SLO County’s median home price tops $900,000 as California continues to set records
The median sale price for a single-family home in California broke yet another record in May, and in San Luis Obispo County, that number now exceeds $900,000, placing the prospect of homeownership out of reach for more residents of the Golden State.
California Department of Finance data show the median price of a single-family home in May was $898,980 statewide, up a significant 1.6% over the previous month and an increase of nearly 10% over the same time last year.
April numbers showed California’s median home value was $100,000 more than that of the second most expensive state: Hawaii. Other western states also had far lower housing prices.
Meanwhile, data from the California Regional Multiple Listing Service showed the median price of a home in San Luis Obispo County stood at $907,500 in June, less than $10,000 above to the statewide median.
The median home price for the city of San Luis Obispo, however, was even more expensive at $1,125,00, outpacing the statewide figure by more than $225,000.
With mortgage rates spiking, the required annual income to afford a median-priced home in California is around $180,000 — more than twice the state’s median household income.
New data from real estate website Redfin also show California has by far the most expensive housing costs in the nation.
Redfin also reported earlier this month that the two markets with the most residents exploring a relocation were San Francisco and Los Angeles.
“Expensive coastal job centers perennially top the list of metros homebuyers are leaving,” the company wrote.
While the top destinations for residents looking to leave those regions were in California — Sacramento for San Francisco and San Diego for Los Angeles — the pricey coastal metros are also bleeding residents to Seattle and Las Vegas, according to Redfin.
