The statewide median price for an existing single-family home fell 1.2% year over year to $850,680 in December, according to data released by the California Association of Realtors. While prices softened, buyer activity rose 2% compared with December 2024.
It remains a buyer’s market for those who can absorb mortgage rates in the 6% range – or pay in cash. Inventory is high, and homes spent an average of 36 days on the market in December, 16% longer than a year ago.