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Lack of housing inventory and deleterious effects of affordability take toll on January home sales, C.A.R. reports


LOS ANGELES, Feb. 16, 2018 /PRNewswire-USNewswire/ -- Following months of defying severe housing inventory shortages and eroding affordability, California's housing market dropped below the 400,000-level sales benchmark for the first time in nearly two years as sales declined on both a monthly and annual basis, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.  

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

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 388,800 units in January, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. It marked the first time since March 2016 that the statewide sales figure dropped below 400,000.

The statewide annualized sales figure represents what would be the total number of homes sold during 2018 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

January's sales figure was down 7.6 percent from the 420,960 level in December and down 2.9 percent compared with home sales in January 2017 of a revised 400,580. The month-to-month decline was the largest in more than two years.

"A persistent shortage of housing inventory and continued affordability crunch is beginning to eat away at the market as buyers struggle to find available homes for sale," said C.A.R. President Steve White. "As such, we're seeing a shift in sales toward inland areas such as San Bernardino County in Southern California, and Placer, San Joaquin, Sacramento, and Stanislaus counties, which are all adjacent to the inventory- and price-challenged San Francisco Bay Area."   

The statewide median price continued to grow at a strong pace over last year and remained above the $500,000 mark for the eleventh straight month. The $527,800 January median price was down 4.0 percent from December's $549,560 and was 7.3 percent higher than the revised $491,840 recorded in January 2017. The year-over-year price gain has been growing at or above 7 percent for seven of the past eight months.

"A tale of two markets continues to be the theme of California's housing market with the lower end of the market bearing the brunt of the housing shortage as sales of homes priced under $300,000 declined by 17.2 percent from a year ago," said C.A.R. Senior Vice President and Chief Economist Leslie-Appleton-Young. "At the other end of the spectrum where inventory is less constrained, homes priced $1 million and higher posted solid annual sales gains, especially in the $1.5 million-$2 million range, which jumped 24 percent."

Other key points from C.A.R.'s January 2018 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 50 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.

 

January 2017 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)


