California Home Sales and Prices Rise in August Despite High Mortgage Rates
In August 2026, California's housing market showed resilience with an uptick in both home sales and prices despite ongoing challenges from high mortgage rates. Existing single-family home sales reached a seasonally adjusted annualized rate of 269,620 units, up slightly from July and the same period last year. The statewide median home price rose to $901,420, reflecting modest gains compared to both previous months and the prior year. Despite these positive figures, sales remained below the 300,000-unit benchmark for a record 47th consecutive month, highlighting ongoing market stagnation. Mortgage rates averaged 6.67% in August but climbed above 7.0% by early September, raising concerns about future demand as affordability pressures mount. The California Association of REALTORS® noted that while buyers remained engaged in the short term, rising borrowing costs and economic uncertainty could dampen activity moving forward into fall.
