June was the quiet middle of the summer: values ticked down a hair from May, the annual trend stayed positive, and the market kept its slow split between an appreciating Peninsula and a stabilizing East Bay. Here are the real numbers from Zillow's June 2026 data across the seven cities I cover.

The headline numbers

  • Median typical value (7 cities): $1.96M
  • Average YoY: +0.6% (up from 0.0% in May)
  • Month-over-month: −0.48%, a normal early-summer softening
  • Median days to pending: 14 (vs 13 in May)
  • Direction: 5 of 7 cities positive YoY

Values dipped about half a percent from May while the year-over-year number improved. That's not a contradiction. It means prices a year ago (mid-2025) were softer than the market is now, so the annual comparison keeps getting better even as month-to-month flattens.

City by city

Appreciating:

  • Palo Alto: $3.57M, +3.6% YoY (12 days to pending)
  • Cupertino: $3.01M, +2.7% YoY
  • San Mateo: $1.68M, +2.3% YoY
  • Mountain View: $1.96M, +0.9% YoY
  • Sunnyvale 94087: $2.05M, +0.5% YoY

Still correcting (but narrowing):

  • Fremont: $1.48M, −3.6% YoY (was −4.1% in May)
  • Milpitas: $1.43M, −2.0% YoY (was −2.5% in May)

What it means

June is the month I point clients to when they ask whether the East Bay has bottomed. Fremont improved from −4.1% to −3.6%; Milpitas from −2.5% to −2.0%. One month isn't a trend, but stacked against May and (spoiler) July, it's the middle of a clear narrowing.

On the Peninsula, the story is simply persistence: Palo Alto going pending in 12 days while up 3.6% is a market with no urgency to discount.

What I'm telling clients

Buyers: Summer inventory is your friend; you had more to choose from in June than in the spring frenzy. Use it, especially in the value tier.

Sellers: A half-percent monthly softening is not a reason to panic-price. Prep well, price to the trend, and you're still selling in about two weeks.

Investors: The East Bay narrowing is the signal to watch. If it continues, entry near a floor beats waiting for a bottom you can only see in the rearview mirror.

Data: Zillow Research, ZHVI typical home value and median days-to-pending, seven-city set, month ending June 2026. ZHVI reflects typical home value, not median sale price. Figures update monthly.

Swati