California home prices hit record high, and buyers are moving fast

An aerial view of large homes in Central Los Angeles, California. USA. Photo by Shutterstock.

In the Golden State, the median home price is $758,990, which is up nearly 24% from a year ago, according to The California Association of Realtors.

Prices have hit a record high due to an explosion of demand, and people are purchasing homes faster than ever, says Andrew Khouri, who covers the housing market for the LA Times.

When prospective buyers come to their appointments to view properties, many arrive with a pre-approved mortgage letter in hand, he says. “A homebuyer explained it to me as thinking it was kind of like speed dating. But you're expected to get married at the end of this right? And that's nerve racking for a lot of people.” 

He says some of the demand might be from first-time buyers who were tired of living in apartments during the pandemic.