California real estate prices are rising at a much faster pace than anywhere else in the country, according to new data from real estate analytics company RealCompare.
California, where the median home price is more than $1 million, has been in a slump for years, but it seems to have finally caught up to the rest of the country.
According to data released by the US Department of Housing and Urban Development, the median price of a home in the Golden State is now nearly $1.2 million, up 10.5% from a year ago.
This is almost $10,000 higher than the same time last year.
In the San Francisco Bay Area, the market is even more impressive: Median home prices in the area have grown by nearly 9.5%, while median prices in other major markets have stayed relatively flat.
For San Francisco, median home prices have climbed nearly $2,000 in a year, but median home values have been nearly flat for the past few years.
Home prices in Los Angeles, meanwhile, have risen almost $1,000 this year.
The number of properties that are valued at more than half a million dollars or more in the United States rose from 24 in 2017 to 34 in 2018, according the RealCompare data.
These properties include condos, townhouses and apartments.
In 2017, there were nearly 2.6 million units in this category.