Long Island Hits Record; California Market Mixed

Long Island home prices hit a record median of $750,000 in Q3, with 60.5% of sales closing above the last asking price and marking the sixth consecutive quarter of new highs amid persistently low inventory as owners hold onto low mortgage rates. California shows mixed signals: Zillow data indicate about a 2% year‑over‑year statewide decline in September, but Redfin and local reports show many coastal and peripheral towns — including San Luis Obispo, Carpinteria and Carlsbad — reaching all‑time highs as demand shifts outward from big metros. High-cost enclaves remain concentrated on the coasts, with PropertyShark listing seven of the top 10 most expensive U.S. ZIP codes in California and places like Atherton among the priciest. Across markets, higher mortgage rates (around a 6.27% 30‑year fixed rate) and affordability pressures are cooling broad demand even as inventory shortages and localized bidding wars keep prices elevated in many areas.