The number of homes sold across Southern California fell sharply in May as the coronavirus outbreak put a freeze on the region’s housing market.
Data released Thursday by DQNews reflect deals that closed escrow, meaning most buyers placed their offers in April and even March, during the height of stay-at-home orders.
Closed sales in May plunged 45% from a year earlier, while the region’s median home price rose 2.7%.
Experts say home sales usually decline before prices do in a market downturn because sellers are reluctant to drop their price until they have to.
As the coronavirus outbreak became a