Photo by Tierra Mallorca at unsplash.com

Elevated interest rates and economic uncertainty are being cited for a statewide decline in sales for March, according to the latest data from the California Association of Realtors.

Existing, single-family home sales in California totaled 277,030 in March on a seasonally adjusted annualized rate, down 2.3% from 283,540 in February and up 4.9% from 264,200 in March 2024.

“Home sales slowed in March as both buyers and sellers grew more concerned about the ongoing tariff situation and its potential impact on their personal finances,” said C.A.R. President Heather Ozur, a Palm Springs REALTOR®. “With uncertainty weighing on those still striving for the American Dream, this is an important time for REALTORS® to use their expertise to guide clients through the challenges.”

In the Central Valley, sales were mostly up in March on a monthly and annual basis.

In Fresno, sales were down 9.3% in March compared to last year, but were up 21% compared to February. The median price for March was $435,000, up 5.3% annually and down 1.8% month over month.

Kings County’s sales were up 32.8% annually, and more than double on a monthly basis. The Kings County median price was $365,000, down 2.7% month-over-month but up 5.8% year-over-year.

Madera County’s sales were up 2.3% annually and 23.4% on the monthly basis. The median price was $446,340, up 5% on the month and 2.6% annually.

Tulare County saw a 6.6% increase in sales in March compared to March 2024, and 44.4% increase compared to February. The median price was $388,120, up 2.1% monthly and 3.5% annually.

Sales in the 12-county Central Valley region (2.5%) also inched up from last year, but the increase was not as robust as the Bay Area, with a 6.5% annual increase in March.