LOS ANGELES, Dec. 16, 2021 /PRNewswire/ -- Despite low housing inventory and higher interest rates, California's housing market continued to log a strong sales pace in November and remained above pre-pandemic activity, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic:
https://www.car.org/Global/Infographics/2021-11-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 454,450 in November, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2021 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
November's sales pace rose 4.7 percent on a monthly basis from 434,170 in October and was down 10.7 percent from a year ago, when 508,820 homes were sold on an annualized basis. Despite the fifth straight year-over-year sales decrease, statewide home sales maintained a 10.6 percent increase on a year-to-date basis.
"As we move further into the off-peak homebuying season, slowly rising interest rates will motivate savvy buyers to enter the market," said 2022 C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. "With fewer active buyers in the market during the holidays, prospective buyers who may have taken a breather during the heated peak homebuying months can take advantage of this window of opportunity when there's less competition and more homes to choose from."
California home prices continued to stabilize in the off-season, dipping below the $800,000 benchmark for the second straight month. At $782,480 in November, the statewide median price was down 2.0 percent from October's $798,440 and was up 11.9 percent from the $698,980 recorded in November 2020. The month-to-month statewide price decline of -2.0 percent was higher than the long run average of -0.1 percent recorded between an October and a November in the past 42 years but is consistent with the five-year average logged between 2016-2020.
"California's winter housing market remains unseasonably resilient, despite market challenges of a lack of inventory, modest interest rate increases, and ongoing affordability issues," C.A.R. Vice President and Chief Economist Jordan Levine said. "While we believe the market will continue to do well in 2022 as the economy further recovers, a widening imbalance between supply and demand will put upward pressure on prices and create headwinds for housing affordability that could slow sales in the upcoming year."
Other key points from C.A.R.'s November 2021 resale housing report include:
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 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
November 2021 County Sales and Price Activity | |||||||||
