Want to buy a house in California? Here’s which counties have the lowest and highest prices
If you’re looking to buy a house in California, be prepared to cough up some cash.
According to the California Association of Realtors’ February home sales and price report, the median sold price of an existing single family home in California averaged $806,490 — which was an increase of about 2% compared to January.
Since February 2023, the statewide median home price has risen almost 10%.
“Despite a recent uptick in mortgage rates, California’s housing market continued to demonstrate resilience in February, reaching sales levels not seen since September 2022,” the association said in the report.
Overall, year-to-date home sales in California were up by 3.4% last month.
“Consumers have been feeling more positive about buying and selling since the beginning of the year, as increases in sales activity and home prices are reflected in the latest improvement in optimism,” Jordan Levine, the association’s Vice President, said in the report.
However, Levine said slightly higher mortgage rates this month could “result in more moderate sales.”
As of Monday, the average interest rate for a 30-year fixed mortgage in California is at 6.43%, according to Zillow.
Where can you find the cheapest home prices in California?
According to the association’s February home sales and price report, these 10 counties had cheaper prices than the state median:
1. Lassen County
Median sold price of existing single family homes: $263,000
Region: Northern California
2. Trinity County
Median sold price of existing single family homes: $280,000
Region: Northern California
3. Del Norte County
Median sold price of existing single family homes: $295,000
Region: Northern California
4. Lake County
Median sold price of existing single family homes: $315,000
Region: Northern California
5. Kings County
Median sold price of existing single family homes: $339,950
Region: Central Valley
6. Siskiyou County
Median sold price of existing single family homes: $340,000
Region: Northern California
7. Tehama County
Median sold price of existing single family homes: $349,000
Region: Northern California
8. Imperial County
Median sold price of existing single family homes: $355,000
Region: Southern California
9. Tulare County
Median sold price of existing single family homes: $359,990
Region: Central Valley
10. Glenn County
Median sold price of existing single family homes: $360,000
Region: Central Valley
Where are the most expensive home prices in California?
The Bay Area remains the most expensive region to buy a house with a median of more than $1.3 million for a single-family home.
According to last month’s home sales and price report, these five counties had the most expensive prices:
San Mateo County - $1,922,500
Santa Clara County - $1,808,890
Marin County - $1,610,000
San Francisco County - $1,590,000
Orange County - $1,350,000
How much money do I need to buy a house in California?
If you want to comfortably afford a home in the United States, you’ll need to earn an annual income of over $106,000, according to a recent report from Zillow.
For the median sold price of an existing single-family home of $806,490, a 20% down payment would be$161,298 in California.
Monthly payments on a 30-year fixed loan for this price with about a 6.5% interest rate would be around $5,065, including insurance and taxes, according to Zillow’s mortgage calculator.
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