Home interest rates dropped in California, experts say. Where are cheapest places to buy?
Home interest rates in California have dropped, according to the California Association of Realtors.
“California’s housing market kicked off the second half of the year with a moderate increase in home sales in July as interest rates continued their downward trend,” the association’s President Melanie Barker said in a recent news release.
Though the housing market is entering its off-season, Barker said there is a possibility for the market to “remain vibrant in the coming months” if home availability increases and mortgage rates continue to decline in the coming months.
As of Monday, the average 30-year fixed mortgage rate was 5.75%, according to Zillow.
If you’re looking to buy a home, here’s where you can find affordable housing options in California:
How much do homes cost in California?
Statewide, the median home price “slipped in July for the second month in a row, after setting a record high in May,” the association said in its July home sales and price report.
The median price for an existing single-family home in the state dropped to $886,560, according to the report.
This is a 1.6% decrease from June, the association said.
Despite this drop, the statewide median home price remains 6.5% higher than the cost for an existing single-family home reported in July 2023: $832,530,
Where are the cheapest house prices in California?
California’s cheapest home prices can largely be found in Northern California and the Central Valley.
According to the report, these 11 California counties had home prices below the state median of $886,560 in July:
1. Lassen County
- Median sold price of existing single-family homes: $265,000
- Region: Northern California
2. Tehama County
- Median sold price of existing single-family homes: $290,000
- Region: Northern California
3. Trinity County
- Median sold price of existing single-family homes: $297,500
- Region: Northern California
4. Siskiyou County
- Median sold price of existing single-family homes: $326,770
- Region: Northern California
5. Glenn County
- Median sold price of existing single-family homes: $330,500
- Region: Central Valley
6. Lake County
- Median sold price of existing single-family homes: $350,000
- Region: Northern California
7. Kings County
- Median sold price of existing single-family homes: $369,000
- Region: Central Valley
8. Tulare County
- Median sold price of existing single-family homes: $380,000
- Region: Central Valley
9. Tuolumne County
- Median sold price of existing single-family homes: $385,000
- Region: Sierra Nevada
Imperial County
- Median sold price of existing single-family homes: $385,000
- Region: Southern California
10. Shasta County
- Median sold price of existing single-family homes: $394,450
- Region: Northern California
Where are the most expensive homes in California?
These five California counties had the most expensive median home sales prices in July:
- San Mateo County — $2,100,000
- Santa Clara County — $1,880,000
- San Francisco County — $1,600,000
- Marin County — $1,594,000
- Orange County — $1,390,000
How much do homes cost in my area?
Find the full list of home prices by California county on the association’s website.
This story was originally published August 27, 2024 at 6:00 AM with the headline "Home interest rates dropped in California, experts say. Where are cheapest places to buy?."
