IE Business Daily Business news for the Inland Empire.
Sales of existing single-family homes in California totaled 281,050 in March, the sixth consecutive month sales have fallen below 300,000, according to data released Tuesday.
That number was one percent below February’s sales but 34.2 percent below March 2022, when sales of detached homes reached 427,000.
The March sales numbers are annualized, meaning they represent what would be the number of homes sold statewide if sales maintained their March pace for the next nine months. They also take into account seasonal factors that affect the housing market.
California’s median home price in March was $791,490, up 7.6 percent from February but down seven percent year-over-year.
Moderately high-interest rates kept the housing market in check, according to the report.
“If interest rates stabilize or even improve in the next couple of months, home sales should rise during the spring home-buying season,” said Jordan Levine, vice president, and chief economist for the California Association of Realtors. “But tight inventory will prevent a rapid rebound.”
In the Inland Empire, sales were up 31 percent between February and March but were down nearly 40 percent year-over-year, the association reported.
