California's Home Sales Reach a New Peak in November, MARKING Three-Year High
In November, California experienced a notable surge in home sales, achieving the highest levels since September 2022. According to the California Association of Realtors (C.A.R.), existing single-family home sales reached an annualized rate of 287,940 units, reflecting a 1.9% increase from October and a 2.6% increase from the same month last year. This is particularly significant as it marks the third consecutive month of rising sales, suggesting a recovery voice for the state's housing market.
The data highlights an interesting dynamic in the California real estate landscape. The statewide median home price stood at $852,680, a decrease of 3.9% from the previous month, but remains almost unchanged compared to November 2024. Year-to-date, California's home sales have risen by 0.9%, indicating a steady but gradual rebound.
Tamara Suminski, the 2026 President of C.A.R., expressed optimism about the current market conditions. She noted that while sales growth appears measured, the upward trajectory indicates an emerging momentum beneficial for buyers, sellers, and real estate professionals alike.
The report also pointed out a decline in pending home sales, which fell by 4.6% year-over-year and dropped sharply by 18% compared to October. This could be attributed to typical seasonal trends alongside increased variability in mortgage rates driven by broader economic conditions. Nevertheless, of the 53 counties tracked, 25 saw year-over-year improvements in pending sales with significant growth in some areas.
Despite the overall sales increase, California's housing market continues to face challenges. The total inventory of unsold homes increased, with a report demonstrating that listings rose for the 22nd consecutive month. This rise in inventory, however, shows signs of easing momentum as the market enters the holiday season, suggesting a potential shift in buyer behavior as interest rates fluctuate.
When assessed regionally, only one of California's major segments reported growth in non-seasonally adjusted home sales. The Far North achieved a commendable gain of 2.0% from the previous year, while other regions like the San Francisco Bay Area and Southern California saw declines. Notably, Trinity County recorded a staggering 60% increase in sales, showcasing the diverse nature of California's housing market.
In terms of home pricing, various regions experienced differing trends. The Far North region saw a modest price increase of 2.7%, while the San Francisco Bay Area recorded the largest year-over-year price drop of 3.2%. Interestingly, 28 counties noted gains in median home prices, with Del Norte leading at a remarkable 24.4% increase.
While the average 30-year fixed mortgage rate dropped to 6.24% in November, down from 6.81% the previous year, economists project that rate reductions are likely to continue but at a gradual pace. C.A.R. anticipates mild to moderate growth in both home sales and prices throughout 2026, as cautious monetary policy emerges from the Federal Reserve amid ongoing economic adjustments.
In conclusion, while California's housing market shows encouraging signs of recovery with rising sales and fluctuating prices, the landscape remains complex. Real estate professionals, buyers, and sellers must navigate through economic factors affecting mortgage rates and market dynamics. The outlook for the coming year suggests a cautiously optimistic trajectory, making it a crucial period for stakeholders in California's real estate sector.
The data highlights an interesting dynamic in the California real estate landscape. The statewide median home price stood at $852,680, a decrease of 3.9% from the previous month, but remains almost unchanged compared to November 2024. Year-to-date, California's home sales have risen by 0.9%, indicating a steady but gradual rebound.
Tamara Suminski, the 2026 President of C.A.R., expressed optimism about the current market conditions. She noted that while sales growth appears measured, the upward trajectory indicates an emerging momentum beneficial for buyers, sellers, and real estate professionals alike.
The report also pointed out a decline in pending home sales, which fell by 4.6% year-over-year and dropped sharply by 18% compared to October. This could be attributed to typical seasonal trends alongside increased variability in mortgage rates driven by broader economic conditions. Nevertheless, of the 53 counties tracked, 25 saw year-over-year improvements in pending sales with significant growth in some areas.
Despite the overall sales increase, California's housing market continues to face challenges. The total inventory of unsold homes increased, with a report demonstrating that listings rose for the 22nd consecutive month. This rise in inventory, however, shows signs of easing momentum as the market enters the holiday season, suggesting a potential shift in buyer behavior as interest rates fluctuate.
When assessed regionally, only one of California's major segments reported growth in non-seasonally adjusted home sales. The Far North achieved a commendable gain of 2.0% from the previous year, while other regions like the San Francisco Bay Area and Southern California saw declines. Notably, Trinity County recorded a staggering 60% increase in sales, showcasing the diverse nature of California's housing market.
In terms of home pricing, various regions experienced differing trends. The Far North region saw a modest price increase of 2.7%, while the San Francisco Bay Area recorded the largest year-over-year price drop of 3.2%. Interestingly, 28 counties noted gains in median home prices, with Del Norte leading at a remarkable 24.4% increase.
While the average 30-year fixed mortgage rate dropped to 6.24% in November, down from 6.81% the previous year, economists project that rate reductions are likely to continue but at a gradual pace. C.A.R. anticipates mild to moderate growth in both home sales and prices throughout 2026, as cautious monetary policy emerges from the Federal Reserve amid ongoing economic adjustments.
In conclusion, while California's housing market shows encouraging signs of recovery with rising sales and fluctuating prices, the landscape remains complex. Real estate professionals, buyers, and sellers must navigate through economic factors affecting mortgage rates and market dynamics. The outlook for the coming year suggests a cautiously optimistic trajectory, making it a crucial period for stakeholders in California's real estate sector.
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