June 2026 Market Update: SLO County Is Firmer Than You Think

Before we get into the numbers this month, we have to mention something. This marks our 35th year of real estate here in San Luis Obispo County, and we’re coming to you from beautiful downtown San Luis Obispo. We feel incredibly fortunate to live and work in a place like this.

We’re also excited to be part of Equity Union Real Estate. The company we joined not too long ago just became number one nationally in growth over the last five years in terms of transactions, and that wasn’t by buying other companies. That was just pure growth from helping more clients. We’re honored to be affiliated with such a great company.

Now let’s get into it. We want to talk about three things today: the local market, the national market, and the financial markets, because all three of them affect your real estate decisions.

The local market. When we look at inventory in San Luis Obispo County, month over month, there’s not much change. It’s basically flat. Year over year, we’ve seen about a 5% increase in listings.

Now, as you hear these numbers, I want you to keep last year in mind. The first five or six months of 2025 were a very challenging time for our market. We saw a real shift in pricing. Homes that had solid comps and were listed at what seemed like the right price in January through May of last year were selling for significantly less, sometimes in the 10% range. Last year was tough.

This year is a different story.

Pending sales were up 38% month over month. May was a very strong month. Year over year, pending sales are up 23%. Those are very healthy numbers. Closed sales dipped about 10% from the prior month, but year over year, we’re up about 18%.

Here’s the number that really tells the story. We had 181 closings last month in the areas we serve, and there are currently 475 homes for sale. At that pace, it would take 2.6 months to sell every home on the market. That’s what we call the absorption rate, and anything under 3 months is still considered a seller’s market.

Does that mean every home is in a seller’s market? No. It varies by neighborhood, price point, and condition. But in general, San Luis Obispo County is a strong, stable market right now.

And I’ll give you one anecdotal example because it was pretty remarkable. We had a nice, single-level, newer-construction home that we listed for a family at around $1.5 million. It ended up with eight offers and is going to sell for well over $250,000 above the asking price. We don’t usually see that kind of demand. Multiple offers, sure. But eight? I haven’t seen that in a while. Fun for the sellers, and we enjoyed helping with that process.

So the takeaway on the local market is this: last year, it was softening. This year it’s very firm and stable. The market is cyclical. That’s the biggest thing you can take from the data.

The national market. We don’t talk about the national picture as often, but it’s worth a quick look because what happens nationally does affect us locally. Right now, the country is on pace to sell about 4 million existing homes this year. And last year? About 4 million. Pretty steady.

The national median home price last year was $414,000. This year, it’s $417,000. That’s an increase of $3,000. Not dramatic. Not a correction. Just stable. The number of sales and the price level are both remarkably consistent, and in a market where everyone is looking for the next big shift, consistency is actually the story.

Obviously, it varies by area, location, and price range. But in general, the national market is predictable right now, and that’s a good thing.

The financial picture. We’re not going to dive too deep here because there’s a lot going on in the world, and we’re not financial advisors. We’re real estate people. But it’s worth acknowledging the backdrop.

There’s a conflict driving up fuel prices. The cost of goods is being affected by supply chain pressures on things like semiconductor materials and industrial components. That affects what households can afford. And yet, the stock market is at an all-time high. It’s hard to figure out what’s going on when one set of signals says things are tight and another says things are booming.

So I keep coming back to this: stay in your lane. Real estate has been fairly steady through all of this, and it’s something people can lean on. But every household, every home, and every situation is different. Real estate is as individualistic as a thumbprint.

The bottom line. The market here in San Luis Obispo County is steady. It’s better than last year. It’s fairly predictable. There are great opportunities whether you’re buying or selling, but the right move depends entirely on your specific situation. That’s why we’re here. With 35 years in this business, all I know is that I know less today than I thought I knew two years ago, and that keeps us sharp.

If you have any questions, we’d love to hear from you. Call us at (805) 781-3750, email us at hal@teamsweasey.com, or visit teamsweasey.com. Have a great day, and we’ll talk to you next month.