Home Value Trail

States › California

State

California

58 counties with an index · 35 metro and micro areas · 1,359 ZIP codes · 403 permit-issuing places · 39,355,309 residents (2025 est.)

FHFA quarterly index through 2026 Q2Annual index 1975–2025Permits through August 2026
FHFA all-transactions house price index for California, quarterly from 1975 to 2026 Q2, with the national index rebased to the same start and NBER recessions shadedRecession 1973–75Recession 1980Recession 1981–82Recession 1990–91Recession 2001Recession 2007–09Recession 202005001,0001,50019801990200020102020United States2026: 975
California (100 = first year)United States, rebased to the same startNBER recession

FHFA notes: The FHFA HPI is a broad measure of the movement of single-family house prices. The FHFA HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. The line is FHFA's standard quarterly all-transactions index; the comparison table uses FHFA's annual state index from the same family. The index does not give a dollar value for any home.

California's FHFA house price index starts in 1975. Through 2025 it has risen +1867.7%; over the ten years to 2025 the rise was +80.3% (+6.1% a year), below the national +85.0%.

The quarterly index through 2026 Q2 is +0.9% on a year earlier and 0.0% on the quarter; nationally +3.0% and +1.1%.

The index peaked in 2006, fell −41.1% to 2012 and regained the peak in 2020; the national index fell −21.3% over 2007–2012.

111,538 housing units were authorised in California in the 12 months to August 2026, 2.8 per 1,000 residents against 4.1 nationally; that is +13.8% on the previous 12 months. 58 counties, 35 metro and micro areas, 1,359 ZIP codes and 403 permit-issuing places in the state have their own pages.

+0.9%year to 2026 Q2, quarterly indexUS +3.0%
+0.8%1 year, 2024–2025US +2.8%
+39.8%5 yearsUS +47.0%
+80.3%10 years+6.1% a year annualised
+224.1%since 2000US +158.3%
111,538units permitted, 12 months2.8 per 1,000 residents · US 4.1

Same span, state and nation

Change in the FHFA indexCaliforniaUnited States
1 year (2024–2025)+0.8%+2.8%
5 years (2020–2025)+39.8%+47.0%
10 years (2015–2025)+80.3%+85.0%
20 years (2005–2025)+56.4%+79.1%
Since 2000+224.1%+158.3%
Since 1975+1867.7%+960.7%
10-year annualised+6.1%+6.3%
20-year annualised+2.3%+3.0%

Decade by decade

DecadeChangeUnited States
1980s (1980–1990)+114.9%+68.2%
1990s (1990–2000)+17.3%+33.9%
2000s (2000–2010)+43.7%+29.7%
2010s (2010–2020)+61.3%+35.5%
2020s so far (2020–2025)+39.8%+47.0%

FHFA reports each index with a value of 100 in its base period, the first year the area has enough transactions (1975 here). A decade's change is the index at the end of the decade divided by the index at the start, so it does not depend on the base year; the United States column covers the same years. Decades before 1975 are not shown.

Peak-to-low declines

PeakLowDeclinePeak regained
20062012−41.1%2020
19901996−13.0%1999
19811982−6.7%1983

Purchase-only index

FHFA also publishes a purchase-only index, built from sales prices alone (no refinance appraisals). It starts in 1991 and is drawn here on its own base.

FHFA purchase-only house price index for California, quarterly, with the national purchase-only index rebased to the same startRecession 1990–91Recession 2001Recession 2007–09Recession 202001002003004005001995200020052010201520202025United States, purchase-only2026: 423
California, purchase-only (100 = first year)United States, purchase-only, rebased to the same startNBER recession

Counties

Ranked by ten-year change in FHFA's annual county index to 2025. Permits are housing units authorised in the 12 months to August 2026.

