California Real Estate Market

CALIFORNIA'S POPULATION GROWTH

At 35.4 million people, California is the most populous state in the U.S. In the past ten years, California grew by 17 percent; in the last 50 years, it more than tripled. Today, California adds over 550,000 people annually, which is roughly equivalent to adding the entire state of Vermont every year.

According to Brodeick Perkins, a consumer and real estate journalist for 25 years, "Setting new records, existing single-family home sales in April soared 29.8 percent and the median price rose 26.1 percent -- to $321,950 -- compared to April 2001 numbers, according to the California Association of Realtors."

Condo prices jumped 20 percent during the same period, to a median $238,120, as sales zoomed ahead by 35.1 percent. "

The California Department of Finance estimates that the state's population will increase to 36 million in 2002 and 36.5 million in 2003. At that growth rate, California will reach 54 million residents by 2025; that's as if the entire population of New York state moved to California.

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