November 2021 | Median Sold Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | Nov. 2021 | Oct. 2021 | Nov. 2020 | Price | Price | Sales | Sales | ||
Calif. Single-family home | $782,480 | $798,440 | $698,980 | -2.0% | 11.9% | 4.7% | -10.7% | ||
Calif. Condo/Townhome | $620,000 | $605,000 | $520,000 | 2.5% | 19.2% | -4.4% | -2.1% | ||
Los Angeles Metro Area | $720,000 | $725,000 | $630,000 | -0.7% | 14.3% | -6.0% | -3.2% | ||
Central Coast | $899,000 | $865,420 | $825,000 | 3.9% | 9.0% | -6.1% | -9.6% | ||
Central Valley | $452,000 | $450,000 | $400,000 | 0.4% | 13.0% | -5.7% | -4.0% | ||
Far North | $380,000 | $370,000 | $340,000 | 2.7% | 11.8% | 4.0% | 2.3% | ||
Inland Empire | $529,000 | $525,000 | $450,000 | 0.8% | 17.6% | -3.0% | -4.1% | ||
San Francisco Bay Area | $1,300,000 | $1,275,000 | $1,100,000 | 2.0% | 18.2% | -4.8% | -4.8% | ||
Southern California | $750,000 | $750,000 | $657,820 | 0.0% | 14.0% | -6.0% | -3.8% | ||
San Francisco Bay Area | |||||||||
Alameda | $1,300,000 | $1,280,000 | $1,049,040 | 1.6% | 23.9% | -4.2% | -5.2% | ||
Contra Costa | $876,000 | $900,500 | $810,000 | -2.7% | 8.1% | -0.5% | -9.0% | ||
Marin | $1,535,000 | $1,685,000 | $1,425,000 | -8.9% | 7.7% | -7.5% | -33.1% | ||
Napa | $811,600 | $850,000 | $824,500 | -4.5% | -1.6% | -4.0% | 1.0% | ||
San Francisco | $1,900,000 | $1,822,000 | $1,697,500 | 4.3% | 11.9% | -7.3% | 10.7% | ||
San Mateo | $2,222,500 | $2,110,000 | $1,650,000 | 5.3% | 34.7% | 2.7% | 0.2% | ||
Santa Clara | $1,692,500 | $1,625,000 | $1,383,000 | 4.2% | 22.4% | -8.6% | -4.2% | ||
Solano | $593,000 | $580,000 | $505,250 | 2.2% | 17.4% | -7.9% | -7.7% | ||
Sonoma | $775,000 | $750,000 | $715,000 | 3.3% | 8.4% | -8.0% | 10.1% | ||
Southern California | |||||||||
Los Angeles | $769,500 | $848,970 | $673,310 | r | -9.4% | 14.3% | -9.1% | 1.8% | |
Orange | $1,150,000 | $1,120,000 | $930,000 | 2.7% | 23.7% | -7.7% | -12.7% | ||
Riverside | $586,900 | $580,000 | $490,000 | 1.2% | 19.8% | -1.8% | -6.8% | ||
San Bernardino | $440,000 | $445,000 | $380,250 | -1.1% | 15.7% | -4.9% | 0.5% | ||
San Diego | $847,750 | $850,000 | $740,000 | -0.3% | 14.6% | -6.1% | -6.6% | ||
Ventura | $858,500 | $830,000 | $760,000 | 3.4% | 13.0% | 3.5% | -1.0% | ||
Central Coast | |||||||||
Monterey | $830,000 | $865,250 | $850,000 | -4.1% | -2.4% | 0.4% | -6.5% | ||
San Luis Obispo | $775,060 | $800,000 | $699,500 | -3.1% | 10.8% | 2.2% | -3.4% | ||
Santa Barbara | $1,003,000 | $837,000 | $955,000 | 19.8% | 5.0% | -24.5% | -23.0% | ||
Santa Cruz | $1,260,000 | $1,136,000 | $1,050,000 | 10.9% | 20.0% | 1.9% | -3.6% | ||
Central Valley | |||||||||
Fresno | $385,000 | $385,000 | $323,500 | 0.0% | 19.0% | -2.3% | 2.7% | ||
