California Home Prices Continue Climbing as Competition Fuels Bidding Wars

Home values in top California cities grew 2-3% in March as competition kept prices high. San Jose saw the largest monthly gain at over 3%.

The average home price in California is around $784,000, making it one of the most expensive housing markets.

While California markets see bidding wars, southern cities like New Orleans and San Antonio have slowing growth thanks to new construction.

Nationally, 27% of homes sold in February went for above asking price, up from 24% last year.

In San Jose, San Francisco, and Los Angeles, 60-70% of homes sold in February sold above listing price due to high demand.