In 2017, the California housing market was characterized by a severe inventory shortage that drove prices to record highs while slowing the pace of sales. Despite these challenges, the state dominated the national real estate landscape, housing many of the country's "hottest" and most expensive markets.
The statewide median price for a single-family home in 2017 was approximately $537,860 , representing a 6.9% increase from 2016.
Competitive markets often resulted in multiple-bid situations. Buyers were advised to remain data-driven and avoid overextending their budgets.
Supply hit historic lows, with an "unsold inventory index" of just 2.5 months toward the end of the year—the lowest level since 2004.
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