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Subjects: ECO, STP

California home sales dip in November, C.A.R. reports


LOS ANGELES, Dec. 18, 2017 /PRNewswire-USNewswire/ -- California home sales dipped slightly in November from a year ago, while the median sales price recorded its highest year-over-year gain since January 2016, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.  

CALIFORNIA ASSOCIATION OF REALTORS (PRNewsFoto/C.A.R.) (PRNewsfoto/CALIFORNIA ASSOCIATION OF REALT)

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 440,340 units in November, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2017 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The November sales figure was up 2.1 percent from the 431,080 level in October and down 0.8 percent compared with home sales in November 2016 of a revised 443,960. The annual sales dip is largely attributed to an unseasonally strong sales pace last November. Year-to-date sales are running 1.5 percent ahead of last year's pace, but the annual sales pace has been declining since first quarter 2017.

"The state's housing market performed better than we anticipated in November, despite a slowdown in sales activity in the second half of the year," said 2018 C.A.R. President Steve White. "While high-priced markets have performed well in recent months, sales remain lackluster in the lower-priced segments as the supply of affordable homes continues to shrink. This tale of two markets is not a story that we enjoy telling as the dichotomy in the market is posing some affordability challenges to many potential homebuyers who want to enter the market."   

After reaching its highest level in a decade in August, the statewide median price was essentially flat from October but remained above the $500,000 mark for the ninth straight month. The $546,820 November median price was 0.1 percent higher than October's $546,430 price but climbed 8.8 percent from the revised $502,490 recorded in November 2016. The year-over-year gain was the highest since January 2016. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling, as well as a general change in values.

"The statewide median home price increased year-over-year at the highest rate in nearly two years, which was faster than what we anticipated earlier in the year," said C.A.R. Senior Vice President and Chief Economist Leslie-Appleton-Young. "With the Federal Reserve hiking its benchmark interest rate last week, we expect more rate increases next year as the Fed attempts to keep inflation in check. As rates rise, the cost of homeownership will go up, and housing affordability will further deteriorate if the trend continues."

Other key points from C.A.R.'s November 2017 resale housing report include:

Graphics (click links to open):

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales.  Movements in sales prices should not be interpreted as changes in the cost of a standard home.  The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold.  The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage.  A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property.  It is calculated as the sale price of the home divided by the number of finished square feet.  C.A.R. currently tracks price-per-square foot statistics for 39 counties.

Leading the way...® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

November 2017 County Sales and Price Activity

(Regional and condo sales data not seasonally adjusted)


