The welcome news that inflation is finally heading below 3% isn't reflected in California metros where year-over-year home prices surged by double-digits in the second quarter.
Silicon Valley set a new U.S. record in Q2 2024, becoming the first metro with a median home price topping $2M.
According to the latest data from the National Association of Realtors, prices for existing single-family homes in the San Jose-Sunnyvale-Santa Clara metro rose 11.4% in the second quarter compared to Q2 2023, raising the median price to $2.08M, Bloomberg reported.
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