The California real estate market has hit a new high with average home prices reaching $908,040. Key factors include limited inventory, high demand, low mortgage rates, and economic conditions post-COVID-19.
In May, the housing market saw a record surge in home prices, causing sales to stall. High mortgage rates, limited inventory, and economic uncertainty are major factors contributing to this trend.
The U.S. housing market faces falling sales for the third straight month due to rising mortgage rates and high home prices. This has made it challenging for potential buyers to afford homes, escalating the market's issues.
