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May registered the highest monthly sales count so far this year in Greater Victoria, though activity was still well short of typical May levels. Meanwhile, inventory continued on its upward trajectory reaching its highest level in any month since late 2014. These opposing forces have worked to push overall market conditions further into balance.
Sales in the Central Okanagan through the first five months of this year are trending at one their lowest levels in more than a decade. Despite this, overall supply-demand conditions in May were the tightest they’ve been in years, with the months of inventory metric reaching a nearly three-year low. This is a direct function of what has been happening with active listings, which were down considerably from the highs of 2025.
MLS sales in the Vancouver Region reached a new high-watermark for the year in May—which is often when sales peak—but in the context of the past two decades, they were historically low. All told, sales through the first five months of the year were the lowest of any January-to-May period going back to 2005. Despite this softness, overall market conditions have been stable given that there are fewer active listings on the market now than at the same time last year.
Inventory in King County climbed to its highest May level in over a decade while sales remained well below historical norms. With inflation re-accelerating and mortgage rates rising, demand is unlikely to find a meaningful catalyst anytime soon.
Detached sales in the Coachella Valley rose year-over-year in May for the first time in several months, even as overall inventory continued to contract. With mortgage rates holding stubbornly, the market's near-term trajectory remains tied to the inflation outlook.
San Diego's May market is really two markets in one: single-family supply is running 34% below its 10-year average, keeping prices anchored and conditions deep in sellers' territory, while attached properties are contending with above-average inventory and modest year-over-year price softness.
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