The median home value in California is $547,500. California home values have gone up 1.3% over the past year and Zillow predicts they will fall -0.1% within the next year. The median list price per square foot in California is $325. The median price of homes currently listed in California is $550,000 while the median price of homes that sold is $500,600. The median rent price in California is $2,800.
Foreclosures will be a factor impacting home values in the next several years. In California 0.5 homes are foreclosed (per 10,000). This is lower than the national value of 1.2
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in California is 0.6%, which is lower than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of California homeowners underwater on their mortgage is 4.8%.
Report courtesy of Zillow.