May Housing Update: Inventory Free-Fall Easing Toward Summer Season

Regional Spotlight—The marked decline in single family inventory over the past several months appears to be slowing in May, while still remaining significant in some areas of California.

Santa Clara, Santa Cruz and San Mateo Counties remained virtually flat compared to the previous month; however each of these counties remains more than 30 percent below inventory levels for the same time last year.

Single-family sales posted positive signs in May; in Santa Cruz County, sales were up 52 percent from the same month last year, and in Santa Clara County sales increased 25 percent from the same month last year. The largest increase in median price occurred in Monterey County, up 19 percent, remaining in positive digits for seven straight months.

Median price in Santa Cruz County increased 14 percent; the highest gain since April 2010. New listings in May were down in all counties compared to the same period last year, but four of the five counties gained listings when compared to the previous month.