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California Home Prices Plunge Amid Market Shift

8/23/2025

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Summary

Story summary

In San Joaquin County, the median home sale price fell to $543,500 in May, a 6.3% decrease from April and 6% from May 2024.
Monterey County's median home sales dropped to $857,500, down 28.4% from April and 2.8% from May 2024.
California's total residential home sales value decreased by 9.8% from April to May, totaling $32.1 billion.
Homes sold for at least $1 million in California increased to 34.34% in May, up from 33.42% in May 2024.

History

Historical Context

The 2008 financial crisis triggered a significant downturn in the U.S. housing market, causing home values to plummet by 30% nationwide. By 2011, California's median home price had dropped to $305,000. As of 2024, ongoing housing shortages persist, with Freddie Mac estimating a deficit of 3.7 million homes, exacerbating affordability challenges for many residents.

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Story summary

In San Joaquin County, the median home sale price fell to $543,500 in May, a 6.3% decrease from April and 6% from May 2024.
Monterey County's median home sales dropped to $857,500, down 28.4% from April and 2.8% from May 2024.
California's total residential home sales value decreased by 9.8% from April to May, totaling $32.1 billion.
Homes sold for at least $1 million in California increased to 34.34% in May, up from 33.42% in May 2024.

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