California home sales decline in September due to higher borrowing costs
In September 2026, California's existing single-family home sales dropped both month-over-month and year-over-year. The seasonally adjusted annualized rate of closed escrow sales was reported at 260,410 units, a decrease from August’s 269,620 and down compared to September 2025 levels. The statewide median home price in September stood at $899,720, showing only minor fluctuations month-over-month but an annual increase of 1.7 percent. Despite the slight dip from August’s figure, this decline was less pronounced than historical averages for that time of year. The report attributes these trends to rising mortgage rates and ongoing affordability issues. C.A.R.'s analysis suggests continued downward pressure on home prices in the coming months due to softer demand and seasonal patterns. While high-priced property sales increased slightly as a share, this has helped stabilize monthly price declines for now.