County1 year10 yearsSince 2000Units, 12 monthsPer 1,000Index through
Del Norte County+0.9%+112.7%+249.1%2368.92025
Imperial County+7.3%+109.0%+207.0%2331.32025
Riverside County+1.3%+105.4%+266.9%7,4212.92025
Madera County+1.2%+105.0%+226.1%7954.72025
Merced County+0.8%+104.7%+197.8%5411.82025
Yuba County+0.6%+103.9%+236.4%4475.02025
San Bernardino County+1.2%+102.8%+291.2%5,8372.62025
Tulare County+3.8%+101.6%+221.9%1,9954.12025
Kings County+4.8%+99.3%+214.6%8035.22025
San Diego County+0.7%+99.1%+273.4%10,5383.22025
Fresno County+2.3%+98.0%+240.5%2,5412.52025
Stanislaus County+1.4%+97.6%+211.6%1,5102.72025
Colusa County+1.7%+96.5%+199.4%251.12025
Sutter County+0.6%+95.7%+220.9%4184.22025
Monterey County+1.3%+93.9%+185.4%8812.02025
San Joaquin County−0.9%+93.1%+185.6%2,4843.02025
Sacramento County+0.6%+91.2%+221.0%6,1053.82025
Glenn County+6.9%+89.3%+220.7%1294.62025
Orange County+3.3%+89.0%+296.0%6,0961.92025
Inyo County+6.6%+87.9%+220.0%100.62025
Santa Barbara County+3.3%+87.8%+230.5%1,3603.12025
Kern County+2.0%+87.6%+229.6%2,9493.22025
Plumas County+12.7%+87.6%+162.2%351.92025
Los Angeles County+1.7%+86.9%+303.7%29,4993.02025
Mono County+7.4%+85.8%+214.4%15712.62025
Alpine County+9.1%+85.2%+104.5%43.82022
San Luis Obispo County+3.3%+84.9%+241.5%8653.12025
Siskiyou County+4.6%+81.0%+169.5%350.82025
Ventura County+2.0%+77.9%+229.8%1,5451.92025
Tehama County+2.5%+77.2%+178.8%901.42025
Modoc County+1.8%+76.2%+169.4%131.52025
Solano County−0.3%+76.1%+169.9%7341.62025
Calaveras County−1.0%+75.6%+158.4%731.62025
Butte County+0.5%+73.8%+189.6%9394.52025
Humboldt County−0.2%+73.5%+218.9%3012.32025
Placer County+0.9%+72.2%+177.6%3,2837.42025
Mariposa County+9.9%+71.5%+178.2%191.12025
San Benito County+0.8%+71.5%+129.5%2884.12025
Contra Costa County0.0%+71.0%+182.9%1,9491.72025
Lake County−1.2%+69.9%+140.1%1151.72025
El Dorado County+0.4%+69.5%+174.2%4912.62025
Amador County+2.0%+69.4%+141.7%531.32025
Yolo County−0.9%+68.7%+203.2%8623.82025
Shasta County0.0%+64.9%+181.1%1510.82025
Tuolumne County0.0%+64.6%+152.1%601.12025
Nevada County+0.9%+64.4%+140.5%2022.02025
Lassen County+7.2%+64.2%+113.0%80.32025
Santa Clara County−0.6%+63.9%+186.2%6,6603.52025
Napa County−1.0%+63.0%+189.2%4543.42025
Alameda County−1.9%+62.1%+205.8%3,4132.12025
Santa Cruz County+0.3%+60.7%+157.4%7142.82025
Sonoma County+0.5%+60.2%+159.4%1,7133.52025
Mendocino County+0.7%+58.8%+155.0%40.02025
Sierra County−9.1%+57.2%+91.8%00.02025
Trinity County+6.4%+54.2%+143.8%543.42024
San Mateo County−0.6%+49.1%+184.9%1,6002.22025
Marin County−0.8%+45.0%+145.7%1470.62025
San Francisco County+0.5%+33.7%+192.5%1,6542.02025

Metro and micropolitan areas

Areas with any county in California; multi-state areas appear under each of their states.

