IE Business Daily Business news for the Inland Empire.
California’s housing sales declined for the second straight month in April, as the state’s median price hit an all-time high.
Sales of existing single-family homes last month totaled 267,710, down 3.4 percent in March but essentially unchanged from April 2024, according to data released May 19 by the California Association of Realtors.
Those numbers are annualized, meaning they represent what would be the number of homes sold during 2025 if sales maintained their April pace during the entire year. They also take into account seasonal factors that normal impact the housing market.
“The housing market experienced a sluggish start to this spring-buying season, as home purchase sentiment declined due to concerns over tariffs and a potential recession,” said Heather Ozur, association president and Palm Springs realtor, in a statement. “With prices gradually increasing and mortgage rates remaining high, homebuyers are showing some hesitation amid the economic uncertainty.
“As trade negotiations between the U.S. and its trading partners continue, we hope to see more clarity once these trade deals are finalized.”
The statewide median home price during the fourth month of the year was $910,160, up 2.9 percent from March and up 0.7 percent compared with April 2024. That was the first time in 10 months the median price topped $900,000.
Year-to-date, sales were up 1.4 percent. Home sales throughout California have been below 300,000 for the last 31 months, the association reported.