November 2017

Median Sold Price of Existing Single-Family Homes

Sales

State/Region/County

Nov. 2017

Oct. 2017


Nov. 2016


Price
MTM%
Chg

Price
YTY%
Chg

 Sales
MTM%
Chg

 Sales
YTY%
Chg

Calif. Single-family home

$546,820

$546,430


$502,490

r

0.1%

8.8%

2.1%

-0.8%

Calif. Condo/Townhome

$451,250

$450,880

r

$416,860

r

0.1%

8.2%

-8.4%

-0.5%

Los Angeles Metro Area

$503,790

$492,340


$461,440

r

2.3%

9.2%

-10.7%

-3.5%

Inland Empire

$344,020

$342,130


$317,620

r

0.6%

8.3%

-11.9%

-6.2%

San Francisco Bay Area

$910,350

$892,720


$809,150


2.0%

12.5%

-4.3%

0.7%











San Francisco Bay Area










Alameda

$880,000

$862,450


$800,000


2.0%

10.0%

-12.7%

0.4%

Contra-Costa

$615,000

$615,000


$569,000


0.0%

8.1%

-7.8%

-1.0%

Marin

$1,230,000

$1,252,500


$1,050,000


-1.8%

17.1%

20.6%

38.5%

Napa

$682,000

$649,000


$637,500


5.1%

7.0%

22.5%

-2.0%

San Francisco

$1,500,000

$1,594,000


$1,360,500


-5.9%

10.3%

3.0%

18.5%

San Mateo

$1,486,000

$1,522,500


$1,216,750


-2.4%

22.1%

2.4%

5.4%

Santa Clara

$1,282,500

$1,242,500


$1,010,000


3.2%

27.0%

-6.8%

-7.8%

Solano

$410,000

$415,000


$380,000


-1.2%

7.9%

-20.8%

-15.8%

Sonoma

$655,000

$645,000


$578,000


1.6%

13.3%

25.2%

14.7%

Southern California










Los Angeles

$530,920

$580,360


$487,060

r

-8.5%

9.0%

-12.6%

-2.8%

Orange

$785,000

$786,000


$734,500


-0.1%

6.9%

-4.2%

0.6%

Riverside

$383,000

$382,500


$352,500


0.1%

8.7%

-9.1%

-6.7%

San Bernardino

$280,000

$274,450


$250,000

r

2.0%

12.0%

-15.9%

-5.4%

San Diego

$619,900

$603,000


$557,000


2.8%

11.3%

-10.4%

-6.1%

Ventura

$640,000

$635,000


$625,000

r

0.8%

2.4%

-7.0%

-3.5%

Central Coast










Monterey

$618,120

$575,000


$515,000


7.5%

20.0%

-6.3%

4.2%

San Luis Obispo

$615,000

$560,000


$560,000


9.8%

9.8%

-3.8%

-7.7%

Santa Barbara

$742,000

$653,000


$719,500


13.6%

3.1%

-1.3%

12.1%

Santa Cruz

$870,000

$867,000


$795,000


0.3%

9.4%

0.0%

26.9%

Central Valley










Fresno

$264,000

$254,950


$238,000


3.5%

10.9%

-9.9%

3.5%

Glenn

$232,000

$215,000


$215,000


7.9%

7.9%

26.7%

46.2%

Kern

$235,000

$229,500


$225,000


2.4%

4.4%

-6.0%

6.8%

Kings

$230,000

$213,500


$210,000


7.7%

9.5%

-3.7%

-10.2%

Madera

$245,000

$251,980


$216,950


-2.8%

12.9%

6.5%

2.1%

Merced

$255,000

$250,000


$215,000


2.0%

18.6%

-12.2%

5.5%

Placer

$450,000

$455,000


$427,000


-1.1%

5.4%

-10.8%

-2.9%

Sacramento

$349,900

$349,900


$325,000


0.0%

7.7%

-6.3%

-3.7%

San Benito

$649,880

$545,000


$503,090


19.2%

29.2%

-21.6%

-25.9%

San Joaquin

$360,500

$340,000


$319,000


6.0%

13.0%

-35.9%

-31.0%

Stanislaus

$298,750

$295,000


$271,500


1.3%

10.0%

-13.5%

-5.1%

Tulare

$215,000

$225,000


$217,500


-4.4%

-1.1%

0.0%

12.7%

Other Calif. Counties










Amador

$348,950

$309,000


$275,000


12.9%

26.9%

-32.2%

-11.1%

Butte

$315,000

$307,700


$279,000


2.4%

12.9%

-10.5%

-6.5%

Calaveras

$318,000

$298,000


$268,500


6.7%

18.4%

8.7%

44.9%

Del Norte

$214,000

$220,000


$225,000


-2.7%

-4.9%

40.0%

25.0%

El Dorado

$470,000

$445,000


$442,000


5.6%

6.3%

0.6%

35.0%

Humboldt

$310,000

$305,450


$289,000


1.5%

7.3%

-18.1%

-20.2%

Lake

$262,000

$257,500


$259,000


1.7%

1.2%

15.7%

14.1%

Lassen

$189,000

$160,000


$144,500


18.1%

30.8%

7.4%

31.8%

Mariposa

$250,000

$275,000


$258,250


-9.1%

-3.2%

-54.5%

-64.3%

Mendocino

$374,500

$405,000


$371,500


-7.5%

0.8%

2.0%

4.2%

Mono

$400,000

$715,000


$618,750


-44.1%

-35.4%

-6.7%

-22.2%

Nevada

$405,750

$388,500


$358,500


4.4%

13.2%

-8.5%

0.0%

Plumas

$302,000

$320,000


$266,000


-5.6%

13.5%

-4.3%

45.2%

Shasta

$250,000

$255,000


$250,000


-2.0%

0.0%

-14.2%

-1.3%

Siskiyou

$189,500

$217,500


$183,000


-12.9%

3.6%

0.0%

12.8%

Sutter

$270,000

$285,000


$259,000


-5.3%

4.2%

-17.6%

0.0%

Tehama

$224,500

$210,000


$235,000


6.9%

-4.5%

14.0%

25.6%

Tuolumne

$325,000

$266,000


$260,000


22.2%

25.0%

-21.5%

-3.9%

Yolo

$440,000

$445,500


$375,000


-1.2%

17.3%

-12.5%

9.9%

Yuba

$285,000

$271,950


$265,000


4.8%

7.5%

-19.8%

-4.2%

r = revised
NA = not available

November 2017 County Unsold Inventory and Time on Market

(Regional and condo sales data not seasonally adjusted)


