CA Home Sales Rebound As Prices Moderate
California's housing market showed renewed momentum in June, with statewide home sales climbing to their strongest pace in six months even as the median price eased back from May's record high. The rebound came against a national backdrop of cooling demand: existing-home sales nationally slipped for a second straight month and pending contracts pulled back sharply as 30-year mortgage rates crept back above 6.5%. Foreclosure activity also ticked higher nationally in the first half of 2026, though California's rate remains far below crisis-era levels. Taken together, the data point to a market recalibrating — tighter inventory and steady demand in California, softer momentum elsewhere, and financing costs still the swing factor for buyers everywhere.
In The News:
C.A.R. — California Home Sales Rebound in June as Home Prices Moderate (July 16, 2026) — California home sales rose to a seasonally adjusted annualized rate of 279,880 in June, up 4.1% from May and 6.0% from a year earlier, marking the strongest pace in six months. The statewide median price slipped 2.8% from May's record $930,260 to $904,640, though it stayed above $900,000 for a third straight month. Every major region posted year-over-year sales gains, led by the Far North's 23.3% jump, while inventory tightened to 3.1 months' supply.
NAR — Existing-Home Sales Report Shows 2.4% Decrease in June (July 9, 2026) — Nationally, existing-home sales fell 2.4% in June to a seasonally adjusted annual rate of 4.09 million, though sales were still up 2.8% from a year ago. The median price rose 1.8% year-over-year to a record $440,600, the 36th consecutive month of annual price gains. Inventory held at 4.6 months' supply. Chief Economist Lawrence Yun said buyers remain highly sensitive to even small swings in mortgage rates.
NAR — Pending Home Sales Report Shows 5.4% Decrease in June (July 16, 2026) — Contract signings to buy existing homes dropped 5.4% in June from May and slipped 0.3% from a year earlier, with the West region down 4.7% month over month. Yun pointed to the highest mortgage rates in nearly a year alongside record home prices as the main drag on activity, though he noted continued job gains could help stabilize demand in the second half of the year.
Freddie Mac — Mortgage Rates Average 6.55% (July 16, 2026) — The average rate on a 30-year fixed mortgage climbed to 6.55% for the week, up from 6.49% and roughly in line with the year-ago level of 6.75%. The 15-year fixed rose to 5.93%. Freddie Mac's chief economist Sam Khater noted purchase demand has softened recently, but said rising inventory and improving affordability still favor buyers who can qualify at today's rates.
ATTOM — Foreclosure Activity Posts Annual Increase in First Half of 2026 (July 16, 2026) — U.S. foreclosure filings rose 21% year-over-year in the first half of 2026 to 227,548 properties, with bank repossessions up 33%. California recorded 21,543 filings, a 12.8% annual increase, with 16,040 foreclosure starts — third-most of any state — and 2,644 completed REOs. Even so, California's 0.15% foreclosure rate ranked just 18th nationally, far below Florida and other harder-hit states.