AreaType1 year10 yearsYear to 2026 Q2Units, 12 months
Gardnerville Ranchos, NV-CAMicro+6.0%+119.0%—279
Crescent City, CAMicro+0.9%+112.7%—236
El Centro, CAMetro+7.3%+109.0%+3.8%233
Merced, CAMetro+0.8%+104.7%0.0%541
Riverside-San Bernardino-Ontario, CAMetro+1.3%+103.9%+0.8%13,258
Visalia, CAMetro+3.8%+101.6%+0.6%1,995
Hanford-Corcoran, CAMetro+4.8%+99.3%+0.7%803
San Diego-Chula Vista-Carlsbad, CAMetro+0.7%+99.1%+2.5%10,538
Fresno, CAMetro+2.1%+98.9%+2.0%3,336
Yuba City, CAMetro+0.6%+98.5%+0.9%865
Modesto, CAMetro+1.4%+97.6%+2.8%1,510
Salinas, CAMetro+1.3%+93.9%+3.2%881
Stockton-Lodi, CAMetro−0.9%+93.1%−1.8%2,484
Bishop, CAMicro+6.6%+87.9%—10
Santa Maria-Santa Barbara, CAMetro+3.3%+87.8%+2.3%1,360
Bakersfield-Delano, CAMetro+2.0%+87.6%+0.5%2,949
Los Angeles-Long Beach-Anaheim, CAMetro+2.0%+86.9%—35,595
San Luis Obispo-Paso Robles, CAMetro+3.3%+84.9%+3.4%865
Sacramento-Roseville-Folsom, CAMetro+0.5%+82.9%+0.1%10,741
Oxnard-Thousand Oaks-Ventura, CAMetro+2.0%+77.9%−1.3%1,545
Red Bluff, CAMicro+2.5%+77.2%—90
Vallejo, CAMetro−0.3%+76.1%−0.7%734
Chico, CAMetro+0.5%+73.8%−2.1%939
Eureka-Arcata, CAMicro−0.2%+73.5%—301
Clearlake, CAMicro−1.2%+69.9%—115
Redding, CAMetro0.0%+64.9%+0.9%151
Sonora, CAMicro0.0%+64.6%—60
Truckee-Grass Valley, CAMicro+0.9%+64.4%—202
Susanville, CAMicro+7.2%+64.2%—8
Napa, CAMetro−1.0%+63.0%−1.8%454
San Jose-Sunnyvale-Santa Clara, CAMetro−0.5%+62.5%−1.0%6,948
Santa Cruz-Watsonville, CAMetro+0.3%+60.7%+1.7%714
Santa Rosa-Petaluma, CAMetro+0.5%+60.2%+0.8%1,713
San Francisco-Oakland-Fremont, CAMetro−1.3%+59.1%—8,763
Ukiah, CAMicro+0.7%+58.8%—4