November 2017

Unsold Inventory Index

Median Time on Market

State/Region/County

Nov. 2017

Oct. 2017


Nov. 2016


Nov. 2017

Oct. 2017


Nov. 2016


Calif. single-family home

2.9

3.0


3.1


22.0

21.0


30.0

r

Calif. Condo/Townhome

2.2

2.3


2.6


17.0

16.0


27.0

r

Los Angeles Metro Area

3.3

3.3


3.6


27.0

27.0


41.0

r

Inland Empire

3.9

3.6


4.1


45.0

31.0


31.0

r

San Francisco Bay Area

1.5

1.9


1.9


15.0

15.0


22.0

r











r

San Francisco Bay Area











Alameda

1.2

1.5


1.5


13.0

13.0


15.0

r

Contra Costa

1.7

2.0


1.9


14.0

15.0


17.0

r

Marin

1.6

2.8


2.5


36.0

29.0


42.0

r

Napa

3.8

5.5


4.1


57.5

61.0


46.5

r

San Francisco

1.1

1.6


1.7


16.0

14.0


25.0

r

San Mateo

1.2

1.7


1.6


12.0

11.0


14.0

r

Santa Clara

1.2

1.4


1.6


9.0

9.0


17.0

r

Solano

2.4

2.0


2.4


32.5

36.0


41.0

r

Sonoma

1.7

2.8


2.3


44.0

39.0


51.0

r

Southern California











Los Angeles

2.9

2.9


3.3


21.0

21.0


33.0

r

Orange

2.8

3.1


3.3


24.0

28.0


46.0

r

Riverside

3.9

3.7


4.3


29.0

29.0


45.0

r

San Bernardino

3.9

3.5


3.6


34.0

34.0


45.0

r

San Diego

2.7

2.7


3.0


17.0

19.0


20.0

r

Ventura

4.4

4.6


4.3

r

51.0

51.0


57.0

r

Central Coast











Monterey

3.8

4.1


4.4


28.0

25.0


32.0

r

San Luis Obispo

3.7

4.0


3.5


30.0

30.5


42.0

r

Santa Barbara

3.7

4.2


4.5


35.0

26.0


32.0

r

Santa Cruz

2.2

2.9


2.9


22.5

19.0


27.0

r

Central Valley











Fresno

2.1

2.1

R

3.1

r

18.0

16.0


20.0

r

Glenn

3.8

5.5


5.8


45.0

47.0


56.0

r

Kern

3.3

3.4


4.0


25.0

26.0


30.0

r

Kings

3.5

3.4


3.1


16.0

24.5


22.5

r

Madera

3.5

3.9

R

4.7

r

28.0

23.0


23.0

r

Merced

3.6

3.2


3.0


25.0

19.0


25.0

r

Placer

2.3

2.5


2.4


17.0

20.0


22.0

r

Sacramento

2.3

2.5


2.2


17.0

13.0


18.0

r

San Benito

4.1

3.5


2.9


23.5

36.0


31.0

r

San Joaquin

2.9

2.6


2.7


14.0

17.0


20.0

r

Stanislaus

2.6

2.6


3.0


18.0

15.0


21.0

r

Tulare

3.9

4.3


3.9


29.5

21.5


30.0

r

Other Calif. Counties











Amador

5.4

4.2


4.4


69.0

38.0


55.0

r

Butte

2.8

2.9


3.3


18.0

24.0


39.0

r

Calaveras

4.3

5.3


6.1


60.0

58.5


60.0

r

Del Norte

4.0

6.2


4.9


111.0

115.0


156.0

r

El Dorado

2.7

3.5


3.0


40.0

48.0


43.0

r

Humboldt

5.3

4.7


2.9


28.0

24.0


31.0

r

Lake

4.7

6.3


5.1


54.0

36.5


81.0

r

Lassen

5.0

6.4


NA


85.0

93.0


107.0


Mariposa

12.2

5.4


4.6


6.0

71.0


38.0

r

Mendocino

5.7

6.4


6.3


63.5

55.0


79.0

r

Mono

4.9

5.5


5.9


153.5

125.0


134.5

r

Nevada

3.9

4.0


3.8


33.0

30.0


30.0

r

Plumas

5.1

6.6


8.3


143.0

117.0


143.0


Shasta

4.3

4.2


4.2


33.0

33.0


38.0

r

Siskiyou

5.5

6.5


6.0


60.5

31.0


55.0

r

Sutter

3.0

2.9


2.2


32.0

24.0


25.0

r

Tehama

4.0

5.2


5.4


63.0

91.0


51.0

r

Tuolumne

3.9

3.8


4.7


42.0

63.5


71.0

r

Yolo

1.9

2.0


2.9


22.0

20.0


21.0

r

Yuba

3.4

2.8


3.0


17.0

22.0


22.5

r

r = revised
NA = not available

SOURCE CALIFORNIA ASSOCIATION OF REALTORS


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