January 2018

Median Sold Price of Existing Single-Family Homes

Sales

State/Region/County

Jan. 2018

Dec. 2017


Jan. 2017


Price MTM% Chg

Price YTY% Chg

 Sales MTM% Chg

 Sales YTY% Chg

Calif. Single-family homes

$527,800

$549,560


$491,840

r

-4.0%

7.3%

-7.6%

-2.9%

Calif. Condo/Townhomes

$433,330

$446,840


$399,760

r

-3.0%

8.4%

-24.1%

-5.3%

Los Angeles Metro Area

$492,450

$495,720


$452,110

r

-0.7%

8.9%

-21.5%

-3.6%

Inland Empire

$349,710

$345,570


$314,390

r

1.2%

11.2%

-16.4%

0.0%

San Francisco Bay Area

$809,900

$885,030


$730,200


-8.5%

10.9%

-33.7%

-4.6%











San Francisco Bay Area










Alameda

$840,000

$862,000


$755,000


-2.6%

11.3%

-38.7%

-5.9%

Contra Costa

$555,000

$600,000


$540,000


-7.5%

2.8%

-28.9%

-6.9%

Marin

$1,317,500

$1,268,900


$1,150,000


3.8%

14.6%

-37.8%

3.7%

Napa

$662,000

$688,000


$662,500


-3.8%

-0.1%

-24.8%

0.0%

San Francisco

$1,330,000

$1,475,000


$1,250,000


-9.8%

6.4%

-34.0%

-8.8%

San Mateo

$1,437,500

$1,500,000


$1,150,000


-4.2%

25.0%

-46.1%

-9.5%

Santa Clara

$1,170,000

$1,300,000


$927,500


-10.0%

26.1%

-35.6%

-4.5%

Solano

$425,000

$416,000


$387,400


2.2%

9.7%

-28.0%

-12.0%

Sonoma

$670,000

$670,000


$579,500


0.0%

15.6%

-24.5%

15.0%

Southern California










Los Angeles

$564,100

$577,920

r

$509,130

r

-2.4%

10.8%

-27.3%

-6.8%

Orange

$780,000

$785,500


$740,000


-0.7%

5.4%

-21.9%

-6.6%

Riverside

$397,250

$385,000


$357,500


3.2%

11.1%

-18.6%

-3.5%

San Bernardino

$277,000

$278,000


$245,440

r

-0.4%

12.9%

-12.9%

5.6%

San Diego

$590,000

$605,000


$550,000


-2.5%

7.3%

-21.4%

-2.4%

Ventura

$660,720

$645,000


$587,250

r

2.4%

12.5%

-8.0%

3.7%

Central Coast










Monterey

$571,500

$614,000


$572,500


-6.9%

-0.2%

-14.6%

9.6%

San Luis Obispo

$565,000

$590,000


$536,000


-4.2%

5.4%

-11.8%

-5.2%

Santa Barbara

$567,000

$730,000


$710,000


-22.3%

-20.1%

-24.3%

6.0%

Santa Cruz

$790,000

$831,000


$800,000


-4.9%

-1.3%

-31.1%

-0.9%

Central Valley










Fresno

$253,500

$259,750


$238,000

r

-2.4%

6.5%

-20.3%

-2.3%

Glenn

$228,500

$230,000


$221,000


-0.7%

3.4%

6.7%

0.0%

Kern

$225,500

$233,000


$215,000


-3.2%

4.9%

-21.1%

-3.8%

Kings

$238,000

$225,000


$200,000


5.8%

19.0%

-23.4%

-1.4%

Madera

$239,000

$245,000

r

$237,500

r

-2.4%

0.6%

21.8%

-9.1%

Merced

$257,000

$239,900


$225,500


7.1%

14.0%

-1.8%

27.4%

Placer

$446,000

$451,500


$425,000


-1.2%

4.9%

-28.9%

11.4%

Sacramento

$350,000

$350,000


$305,000


0.0%

14.8%

-20.8%

3.5%

San Benito

$555,000

$537,000


$550,000


3.4%

0.9%

-17.3%

43.3%

San Joaquin

$350,000

$349,720


$307,500


0.1%

13.8%

-21.3%

9.7%

Stanislaus

$295,000

$300,000


$279,750


-1.7%

5.5%

-20.9%

0.6%

Tulare

$215,730

$219,500


$202,500


-1.7%

6.5%

-20.8%

12.4%

Other Calif. Counties










Amador

$330,000

$305,000


$295,000


8.2%

11.9%

-36.5%

-2.9%

Butte

$314,750

$304,000


$264,000


3.5%

19.2%

-28.5%

9.1%

Calaveras

$306,500

$285,000


$285,000


7.5%

7.5%

-31.6%

12.7%

Del Norte

$198,500

$251,500


$218,500


-21.1%

-9.2%

5.3%

42.9%

El Dorado

$480,000

$450,000


$414,250


6.7%

15.9%

-32.5%

-10.4%

Humboldt

$300,000

$319,500


$296,500


-6.1%

1.2%

-25.9%

3.6%

Lake

$279,000

$269,500


$215,000


3.5%

29.8%

-30.8%

-8.5%

Lassen

$217,750

$175,000


$175,000


24.4%

24.4%

-13.0%

17.6%

Mariposa

$276,500

$310,000


$272,450


-10.8%

1.5%

-20.0%

-42.9%

Mendocino

$425,000

$409,500


$417,500


3.8%

1.8%

-15.6%

-2.6%

Mono

$480,000

$515,000


$526,750


-6.8%

-8.9%

-28.6%

-37.5%

Nevada

$382,000

$393,500


$366,500


-2.9%

4.2%

-28.0%

-20.0%

Plumas

$265,950

$256,000


$300,250


3.9%

-11.4%

-33.3%

-9.1%

Shasta

$249,000

$258,250


$233,380


-3.6%

6.7%

-13.1%

12.2%

Siskiyou

$193,000

$192,500


$239,000


0.3%

-19.2%

-16.7%

48.1%

Sutter

$284,200

$270,000


$252,000


5.3%

12.8%

-6.5%

44.0%

Tehama

$227,500

$190,000


$210,000


19.7%

8.3%

-13.5%

18.5%

Tuolumne

$265,000

$269,900


$279,450


-1.8%

-5.2%

-12.7%

10.0%

Yolo

$383,000

$420,000


$380,000


-8.8%

0.8%

-33.1%

-28.3%

Yuba

$265,360

$241,000


$250,000


10.1%

6.1%

-15.9%

1.8%


r = revised
NA = not available

 

January 2017 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)


