Home sales down, prices up across California
RIVERSIDE, Calif. (KESQ) - Home sales declined in California last month while prices went up, according to the California Association of Realtors.
Sales of existing, single-family homes totaled 265,320 in March on a seasonally adjusted basis, down 3.5% from February and down 2.5% from March 2025.
"March home sales were subdued, as higher mortgage rates and stock market volatility kept many buyers on the sidelines,'' CAR President Tamara Suminski said Tuesday. "As both geopolitical tension and interest rates ease for the third straight week, buyers and sellers who have been taking a wait-and-see strategy could return to the market if the conflict in the Middle East continues to stabilize.''
All five major regions in California recorded year-over-year sales increases on a non-seasonally adjusted basis last month, but the yearly gains were due primarily to an additional business transaction day in March this year compared to last year, CAR said.
Riverside County saw a 30.4% increase in sales in March, and a 0.2% increase over March of 2025. The Inland Empire region saw a 31.1% increase from February and a 2.3% increase from last year.
The statewide sales numbers reported by CAR are on a seasonally adjusted annualized rate, adjusted to account for factors that typically influence home sales. Localized sales figures for March are not seasonally adjusted and therefore do not reflect the overall decrease in sales.
Following the traditional seasonal pattern, the statewide median home price rose solidly from February to March but only inched up slightly on a year-over-year basis. California's median price increased 7.1% from February, from $830,370 to $889,190 -- 0.4% higher than one year ago.
It rose 2% in Riverside County, from $631,000 to $643,740, a 0.8% increase from one year ago. The Inland Empire's median price rose 1.5% last month, from $601,350 to $610,480, 0.2% lower than last year.
The county with the highest median home price in California in March was San Mateo County at $2.25 million. The lowest median price was Lassen County's $216,000, which was 8.5% higher than the previous month.
