California home sales rebound in June as home prices moderate
California Association of Realtors News release
SACRAMENTO — California home sales rebounded in June as buyers returned to the market despite elevated mortgage rates, the California Association of Realtors recently reported.
Closed escrow sales of existing, single-family detached homes increased for the third consecutive month on a year-over-year basis and posted their strongest annual gain since September 2025. California home sales reached a seasonally adjusted annualized rate of 279,880 in June, according to information collected by CAR from more than 90 local Realtor associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2026 if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
June sales rose 4.1% from the revised 268,810 homes sold in May and were up 6.0% from 264,160 in June 2025. Despite the improvement, statewide sales remained below the 300,000 benchmark for the 45th consecutive month. The June increase lifted year-to-date sales growth to 1.9% through the first half of 2026, suggesting housing demand may be broadening beyond the higher-priced segments that drove the market earlier in the year.
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Sales gains were driven primarily by entry-level and mid-tier homes, while sales of higherpriced homes retreated for the second straight month.
Pending sales also rebounded in June, rising 2.8% from a year earlier after posting the first annual decline of this year in May.
On a month-to-month basis, however, pending sales slipped 2.8%, reflecting the seasonal moderation typically seen between May and June. Renewed conflict in the Middle East has raised concerns about higher energy prices and inflation, which could push mortgage rates higher and create new headwinds for housing demand as the summer buying season continues.
“California’s housing market ended the first half of the year on stronger footing, with home sales reaching their highest level in six months despite elevated mortgage rates and ongoing affordability challenges,” said CAR President Tamara Suminski, a Southern California broker and Realtor. “As more buyers adjust to current market conditions and inventory of homes for sale continues to improve, we are encouraged that increased consumer confidence could support housing demand through the remainder of 2026.”
After reaching an all-time high in May,
California’s statewide median home price eased in June but remained above the $900,000 mark for the third consecutive month. The statewide median price declined 2.8% from May’s record level of $930,260 to $904,640 in June, deviating from the historical average gain of 0.8% typically observed between May and June.
The moderation in the statewide median price largely reflects a shift in the mix of homes sold rather than broadbased price weakness. The share of milliondollar-and-above home sales declined from a record 38.5% in May to 36.9% in June, placing downward pressure on the statewide home price.
“June’s rebound in housing demand helped the market close the second quarter on firmer footing, with the broad-based increase in sales suggesting that some buyers are beginning to adapt to the current interest rate environment,” said CAR Senior Vice President and Chief Economist Jordan Levine. “However, the recent escalation of conflict in the Middle East has added renewed upward pressure on mortgage rates, which could weigh on affordability and create additional headwinds for housing demand as the summer buying season unfolds.”
Other key points from CAR’s June 2026 resale
housing report include:
• All five of California’s major regions recorded year-over-year increases in non-seasonally adjusted home sales in June, although the pace of growth varied across the state. The Far North led all regions with a robust 23.3% increase from a year earlier, followed by the Central Valley (13.8%), Southern California (10.8%), the San Francisco Bay Area (7.8%) and the Central Coast (4.2%). The variation in regional growth suggests that local affordability conditions and market fundamentals continue to influence the pace of recovery across regions.
• At the county level, 42 of the 53 counties tracked by CAR recorded year-over-year sales gains in June, with 33 of them posting doubledigit increase from a year earlier. Imperial led all counties with a 69.8% surge in sales, followed by Del Norte (62.5%) and Napa (59.6%). In contrast, 11 counties posted annual sales declines, with five of them dropping more than 10%. Mono experienced the steepest decline (-66.7%), followed by Madera (-13.9%), Siskiyou (-13.5%) and Calaveras (-13.5%). As is often the case in smaller counties, many of the outsized gains and losses were likely driven by low transaction volumes rather than
broad changes in market conditions.
• Four of California’s five major regions posted year-over-year gains in their median home price. The Central Coast led all regions with a solid 6.9% increase from a year earlier, followed by the Far North (5.2%), Central Valley (3.2%) and Southern California (2.3%).
The San Francisco Bay Area was the only region that did not post an annual increase, with its median price remaining unchanged from June 2025. While price appreciation varied across regions, the widespread gains suggest that home values have remained resilient despite elevated mortgage rates and sluggish home sales.
• Thirty-five of the 53 counties tracked by CAR recorded year-over-year gains in median home price in June. Plumas led all counties with a 67.3% increase, followed by Mariposa (29.3%) and San Francisco (24.8%). Strong housing demand tied to the AI boom and an ongoing inventory shortage have driven San Francisco home prices sharply higher in recent months. In addition, the significant increase in tech stock values may have boosted the net worth of some buyers, further supporting aggressive offers in the area. Meanwhile, 16 counties in the state recorded annual price declines, with Napa registering the steepest
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decline (-17.3%) last month, followed by El Dorado (-10.3%) and Glenn (-9.7%).
As is often the case in smaller counties, some of the outsized gains and declines likely reflected limited transaction volumes and shifts in the mix of homes sold, rather than broad changes in underlying home values.
• Housing inventory tightened further in June, slipping from both the previous month and a year ago as existing homeowners remain reluctant to list their properties with low mortgage rates for sale. The Unsold Inventory Index (UII) declined from 3.8 months in June 2025 to 3.1 months in June 2026. The Index measures the number of months needed to sell the supply of homes on the market at the current sales rate. While total active listings followed their typical seasonal pattern and continued to increase on a monthto-month basis, they declined 10.4%
from June 2025. The dip marked the fifth consecutive month of annual declines and it was the largest yearover-year drop since December 2023. Looking ahead, housing supply is likely to remain constrained throughout the remainder of the summer.
• The median number of days it took to sell a California single-family home was 23 days in June, down from 24 days in June 2025.
• CAR’s statewide sales-price-tolist-price ratio was 100% in June and 99.3% in June 2025.
• The statewide median price per square foot for an existing single-family home increased nominally from $438 in June 2025 to $439 this June.
• The 30-year, fixed-mortgage interest rate averaged 6.49% in June, down from 6.82% in June 2025, according to CAR’s calculations based on Freddie Mac’s weekly mortgage survey data.
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