Building permits

Housing units authorised in California by month, latest 60 months05,00010,00015,000Sep 2021: 8,736 units (5,072 single-family, 3,664 in multi-unit buildings)Sep 2021Oct 2021: 10,997 units (5,096 single-family, 5,901 in multi-unit buildings)Nov 2021: 8,721 units (4,890 single-family, 3,831 in multi-unit buildings)Dec 2021: 10,973 units (4,669 single-family, 6,304 in multi-unit buildings)Jan 2022: 8,276 units (4,977 single-family, 3,299 in multi-unit buildings)Feb 2022: 9,130 units (5,213 single-family, 3,917 in multi-unit buildings)Mar 2022: 10,883 units (7,018 single-family, 3,865 in multi-unit buildings)Apr 2022: 10,615 units (6,041 single-family, 4,574 in multi-unit buildings)May 2022: 10,263 units (6,022 single-family, 4,241 in multi-unit buildings)Jun 2022: 12,675 units (6,007 single-family, 6,668 in multi-unit buildings)Jul 2022: 7,663 units (4,522 single-family, 3,141 in multi-unit buildings)Aug 2022: 11,045 units (5,637 single-family, 5,408 in multi-unit buildings)Sep 2022: 10,242 units (4,179 single-family, 6,063 in multi-unit buildings)Sep 2022Oct 2022: 7,282 units (3,761 single-family, 3,521 in multi-unit buildings)Nov 2022: 6,800 units (3,203 single-family, 3,597 in multi-unit buildings)Dec 2022: 8,220 units (3,678 single-family, 4,542 in multi-unit buildings)Jan 2023: 7,138 units (3,068 single-family, 4,070 in multi-unit buildings)Feb 2023: 8,275 units (3,612 single-family, 4,663 in multi-unit buildings)Mar 2023: 7,410 units (4,608 single-family, 2,802 in multi-unit buildings)Apr 2023: 9,186 units (4,470 single-family, 4,716 in multi-unit buildings)May 2023: 10,066 units (6,003 single-family, 4,063 in multi-unit buildings)Jun 2023: 13,326 units (6,776 single-family, 6,550 in multi-unit buildings)Jul 2023: 8,190 units (4,545 single-family, 3,645 in multi-unit buildings)Aug 2023: 12,630 units (5,464 single-family, 7,166 in multi-unit buildings)Sep 2023: 8,212 units (4,359 single-family, 3,853 in multi-unit buildings)Sep 2023Oct 2023: 8,338 units (4,673 single-family, 3,665 in multi-unit buildings)Nov 2023: 9,757 units (4,543 single-family, 5,214 in multi-unit buildings)Dec 2023: 7,179 units (4,534 single-family, 2,645 in multi-unit buildings)Jan 2024: 7,458 units (4,757 single-family, 2,701 in multi-unit buildings)Feb 2024: 7,745 units (4,587 single-family, 3,158 in multi-unit buildings)Mar 2024: 7,984 units (4,871 single-family, 3,113 in multi-unit buildings)Apr 2024: 7,696 units (5,638 single-family, 2,058 in multi-unit buildings)May 2024: 10,442 units (6,149 single-family, 4,293 in multi-unit buildings)Jun 2024: 9,363 units (5,651 single-family, 3,712 in multi-unit buildings)Jul 2024: 8,518 units (5,165 single-family, 3,353 in multi-unit buildings)Aug 2024: 8,905 units (5,452 single-family, 3,453 in multi-unit buildings)Sep 2024: 7,798 units (4,759 single-family, 3,039 in multi-unit buildings)Sep 2024Oct 2024: 8,597 units (5,007 single-family, 3,590 in multi-unit buildings)Nov 2024: 7,647 units (4,241 single-family, 3,406 in multi-unit buildings)Dec 2024: 8,232 units (4,952 single-family, 3,280 in multi-unit buildings)Jan 2025: 6,657 units (4,765 single-family, 1,892 in multi-unit buildings)Feb 2025: 7,247 units (4,909 single-family, 2,338 in multi-unit buildings)Mar 2025: 7,337 units (5,067 single-family, 2,270 in multi-unit buildings)Apr 2025: 9,097 units (5,339 single-family, 3,758 in multi-unit buildings)May 2025: 9,346 units (4,833 single-family, 4,513 in multi-unit buildings)Jun 2025: 9,751 units (4,537 single-family, 5,214 in multi-unit buildings)Jul 2025: 7,463 units (4,635 single-family, 2,828 in multi-unit buildings)Aug 2025: 8,883 units (4,141 single-family, 4,742 in multi-unit buildings)Sep 2025: 9,275 units (4,791 single-family, 4,484 in multi-unit buildings)Sep 2025Oct 2025: 8,860 units (4,542 single-family, 4,318 in multi-unit buildings)Nov 2025: 7,863 units (3,655 single-family, 4,208 in multi-unit buildings)Dec 2025: 10,384 units (4,269 single-family, 6,115 in multi-unit buildings)Jan 2026: 8,130 units (3,982 single-family, 4,148 in multi-unit buildings)Feb 2026: 11,157 units (4,362 single-family, 6,795 in multi-unit buildings)Mar 2026: 8,711 units (5,196 single-family, 3,515 in multi-unit buildings)Apr 2026: 9,015 units (5,868 single-family, 3,147 in multi-unit buildings)May 2026: 10,196 units (4,697 single-family, 5,499 in multi-unit buildings)Jun 2026: 10,013 units (5,776 single-family, 4,237 in multi-unit buildings)Jul 2026: 8,285 units (4,509 single-family, 3,776 in multi-unit buildings)Aug 2026: 9,649 units (4,145 single-family, 5,504 in multi-unit buildings)

Housing units authorised in California by month, latest 60 monthssingle-family2+ unit buildings

Housing units authorised in California by year, 1995–20250100,000200,000300,0001995: 83,864 units (68,148 single-family, 15,716 in multi-unit buildings)19951996: 92,060 units (73,532 single-family, 18,528 in multi-unit buildings)1997: 109,589 units (84,149 single-family, 25,440 in multi-unit buildings)1998: 124,035 units (93,414 single-family, 30,621 in multi-unit buildings)1999: 138,039 units (102,750 single-family, 35,289 in multi-unit buildings)2000: 145,575 units (105,018 single-family, 40,557 in multi-unit buildings)20002001: 146,739 units (107,361 single-family, 39,378 in multi-unit buildings)2002: 159,573 units (123,013 single-family, 36,560 in multi-unit buildings)2003: 191,948 units (139,870 single-family, 52,078 in multi-unit buildings)2004: 207,390 units (151,568 single-family, 55,822 in multi-unit buildings)2005: 205,020 units (154,703 single-family, 50,317 in multi-unit buildings)20052006: 160,502 units (107,714 single-family, 52,788 in multi-unit buildings)2007: 110,073 units (68,266 single-family, 41,807 in multi-unit buildings)2008: 62,681 units (32,432 single-family, 30,249 in multi-unit buildings)2009: 35,069 units (25,525 single-family, 9,544 in multi-unit buildings)2010: 43,716 units (25,693 single-family, 18,023 in multi-unit buildings)20102011: 45,471 units (21,705 single-family, 23,766 in multi-unit buildings)2012: 58,549 units (27,736 single-family, 30,813 in multi-unit buildings)2013: 80,742 units (37,034 single-family, 43,708 in multi-unit buildings)2014: 83,645 units (39,220 single-family, 44,425 in multi-unit buildings)2015: 98,188 units (45,644 single-family, 52,544 in multi-unit buildings)20152016: 102,350 units (50,311 single-family, 52,039 in multi-unit buildings)2017: 114,780 units (57,132 single-family, 57,648 in multi-unit buildings)2018: 113,502 units (58,831 single-family, 54,671 in multi-unit buildings)2019: 110,197 units (58,575 single-family, 51,622 in multi-unit buildings)2020: 106,075 units (59,043 single-family, 47,032 in multi-unit buildings)20202021: 119,436 units (65,890 single-family, 53,546 in multi-unit buildings)2022: 120,780 units (63,628 single-family, 57,152 in multi-unit buildings)2023: 111,760 units (58,534 single-family, 53,226 in multi-unit buildings)2024: 101,545 units (61,143 single-family, 40,402 in multi-unit buildings)2025: 103,856 units (57,739 single-family, 46,117 in multi-unit buildings)2025

