California home prices hit record as supply tightens

California's median home price hit a record $930,260 in May, rising 3.1% year-over-year amid a surge in luxury home sales. Existing single-family home sales increased 5.1% annually but remained below 300,000 units for the 44th month. Homes priced over $1 million made up 38.5% of sales. Inventory declined sharply, with active listings down for the fourth consecutive month and significant drops in 40 of 53 counties.