortgage rates were reaching peak highs .
I can ’ t think of any other time in U . S . history when near record low sales volume happened as home values reached alltime record highs . Generally , lower sales volume tends to lead to falling home prices .
California ’ s Top 5 Global Economy
By 2018 , California had surpassed the United Kingdom as the 5th largest economy in the world , as measured by Gross Domestic Product , if it were listed as a separate nation .
Listed below are the Top 8 largest world economies as of the end of 2023 :
1 . United States : $ 27 trillion ( including
California ) 2 . China : $ 17.7 trillion 3 . Germany : $ 4.4 trillion 4 . Japan : $ 4.2 trillion 5 . California $ 3.86 trillion 6 . India : $ 3.7 trillion 7 . United Kingdom : $ 3.3 trillion 8 . France : $ 3.1 trillion Source : International Monetary Fund
Now , let ’ s take a closer look at the Top 5 states for largest output in the nation as of 2023 :
1 . California : $ 3.86 trillion 2 . Texas : $ 2.6 trillion 3 . New York : $ 2.2 trillion 4 . Florida : $ 1.6 trillion 5 . Illinois : $ 1.1 trillion
California ’ s Finite Land Supply
As I ’ ve shared before in my 2021 article entitled California ’ s Gold Rush for Valuable Land , there ’ s a relatively small percentage of available buildable land in the state of California . Values for real estate or other types of consumer goods and services are generally determined by supply and demand . When the demand far exceeds the available supply of an asset or other type of consumer product , the values tend to rise much higher as we ’ ve seen with California real estate prices .
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 .
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