California's existing single-family home sales fell to 256,550 in January, down 10.8% from December and 1.3% from January 2025, marking the lowest level since May 2025. The median home price dropped 3.2% from December to $823,180, a 23-month low. Pending sales rose 34.6% month-to-month due to lower mortgage rates. Housing inventory increased, with the unsold inventory index at 4.4 months. The average 30-year mortgage rate was 6.11%.
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