IE Business Daily Business news for the Inland Empire.
Sales of existing single-family homes in California reached 289,460 in May, up 9.8 percent from April but down 23.6 percent year-over-year, according to data released this week.
The statewide median home price last month was $836,110, up three percent from April and down 6.4 percent from May 2022, the Los Angeles-based California Association of Realtors reported.
During the first five months of the year, home sales were down 35.1 percent year-over-year.
The May sales numbers – the largest in eight months – were annualized, meaning they represent what would be the total number of homes sold this year if sales maintained the May pace throughout the year.
They also take into account seasonal factors that affect the housing market.
Half of the homes in California are selling above asking price, fewer sellers are reducing prices, and homes for sale are going into pending status in just two weeks compared to more than 30 days early this year, said association President Jennifer Branchini.
“The housing market is stabilizing and even showing signs of improvement as competition is on the rise again,” Branchini said in the statement.
