SF February Real Estate Market Report 2026

The Census estimates population changes from July 1 st to July 1 st .

California: Components of Population Change*

CA population changes in recent years have been characterized by 1) many more residents moving to other states than moving into CA (negative net domestic migration), 2) high net foreign immigration, and 3) more births than deaths (natural cause). Total population was essentially unchanged in the last year (down .02%) but has declined since the pandemic hit. Due to new federal policies, net foreign immigration plunged 65% in the last 12-month period and is expected to decline further – and perhaps turn negative (more immigrants leaving than arriving).

July 1, 2024 – July 1, 2025

April 1, 2020 – July 1, 2025

109,715

109,278

973,812

Since the Pandemic Hit

1,000,000

100,000

531,304

Net Foreign Immigration

50,000

500,000

Net Foreign Immigration

0

0

Natural Cause

(9,465)

Net Domestic Migration

Natural Cause

Total Population Change

-50,000

(200,394)

-500,000

Net Domestic Migration

Total Population Change

Last 12-Month Period

-100,000

-1,000,000

-150,000

Foreign immigration declined 65% year over year in the last 12-month period.

-1,500,000

-200,000

(1,691,867)

(229,077)

-250,000

-2,000,000

*Estimates published 1/27/26 by U.S. Census. All numbers approximate, may contain errors, and may be revised in future estimates. Census numbers will not total perfectly due to “Population change that cannot be attributed to any specific demographic component.”

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