Sales of existing single-family homes in California fell 15.2 percent year-over-year in May, according to the California Association of Realtors.
Statewide sales totaled 377,790 during the fifth month of the year, while the median price of a single-family home was $898,980, up 9.9 percent from May 2021, the Los Angeles-based association reported.
For the first five months of the year, sales were down 8.9 percent compared with 2021.
The above numbers are annualized, meaning they represent what would be the total number of homes sold during the year if sales maintains the May pace throughout the year. They also take into account seasonal factors that affect home sales.
“We’re beginning to see signs of a more balanced housing market with fewer homes selling above list price and homes remaining on the market a little longer than in previous months,” said Otto Catrina, association president, in the statement. “What this tells us is that there is slightly more supply and fewer bidding wars.
“Those who’ve experienced ‘buyers’ fatigue’ may now have a window of opportunity.”
In the Inland Empire, the median price of a single-family home last month was $597,380, up 17.2 percent year-over-year, while sales were down 13.4 percent during that time, the association reported.