California real estate licenses at record high
Flashes of orange and red in the sky were seen over the state on Monday as temperatures hit record highs.
The red light in the upper right corner indicates that the sun is near the horizon.
The state’s real estate market is at a record high, and the number of properties sold this month is almost triple the previous month.
As of Tuesday morning, more than 1.8 million Californians owned property.
The increase in home sales comes on the heels of a monthlong stretch of high prices that led many residents to abandon their homes to make ends meet.
The state had been struggling to recover from the devastating wildfires that ravaged parts of the Central Valley in December, and this month, the fire has led to a shortage of fuel in the state’s central and western regions.
On Monday, a new report showed that the median price for a home in California has been rising since February, while the median home value in the entire state has increased by only 1 percent.
The median price is $7,600, according to the report, which was produced by real estate analytics company CBRE.
The report noted that the state has seen a significant increase in the number and amount of homes that are being bought by non-residents in recent years.
A total of 1,926 properties were sold in February, compared to 526 in January and 393 in December.
In comparison, the state experienced a 9 percent drop in the amount of properties that were sold during the same time period.