California’s housing market is so out of control that even a small, burned-out home goes for $1 million

This burned out house in Torrance, California, sold for $1 million on May 11, 2026. As of March, the median price of a "mid-tier" home in California was $775,000, more than twice the comparable national average of $366,000 - (Rhett Winchell)

California's housing crisis has gotten so bad that even a burned-out house on a busy corner in metropolitan Los Angeles is now worth $1 million.

The boarded-up, three-bedroom, two-bath home in Torrance sold for the eye-popping amount last week, according to multiple real estate websites. That's despite it being clearly unlivable, with fire damage that includes a gaping hole in the roof.