The median price of a single-family home rose to $827,940 in August, the fifth record high in the last six months, according to the California Department of Finance.
The record-breaking amount comes after housing prices experienced a slight dip, to $811,170, in July.
The August record marks a 2.1% increase from July and is up 17.1% from August of 2020, according to the state Department of Finance.
Sales of single-family homes totaled 414,860 in August, down 13.3% from July and nearly 11% from August of 2020. This marks the second consecutive year-over-year decline of sales volume and the seventh month-over-month decline in the last eight months, according to the Department of Finance.
Sacramento-area prices also marked a slight increase in August, rising to $515,000, a 0.2% change from July but a 21.2% change from August 2020, according to data from the California Association of Realtors.
The news comes just a week after Gov. Gavin Newsom signed a package of affordable housing bills into law.
The bills include SB 8, which extends an existing law maintaining limitations on local governments’ ability to “downzone” neighborhoods without planning to increase density in other neighborhoods.
Another, SB 9, lets property owners build a duplex on a single-family lot or divide the property into a total of four units.
SB 10 empowers cities and counties to pass ordinances allowing streamlined construction of up to 10 units on a single parcel.
This story was originally published September 21, 2021 12:31 PM.
