Andrew Khouri at LAT:

Want a house in California? It’ll likely cost you over $900,000. The statewide median sales price for a previously owned single-family house surpassed $900,000 for the first time in April, a shocking figure that underscores just how unaffordable housing has become across the Golden State. The April median of $904,210 is up 11.4% from the same month a year earlier, according to data from the California Assn. of Realtors. The median — the point where half the homes sold for more and half for less — has now climbed more than $100,000 in just over two years. That rise in home prices comes despite the fact mortgage rates are sky-high relative to recent memory. Last week, the average rate on a 30-year fixed mortgage was 7.02%, more than double the 3% and below rates seen during the COVID-19 pandemic, according to Freddie Mac.