"In the 12 months ended in December, values were down in 14 of the 16 California metros. But savings were meek, with the largest dip found in Stockton, off only 4% last year vs up 2% in 2024 and 36% over the previous four years. But seeing declines is noteworthy because, as recently as March 2025, no California metro had falling prices. That was the end of a 14-month streak without any year-over-year decreases."
"The late 2025 slips are a reminder that home prices don't always rise. Zillow values in the 16 California metros combined have dropped year over year in 26% of months since 2000, mostly surrounding the Great Recession. Compare that to the nation. In the 109 larger metros outside of California, just 39 had price declines - that's just 36%."
"Pricing also looked weak using Zillow's statewide index, which fell 2% last year, vs. rising 3% in 2024 and 38% during the previous four years. Nationally, prices were essentially flat last year vs. gains of 3% in 2024 and 43% in 2020-2023. The year-end soft pricing - on top of mortgage rates at roughly three-year lows - offers a dash of hope for budget-strapped house hunters as 2026 begins."
Zillow home-value data for 125 large metros, including 16 in California, showed values down in 14 of 16 California metros in the 12 months ended December 2025. Stockton posted the largest one-year dip at about 4%, though multiyear gains remain large. As recently as March 2025 no California metro had falling prices, ending a 14-month streak. California metros have shown year-over-year drops in 26% of months since 2000, versus 22% for non-California metros. The statewide Zillow index fell 2% last year while national prices were essentially flat, and higher inventory and economic wobble weighed on California pricing.
Read at The Mercury News
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