8 CA Housing Markets Are Among Nation's 10 Priciest

CALIFORNIA — Nearly all of the country's most expensive housing markets are in California.

Eight of the top 10 metropolitan areas with the highest median sales prices are in the Golden State, according to the latest quarterly report from the National Association of Realtors.

San Jose, the largest city in Northern California, had the highest median sales price for a single-family home in the country from January to March. Prices reached $2.02 million, which was up 9.8% compared with a year ago, according to the report.

Southern California's Anaheim had the second-highest price for a single-family home, at $1.45 million, followed by San Francisco, at $1.32 million, the report found.

Home prices in these markets are so high because there are not enough new properties being built, NAR chief economist Lawrence Yun said.

"Very expensive home prices partly reflect multiple years of home underproduction in those metro markets," Yun said. "Another factor is the low homeownership rates in these areas, implying more unequal wealth distribution."

Honolulu, Hawaii, and Naples, Florida, were the only two non-California housing markets that made the top 10. Honolulu landed at No. 4, while Naples ranked at No. 9.

These are the top 10 most expensive housing markets:

1. San Jose-Sunnyvale-Santa Clara, Calif.
   1. Median home sales price: $2,020,000
   2. Annual increase: 9.8%
2. Anaheim-Santa Ana-Irvine, Calif.
   1. Median home sales price: $1,450,000
   2. Annual increase: 6.2%
3. San Francisco-Oakland-Hayward, Calif.
   1. Median home sales price: $1,320,000
   2. Annual increase: 1.5%
4. Urban Honolulu, Hawaii
   1. Median home sales price: $1,165,100
   2. Annual increase: 7.3%
5. San Diego-Carlsbad, Calif.
   1. Median home sales price: $1,036,500
   2. Annual increase: 5.7%
6. Salinas, Calif.
   1. Median home sales price: $954,700
   2. Annual increase: 6.2%
7. San Luis Obispo-Paso Robles, Calif.
   1. Median home sales price: $953,400
   2. Annual increase: 4.8%
8. Oxnard-Thousand Oaks-Ventura, Calif.
   1. Median home sales price: $931,500
   2. Annual increase: 2.5%
9. Naples-Immokalee-Marco Island, Fla.
   1. Median home sales price: $865,000
   2. Annual increase: 1.8%
10. Los Angeles-Long Beach-Glendale, Calif.
    1. Median home sales price: $862,600
    2. Annual increase: 4.8%

Read the full report.