IE Business Daily Business news for the Inland Empire.
California’s housing market slipped slightly in March compared with the previous month, perhaps a sign of potential buyers holding back because of concerns about the economy’s immediate future.
Statewide sales of existing single-family homes last month totaled 277,030, down 2.3 percent in February but up 4.9 percent year-over-year, according to data released April 18.
The median home price in California in March was $884,350, up 6.7 percent from February and up 3.5 percent compared with March 2024, the California Association of Realtors reported.
The association’s sales figures are annualized, meaning they reflect what would be the total number of homes sold during 2025 if sales maintained the March pace throughout the year. They also take into account seasonal factors that typically affect home sales.
Pending home sales also declined throughout the state in March.
“Despite mortgage rate swings and financial market volatility, housing conditions remained stable in March,” said Jordan Levine, the association’s senior vice president and chief economist, in a statement. “Although slower open-escrow sales point to a sluggish start for the spring season, increased inventory and modest price growth offer hope for buyers seeking more options and improved affordability.”
In the Inland Empire, March sales were up 23.4 percent month-over-month but essentially unchanged year-over-year, while the median home price – $609,230 – was a three percent decline from February but a 2.5 percent increase compared with March 2024, the association reported.
