Existing single-family home sales reached a seasonally adjusted annualized rate of 263,170 last month, a 6.0 percent decline from June. While the figure remains 1.1 percent higher than in July 2025, the market has struggled to sustain growth, remaining below the 300,000-unit benchmark for the 46th consecutive month.
California Home Prices Dip Below $900,000 Amid Sales Retreat
California’s housing market faced a cooling trend in July, as the statewide median home price slipped to $887,680, falling below the $900,000 threshold for the first time in four months. The retreat follows a brief period of momentum, with sales activity hindered by elevated mortgage rates and ongoing affordability constraints.
According to the California Association of Realtors (C.A.R.), mortgage rates played a primary role in the slowdown, averaging 6.54 percent throughout July and briefly hitting a 12-month high. C.A.R. President Tamara Suminski noted that while the market is transitioning into an off-peak season, improved supply conditions and a recent dip in borrowing costs may offer some relief to prospective buyers. Inventory levels nudged upward, with the Unsold Inventory Index rising to 3.4 months from 3.1 months in June, though supply remains tighter than a year ago.
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