For the first time in California’s entire history, the median home price surpassed $600,000 in May 2018, according to data published by the California Association of Realtors. The $600,000 median home price for California was more than double the reported national median home price of $264,800.
Real estate is more of a people business than a property sale business. Without enough people in a specific region in need of homes to purchase or lease, there wouldn’t be a need for real estate agents and brokers. Additionally, licensed agents need to first build a solid and positive rapport with their new prospects.
Residential and commercial real estate price trends are directly affected by many variables such as local, state, and national unemployment rates, inflation trends that are moving “too high” or “just right” instead of the most concerning “too low” directions by way of deflationary price trends when asset values are moving downward instead of the more.