State housing market up slightly

California’s housing market improved slightly in February, the result of slight improvements in mortgage rates and affordability.

Sales of existing single-family homes totaled 274,820 last month, up seven percent from January but down 0.3 percent year-over-year, according to the California Association of Realtors.

Statewide, the median price of a single-family home in February was $830,370, essentially unchanged month-over-month and year-over-year.

During the first two months of 2026, statewide home sales were down 0.7 compared with the same period in 2025.

“While mortgage rates remain below year-ago levels, they recently jumped to their highest level in seven months and could temper buyer momentum as we head into the spring home buying season,” said Jordan Levine, the association’s chief economist, in a statement, “However, many homeowners remain locked in to historically low rates, and inventory remains tight, so rate stabilization could help (raise) home prices in the spring.”

In the Inland Empire, sales were up nine percent month-over-month but were down 3.7 percent year-over-year, while the median price – $601,350 – was up 1.1 percent from February but down 1.6 percent from one year earlier, the association reported.

All sales figures represent sales for all of 2026 if February’s sales pace continued throughout the year. They are also seasonally adjusted.