In May, the median sale price of a single-family house in California set a new high,
putting homeownership out of reach for even more Golden State residents.
According to California Department of Finance data, the typical price of a single-family house in May was
$898,980, up 1.6 percent from the previous month and over 10% from the same time last year.
With mortgage rates rising, the annual income needed to finance the median-priced home in
California is about $180,000, which is more than double the state's median household income.