Closed escrow sales of existing, single-family detached homes in California remained above their year-ago level for the fourth straight month in July, even as sales retreated to their lowest level in six months.
According to data from the California Association of Realtors (CAR), statewide home sales reached a seasonally adjusted annualized rate of 263,170 last month, a 6% drop from the revised 279,880 homes sold in June and a 1.1% uptick percent from a downwardly revised 260,250-unit pace recorded in July 2025. Statewide sales remained below the 300,000 benchmark for the 46th consecutive month while year-to-date sales were 1.8% above last year’s pace through the first seven months of 2026.
Pending home sales also slowed in July, declining 6.8% from the previous month but remaining 1.0% above the same month last year. This marked the second consecutive year-over-year gain following a brief dip in May.
California’s statewide median home price softened again in July, falling below the $900,000 benchmark for the first time in four months. The statewide median price dipped by 1.9% from $904,640 in June to $887,680 in July, a steeper drop than the average decrease of 0.7 percent observed between June and July in the past 10 years. On a year-over-year basis, the median price edged up by a scant 0.3% for the third consecutive annual increase, although price growth remained modest after slowing from the 3.1% gain recorded in May
Sales remained above year-ago levels in five of the seven price segments tracked by CAR — led by homes priced at $2 million and above, which rose 8.9% from one year earlier — and homes priced below $300,000 which posted a 5.2% annual gain.
“California’s housing market pulled back last month as mortgage rates remained elevated and briefly reached a 12-month high in recent weeks,” said CAR President Tamara Suminski, a Southern California broker and realtor. “Despite a slower start to the second half of 2026, improved supply conditions in July, combined with the recent decline in mortgage rates, could provide some relief to buyers and give them more options to choose from as the market transitions into the off-peak season.”
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