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NAR Chief Economist Lawrence Yun breaks down how government guarantees impact rates and why they matter for every homebuyer. Have a question about the real estate economy? Email AskTheEconomist@nar.realtor

GOVERNMENT AFFAIRS UPDATE Governor Wraps Up Bill Signings,  Concludes First Year of Legislative Session This week, Governor Gavin Newsom took action on a wave of bills, officially wrapping up the first year of the Legislature’s two-year session. Under normal circumstances, the Governor has 12 days to sign or veto bills once they’ve been approved by both houses of the Legislature. If no action is taken within that time, the legislation automatically becomes law. However, the

California home sales rebound in September with modest monthly and annual gains, C.A.R. says Existing, single-family home sales totaled 277,410 in September on a seasonally adjusted annualized rate, up 5 percent from 264,240 in August and up 6.6 percent from 260,340 in September 2024. September’s statewide median home price was $883,640, down 1.7 percent from $899,130 in August and up 1.8 percent from $868,150 in September 2024. Year-to-date statewide home sales were up 0.4