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Story perspectives

California Home Sales Plummet Amid Rising Prices and Scarcity

3/3/2026

24 4 Full Breakdown

Summary

Story summary

Sales have fallen 24% over the past three years versus pre-Great Recession levels, signaling market stress.
In 2023–25, California recorded 954,423 home sales, well below the 1.25 million in 2007–09.
The median home price rose 9% to $710,000, remaining just below its peak.
Inventory remains scarce as homeowners with low mortgage rates are reluctant to sell.
Only 30% of California households qualify for starter homes, down from 49% in 2007–09.

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Story summary

Sales have fallen 24% over the past three years versus pre-Great Recession levels, signaling market stress.
In 2023–25, California recorded 954,423 home sales, well below the 1.25 million in 2007–09.
The median home price rose 9% to $710,000, remaining just below its peak.
Inventory remains scarce as homeowners with low mortgage rates are reluctant to sell.
Only 30% of California households qualify for starter homes, down from 49% in 2007–09.