By Ben Marchman
According to the California State Board of Equalization, California home prices are moving towards their pre-recession levels. The Board of Equalization’s latest issue of Economic Perspective, shows California median home prices averaged $473,995. This value is 85% of their peak 2006 value of $560,641.
Chart showing California median home prices from 2000 until 2015.
The median price is the value at which 50% of homes were sold at higher prices and 50% of homes were sold at lower prices. Although this amount is not a perfect measure of individual home values, it is a major economic indicator of how well residential real estate markets are doing in California.
In the Los Angeles Metro area (which includes Los Angeles, Orange, Riverside, San Bernardino, and Ventura counties) home prices were 82% of 2006 prices. In the Fourth District median home prices varied widely in 2015.
- Orange County: Median home price was $705,102 which was 96% of 2006 value.
- San Diego County: Median home price was $538, 828 which was 90% of 2006 value.
- Riverside County: Median home price was $332,522 which was 70% of 2006 value.
- San Bernardino County: Median home price was $224,983 which was 65% of 2006 value