Glenn | $360,000 | $307,000 | $334,750 | 17.3% | 7.5% | 23.1% | 14.3% | ||
Kern | $336,940 | $340,000 | $290,000 | -0.9% | 16.2% | 1.8% | 4.0% | ||
Kings | $333,500 | $325,000 | $265,000 | 2.6% | 25.8% | 38.5% | 27.1% | ||
Madera | $392,500 | $394,880 | $320,000 | -0.6% | 22.7% | -33.7% | -19.3% | ||
Merced | $375,000 | $370,000 | $315,500 | 1.4% | 18.9% | -4.5% | 28.0% | ||
Placer | $650,000 | $649,000 | $552,650 | 0.2% | 17.6% | -3.7% | -11.1% | ||
Sacramento | $515,000 | $510,000 | $442,500 | 1.0% | 16.4% | -11.6% | -9.3% | ||
San Benito | $800,000 | $768,000 | $665,590 | 4.2% | 20.2% | 0.0% | -16.4% | ||
San Joaquin | $495,000 | $500,000 | $441,500 | -1.0% | 12.1% | -6.4% | -8.5% | ||
Stanislaus | $435,000 | $440,000 | $389,000 | -1.1% | 11.8% | -2.6% | 1.8% | ||
Tulare | $335,000 | $325,000 | $280,000 | 3.1% | 19.6% | 0.0% | -2.6% | ||
Far North | |||||||||
Butte | $435,000 | $460,000 | $405,000 | -5.4% | 7.4% | 4.7% | 1.5% | ||
Lassen | $264,750 | $232,500 | $231,250 | 13.9% | 14.5% | -14.3% | -36.8% | ||
Plumas | $380,000 | $470,000 | $385,000 | -19.1% | -1.3% | 18.9% | -2.2% | ||
Shasta | $375,000 | $359,500 | $327,250 | 4.3% | 14.6% | -0.4% | 10.7% | ||
Siskiyou | $299,000 | $329,500 | $263,000 | -9.3% | 13.7% | 17.5% | -7.8% | ||
Tehama | $325,000 | $343,000 | $371,000 | -5.2% | -12.4% | 20.7% | 12.9% | ||
Other Calif. Counties | |||||||||
Amador | $432,500 | $430,640 | $360,000 | 0.4% | 20.1% | 44.0% | 4.3% | ||
Calaveras | $465,320 | $432,000 | $407,120 | 7.7% | 14.3% | -2.9% | -28.6% | ||
Del Norte | $384,380 | $360,100 | $308,750 | 6.7% | 24.5% | 10.7% | 55.0% | ||
El Dorado | $665,000 | $615,000 | $585,000 | 8.1% | 13.7% | 21.3% | -20.0% | ||
Humboldt | $450,750 | $420,000 | $351,000 | 7.3% | 28.4% | -13.6% | -15.6% | ||
Lake | $335,000 | $345,000 | $317,000 | -2.9% | 5.7% | -13.4% | -17.4% | ||
Mariposa | $499,500 | $455,000 | $374,000 | 9.8% | 33.6% | 25.0% | -20.0% | ||
Mendocino | $522,500 | $534,000 | $494,000 | -2.2% | 5.8% | -20.0% | -36.2% | ||
Mono | $840,000 | $840,000 | $806,000 | 0.0% | 4.2% | -18.8% | -38.1% | ||
Nevada | $561,250 | $525,000 | $466,250 | 6.9% | 20.4% | -4.0% | -13.0% | ||
Sutter | $425,000 | $422,550 | $370,000 | 0.6% | 14.9% | -10.7% | 5.6% | ||
Tuolumne | $399,000 | $385,000 | $337,500 | 3.6% | 18.2% | -29.3% | -23.1% | ||
Yolo | $585,000 | $582,500 | $511,000 | 0.4% | 14.5% | -13.6% | -5.5% | ||
Yuba | $415,000 | $413,000 | $352,500 | 0.5% | 17.7% | -5.1% | 10.7% |
r = revised
November 2021 County Unsold Inventory and Days on Market | ||||||||||
(Regional and condo sales data not seasonally adjusted) | ||||||||||
November 2021 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | Nov. 2021 | Oct. 2021 | Nov. 2020 | Nov. 2021 | Oct. 2021 | Nov. 2020 | ||||
