Sales of existing homes are down 6% in the US West compared to a year earlier, says the National Association of Realtors. The nationwide combination of lower sales and higher inventory of homes on the market matches the local trend. The number of homes for sale is the highest in years in Tulare County according to the latest Tulare County Association of Realtors figures.The number of homes sold in May in the county is down 42% from a year earlier. As of May 2025 there were 700 homes on the market for sale. In May 2022 the county had an inventory of about 460 homes on the market. Inventory builds when sales slow. There were about 225 homes sold in the county in May compared to nearly 300 in May 2022. On a brighter note, May 2025 pending sales showed an uptick.
The number of homes sold in May in the county is down 42% from a year earlier.As of May 2025 there were 700 homes on the market for sale. In May 2022 the county had an inventory of about 460 homes on the market.
The California Association of Realtors (CAR) says existing single-family home sales statewide totaled 254,190 in May, down 5.1 percent from 267,710 in April and down 4.0 percent from 264,850 in May 2024. May’s statewide median home price was $900,170, down 1.1 percent from April and down 0.9 percent from $908,000 in May 2024.
Other key points from C.A.R.’s May 2025 resale housing report include at the regional level home sales in all but one major region in California recorded a sales decline in May as home purchase desire pulled back across the state. The Central Coast region experienced the biggest sales drop from last year with a decline of 8.4 percent, as three of its four counties recorded year-over-year losses. The San Francisco Bay Area followed closely behind with a drop of 8.2 percent, while sales in Southern California fell 7.6 percent and the Central Valley dipped 5.2 percent. The Far North region (0.5 percent) was the only region with a gain from last year, but the increase was essentially flat.
The CAR report says the median price of homes sold in Tulare County was $385,000 in May and sales were down 12% year over year. The slowdown in sales shows up in the time it takes to sell a home – rising to 23 days in May 2025 from 15 a year ago.
The trend in higher inventories nationwide is also seen in new home sales with 507,00 new homes on the market compared to approximately 300,000 in 2020 – before the pandemic. Figures are from the Census Bureau.The US new home inventory is 8% higher than a year ago. For-sale inventory in California’s largest metros averages 36% above a year earlier for April 2025, from data released by Zillow. Home builders are affected with 102,000 completed, unsold homes sitting on their builder lots- the highest level since 2009.
Home builders in Visalia have more than doubled the number of new homes they have permitted through June compared to the year before as multiple annexations have created an opportunity to build. So far this year Visalia has permitted 321sf new homes compared to 157 this time last year.Multi family construction is down 42%. Will home builders be rewarded or punished?
Lower prices coming?
Another report says “The number of homes for sale in the U.S. market has just passed the 1 million mark, according to data from Realtor.com and Reventure App, as inventory continues piling up in the market without finding enough willing buyers.Before the pandemic, in May 2019, there were 1,180,934 active listings on the U.S. market. During the pandemic home buying frenzy, spurred by historically low mortgage rates and the rise of remote work, U.S. housing inventory plunged to 447,670 in May 2021—a shortage that brought up prices for the few homes available on the market. Since then, inventory crawled back up slowly.Last month was the first May since 2019 when active listings were above the 1 million mark. At 1,036,101, however, they are still below pre-pandemic levels. This surge in the number of homes for sale is putting significant downward pressure on home prices, which some experts now expect to fall by the end of the year.”