Housing units authorised in California by year, 1995–2025single-family2+ unit buildings

Single-family share of the latest 12 months: 50% (63% nationally). Since 1995: 3,486,749 units.

Year by year

Each year's index change and permits, with every county's figures for that year.

YearCalifornia indexUS indexUnits permittedSingle-family
2025+0.8%+2.8%103,85657,739
2024+4.4%+4.9%101,54561,143
2023+1.8%+5.7%111,76058,534
2022+15.9%+15.5%120,78063,628
2021+12.7%+11.6%119,43665,890
2020+2.3%+3.0%106,07559,043
2019+3.2%+4.2%110,19758,575
2018+6.5%+5.7%113,50258,831
2017+6.4%+5.4%114,78057,132
2016+7.8%+5.3%102,35050,311
2015+5.8%+4.4%98,18845,644
2014+14.1%+6.2%83,64539,220
2013+10.5%+3.4%80,74237,034
2012−0.3%−1.8%58,54927,736
2011−5.9%−4.4%45,47121,705
2010−3.3%−5.1%43,71625,693
2009−15.2%−7.5%35,06925,525
2008−19.8%−4.5%62,68132,432
2007−4.5%+0.6%110,07368,266
2006+10.5%+6.6%160,502107,714
2005+26.0%+12.4%205,020154,703
2004+20.9%+9.2%207,390151,568
2003+9.9%+4.5%191,948139,870
2002+10.5%+5.4%159,573123,013
2001+12.1%+6.7%146,739107,361
2000+14.1%+8.3%145,575105,018
1999+6.6%+4.3%138,039102,750
1998+8.1%+3.7%124,03593,414
1997+2.6%+3.8%109,58984,149
1996−0.2%+3.2%92,06073,532
1995−2.7%+3.7%83,86468,148

Cities issuing the most permits

Housing units authorised in the 12 months to August 2026; every place is listed on its county page.

Questions and answers

How much have home values in California risen over 10 years?

The FHFA index rose +80.3% between 2015 and 2025, +6.1% a year; over 20 years +56.4% and since 2000 +224.1%. Nationally: +85.0%, +79.1% and +158.3%.

Which California counties rose most over 10 years?

Del Norte County (+112.7%), Imperial County (+109.0%) and Riverside County (+105.4%), by FHFA's annual county index to 2025.

What happened to California home prices in 2008?

The state index peaked in 2006, fell −41.1% to 2012 and regained its peak in 2020.

How many homes are being built in California?

111,538 units were authorised in the 12 months to August 2026: 55,792 single-family and 55,746 in multi-unit buildings, 2.8 per 1,000 residents.

Where does this data come from?

FHFA's quarterly all-transactions state index (through 2026 Q2) and annual state index (updated March 31, 2026); the Census Bureau's Building Permits Survey state and county files through August 2026; vintage 2025 population estimates.

Provenance

Index: Federal Housing Finance Agency, quarterly all-transactions and purchase-only state indexes through 2026 Q2 and annual state index (updated March 31, 2026). Permits: Census Bureau Building Permits Survey state, county and place files through August 2026. Population: Census Bureau vintage 2025 estimates. Public domain. Corrections · FHFA HPI datasets.