State housing market cools

Sales of existing single-family homes in California’s eased slightly in May, possibly the result of “buyer fatigue,” according to the California Association of Realtors.

Overall sales were 445,600 in May, down 2.7 percent in April and up 86.7 percent year-over-year, the Los Angeles-based association reported Wednesday.

At the same time, the median price statewide of an existing single-family home was $818,260. That was a record high and up 0.5 percent from April and 39.1 percent from May of last year.

“The overheated housing market is showing signs of a much-needed cooling and could be a sign of waning buyer interest as the torrid pace of home price increases and buyer fatigue adversely affected demand,” said Dave Walsh, association president, in the statement.

“We’re seeing many would-be buyers taking a break and hoping to see more listings as the economy reopens and prospective sellers list their homes for sale.

In the Inland Empire, the median price of a single-family home in May was $510,000, a two percent month-over-month increase, the association reported.

The statewide sales figure are annualized, meaning they represent what would be the total number of homes sold during 2021 if sales maintained their May pace all year. Those figures are adjusted to account for seasonal factors that impact home sales, according to the association.