IE Business Daily Business news for the Inland Empire.
The state’s housing market slowed in May, the result of high mortgage rates, concerns about tariffs and a general anxiety about the economy.
Sales of existing single-family homes in California totaled 254,190 last month, down 5.1 percent from April and a four percent decline year-over-year, according to the California Association of Realtors.
Those numbers were annualized, meaning reflect what would be the number of homes sold in 2025 if sales maintained their May sales pace. They also take into account seasonal factors that affect the housing market.
The statewide median home price last month was $900,170, down 1.1 percent from April and down 0.9 percent from May 2024. Year-to-date, sales throughout California were up only 0.3 percent.
“Although the market has slowed in recent months, there’s potential for a rebound if economic concerns subside,” said Jordan Levine, the association’s chief economist, in a statement. “Consumer sentiment appears to have bottomed out, and is now showing signs of improvement. That could support a stronger housing market in the second half of the year.”
In the Inland Empire, sales were down 4.5 percent month-over-month and 5.4. percent year-over-year, while the median home price – $610,000 – was essentially unchanged from April, but down nearly 20 percent from May 2024, the association reported.
