California Home Sales, Median Price Down in May

California recorded 254,190 closed escrow sales of existing, single-family detached homes in May, according to data from the California Association of Realtors (CAR). Last month’s sales pace was down 5.1% from the 267,710 homes sold in April and was down 4% from the 264,850 homes sold in May 2024.

The statewide sales level during May was the lowest in four months, the monthly decline was the first in 17 months and the year-over-year decline was the largest since December 2023. The statewide pending sales in May were lower than last year’s level for the sixth consecutive month, although the year-over-year drop was the smallest in the past six months.

Also dropping was the median home price – $900,170, a 1.1% decline from April’s record high of $910,160 and a 0.9% dip from the $908,000 in May 2024.

Total active listings in May rose on a year-over-year basis by nearly 50%, reaching a 67-month high and the 16th consecutive month of annual gain in housing supply. New active listings grew by 3.5% month-over-month and 22.8% year-over-year. The median number of days it took to sell a California single-family home was 21 days in May, up from 16 days in May 2024.

“Although the market has slowed in recent months, there’s potential for a rebound if economic concerns subside,” said CAR Senior Vice President and Chief Economist Jordan Levine. “Consumer sentiment appears to have bottomed out and is now showing signs of improvement, which could support a stronger housing market in the second half of the year. Buyers may take advantage of improved conditions, including deeper price reductions and increased housing inventory.”