Housing Prices Surge Across California

LOS ANGELES—The median price of an existing, single-family detached home in the Los Angeles area rose to $725,000 in April, an increase of $45,000 from a month ago, mirroring a spike across California that brought the state’s median price above the $800,000 benchmark for the first time, a real estate group said May 17.

The Los Angeles area’s median home price was $550,000 just one year ago.

California’s median home price was $813,980 in April, with the rise fueled by heated market conditions and a shortage of homes for sale, according to the California Association of Realtors (CAR).