In my half of Ventura County, CA every indicator is going up.  Here's my recent market blog on it from a monthly standpoint:  https://hugginshomes.com/2025/05/05/ventura-county-real-estate-market-watch-april-2025/

And here's how we stack compared to last year:

California still commands top dollar for location & priced right properties, it appears. New construction is starting to show itself & when rates begin their decline, a new Real Estate cycle will both end & begin.

My primary San Diego neighborhood market is down 4.2% as of April but, showing signs of positive number this month as we're seeing a slight up tick in the mid month numbers. 27% of our market doesn't sell due to overpricing. A guy on my block has been $300K over priced since last June, literally 11+ months on the market and at least 40 open houses -sitting. (This is why I passed on his listing and the agent that took it is likely regretting doing so). No bueno to have a for sale sign on a lawn for a year in a 33 days market.

This is a graph taken from the most recent market report written for Washington County, Utah. New home prices are still trending up while resales have slowed.

The markets I serve in San Jose - Silicon Valley are not experiencing drastic changes. Some areas are experiencing a slight shift in price, and the days on market may be longer. 

I did an internet search and this is what AI told me about he CA real estate market for the past year: 

In the last year, California's housing market has seen a mixed performance. Home prices are up, while sales have been down. The median single-family home value is currently at $860,500. There have been 370,048 residential properties sold in the past 12 months.

Here's a more detailed look:

Home Prices:

Redfin reports that home prices are up 9.8% year-over-year, with a median price of $860,500 in May 2024. Zillow shows the average California home value as $796,255, up 1.3% over the past year.

Sales:

The number of homes sold is down 0.053% year-over-year, with 26,624 homes sold in May 2024. Newsweek notes that California's housing market experienced a significant rebound in February, with existing single-family home sales reaching 283,540 on a seasonally adjusted annualized basis.

Inventory:

The number of homes for sale is up 18.7% year-over-year, with 90,922 homes for sale in May 2024. Zillow data shows that for-sale inventory in California's largest metros averages 35% above a year earlier for February 2025.

Competition:

49.8% of homes sold above list price in May 2024.

I am retired and have no access to MLS data but from what I am seeing there are some pockets where prices have declined a bit, a necessary adjustment for the previous cycle of too rapid a rise in pricing. Some places are remaining steady. And, new construction is steady to slightly rising.  So, it is what is normal and changes subtle. 

It's leveling off a bit, yet still a sellers market.

I believe there is absolutely NO change here Philip A. Raices .

Things have slowed down here in Southern California.  Price reductions prevail as to escrows being cancelled.  People are losing their jobs and people are living in fear.

Our prices are leveling out. We are seeing price reductions.  Houses are on the market more than 30 days and there are fewer multiple offers.  We are also seeing around 10% returning to the market after being contracted.  Contract to closing is also up to 34 days.  I personally like a slower market, less rush to decisions.