January 2018

Unsold Inventory Index

Median Time on Market

State/Region/County

Jan. 2018

Dec. 2017


Jan. 2017


Jan. 2018

Dec. 2017


Jan. 2017


Calif. Single-family homes

3.6

2.5


3.7


27.0

25.0


36.0

r

Calif. Condo/Townhomes

3.0

1.9


3.2


20.0

18.0


31.0

r

Los Angeles Metro Area

4.0

2.8


4.1


32.0

28.0


46.0

r

Inland Empire

4.4

3.4


4.6


38.0

24.0


48.0

r

San Francisco Bay Area

2.3

1.3


2.5


17.0

17.0


28.0

r












San Francisco Bay Area











Alameda

2.0

1.0


2.0


13.0

13.0


17.0

r

Contra Costa

2.3

1.4


2.2


16.0

16.0


19.0

r

Marin

3.2

1.7


3.7


54.5

41.0


45.0

r

Napa

3.7

2.9


4.5


57.0

57.0


73.0

r

San Francisco

2.2

1.0


2.2


19.0

18.0


36.5

r

San Mateo

2.2

0.9


2.3


12.0

12.0


17.0

r

Santa Clara

1.9

0.9


2.2


9.0

9.0


16.5

r

Solano

2.9

1.9


2.9


35.0

36.0


60.0

r

Sonoma

2.6

1.8


3.4


38.0

35.0


54.0

r

Southern California











Los Angeles

3.6

2.4


3.6


25.0

24.0


40.0

r

Orange

3.9

2.6


4.0


28.0

24.5


50.0

r

Riverside

4.7

3.4


5.1


37.0

32.0


51.5

r

San Bernardino

3.9

3.2


3.8


40.0

36.0


45.0

r

San Diego

3.4

2.3


3.6


21.0

18.0


25.0

r

Ventura

4.7

4.0


4.2


58.5

55.0


60.0

r

Central Coast











Monterey

4.0

3.3


4.9


36.5

36.0


40.5

r

San Luis Obispo

4.5

3.7


4.1


28.0

35.5


39.0

r

Santa Barbara

5.0

3.3


5.6


33.0

37.0


49.5

r

Santa Cruz

2.4

1.7


2.5


32.0

21.0


31.0

r

Central Valley











Fresno

3.7

2.6


4.1

r

22.0

17.0


24.0

r

Glenn

4.4

4.1


4.5


54.0

40.0


84.5

r

Kern

4.0

2.9


4.3


27.0

27.0


32.0

r

Kings

3.5

2.5


3.2


27.0

17.5


27.0

r

Madera

6.1

3.2

r

6.0


41.0

31.0


34.0

r

Merced

3.9

3.6


3.8


25.0

30.0


39.0

r

Placer

3.0

1.9


3.3


22.0

26.0


23.5

r

Sacramento

2.4

1.8


2.2


17.0

18.0


19.0

r

San Benito

3.1

2.6


4.8


33.0

32.0


47.5

r

San Joaquin

2.7

2.0


3.2


25.0

21.0


26.5

r

Stanislaus

2.9

2.2


3.4


26.0

21.0


29.0

r

Tulare

4.3

3.2


5.2


41.0

40.0


32.0

r

Other Calif. Counties











Amador

5.8

3.6


4.9


58.0

32.0


79.0

r

Butte

3.4

2.3


4.0


29.5

22.0


43.0

r

Calaveras

5.3

3.4


5.5


54.0

64.0


84.0

r

Del Norte

5.6

6.3


8.2


108.5

118.0


147.5

r

El Dorado

4.0

2.4


3.0


51.0

48.0


52.0

r

Humboldt

5.8

3.9


4.0


42.5

35.0


37.0

r

Lake

6.6

4.2


5.5


55.0

60.5


59.0

r

Lassen

6.7

5.6


NA


148.5

90.0


86.0


Mariposa

7.1

5.6


3.8


33.5

29.5


47.5

r

Mendocino

7.2

5.8


6.4


84.0

62.0


125.0

r

Mono

12.8

8.4


11.3


120.0

134.0


184.0

r

Nevada

5.0

3.3


3.6


55.0

31.0


46.0

r

Plumas

8.6

5.7


8.2


139.5

170.0


217.5


Shasta

4.8

3.9


5.0


45.0

45.0


40.5

r

Siskiyou

5.2

4.2


7.3


56.0

46.0


87.5

r

Sutter

2.6

2.3


3.3


20.0

24.0


21.0

r

Tehama

4.9

4.6


6.4


77.0

52.0


81.0

r

Tuolumne

4.6

3.9


5.5


59.5

38.0


64.0

r

Yolo

3.1

1.6


2.6


18.0

25.0


31.0

r

Yuba

3.6

3.1


3.1


33.5

27.0


32.0



r = revised
NA = not available

 

SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)


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