California Residential Real Estate Update – November 2025

Executive Summary

California's housing market in November 2025 reflects a continued stabilization after the sharp rate-driven correction of 2022–2023. Modest price gains have returned across most coastal and suburban counties, while inland regions experience stronger sales volume amid improved affordability. Inventory levels remain tight overall, but buyer urgency has cooled as mortgage rates hover near 6.6%.

• Median home prices statewide edged up 2.8% year-over-year, with coastal counties regaining momentum.
• Inventory levels rose modestly by 6% month-over-month, though still below historical norms.
• Affordability remains stretched, but falling inflation and stable rates support gradual recovery in buyer sentiment.

Statewide M...