Calif. Single-family home | 1.6 | 1.8 | 1.9 | 11.0 | 11.0 | 9.0 | ||||
Calif. Condo/Townhome | 1.4 | 1.6 | 2.2 | 11.0 | 11.0 | 14.0 | ||||
Los Angeles Metro Area | 1.7 | 1.9 | 2.1 | 12.0 | 11.0 | 10.0 | ||||
Central Coast | 1.6 | 1.8 | 2.1 | 10.0 | 10.0 | 10.0 | ||||
Central Valley | 1.6 | 1.8 | 1.6 | 9.0 | 9.0 | 7.0 | ||||
Far North | 2.7 | 3.2 | 3.0 | 17.0 | 20.0 | 14.5 | ||||
Inland Empire | 1.9 | 2.0 | 2.1 | 14.0 | 12.0 | 11.0 | ||||
San Francisco Bay Area | 1.0 | 1.4 | 1.6 | 12.0 | 12.0 | 11.0 | ||||
Southern California | 1.7 | 1.8 | 2.0 | 11.0 | 11.0 | 9.0 | ||||
San Francisco Bay Area | ||||||||||
Alameda | 0.9 | 1.3 | 1.3 | 11.0 | 11.0 | 8.0 | ||||
Contra Costa | 1.0 | 1.4 | 1.3 | 9.0 | 10.0 | 7.0 | ||||
Marin | 1.0 | 1.3 | 1.5 | 20.5 | 21.0 | 25.5 | ||||
Napa | 2.2 | 2.8 | 3.7 | 40.0 | 34.0 | 35.0 | ||||
San Francisco | 1.2 | 1.6 | 2.0 | 13.0 | 13.0 | 18.0 | ||||
San Mateo | 1.0 | 1.5 | 1.8 | 9.0 | 9.0 | 11.0 | ||||
Santa Clara | 0.9 | 1.1 | 1.4 | 8.0 | 8.0 | 8.0 | ||||
Solano | 1.2 | 1.4 | 1.7 | 28.0 | 28.0 | 27.5 | ||||
Sonoma | 1.4 | 1.8 | 2.7 | 38.0 | 34.0 | 33.0 | ||||
Southern California | ||||||||||
Los Angeles | 1.8 | 2.0 | 2.1 | 11.0 | 10.0 | 9.0 | ||||
Orange | 1.3 | 1.5 | 2.0 | 8.0 | 9.0 | 10.0 | ||||
Riverside | 1.8 | 2.0 | 2.1 | 14.0 | 13.0 | 11.0 | ||||
San Bernardino | 2.0 | 2.1 | 2.0 | 13.0 | 12.0 | 10.0 | ||||
San Diego | 1.3 | 1.5 | 1.6 | 9.0 | 9.0 | 7.0 | ||||
Ventura | 1.4 | 1.8 | 1.7 | 23.0 | 24.0 | 27.0 | ||||
Central Coast | ||||||||||
Monterey | 1.8 | 2.2 | 2.3 | 12.0 | 11.5 | 11.0 | ||||
San Luis Obispo | 1.4 | 1.7 | 2.2 | 8.0 | 8.0 | 10.5 | ||||
Santa Barbara | 1.8 | 1.4 | 2.0 | 9.0 | 10.0 | 10.0 | ||||
Santa Cruz | 1.3 | 1.8 | 2.0 | 10.0 | 12.0 | 8.0 | ||||
Central Valley | ||||||||||
Fresno | 1.7 | 1.9 | 1.8 | 9.0 | 7.0 | 7.0 | ||||
Glenn | 2.6 | 3.7 | 3.4 | 8.0 | 13.0 | 26.5 | ||||
Kern | 1.5 | 1.8 | 2.1 | 10.0 | 10.0 | 8.0 | ||||
Kings | 1.4 | 2.3 | 2.0 | 9.0 | 7.0 | 6.0 | ||||
Madera | 2.9 | 2.1 | 2.1 | 16.5 | 12.0 | 14.0 | ||||
Merced | 1.6 | 1.7 | 2.0 | 10.5 | 10.0 | 10.5 | ||||
Placer | 1.5 | 1.7 | 1.5 | 8.0 | 8.0 | 8.0 | ||||
Sacramento | 1.3 | 1.4 | 1.3 | 9.0 | 9.0 | 7.0 | ||||
San Benito | 1.7 | 2.1 | 1.4 | 11.0 | 8.0 | 9.0 | ||||
San Joaquin | 1.4 | 1.7 | 1.4 | 12.0 | 11.0 | 7.0 | ||||
Stanislaus | 1.5 | 1.9 | 1.6 | 9.0 | 9.0 | 7.0 | ||||
Tulare | 1.8 | 2.1 | 2.0 | 9.0 | 7.0 | 7.0 | ||||
Far North | ||||||||||
Butte | 1.9 | 2.4 | 2.5 | 10.0 | 10.0 | 7.0 | ||||
Lassen | 4.8 | 4.2 | 2.5 | 113.0 | 98.0 | 72.5 | ||||
Plumas | 2.6 | 4.5 | 3.8 | 80.5 | 75.0 | 118.0 | ||||
Shasta | 2.5 | 2.7 | 3.0 | 11.0 | 14.0 | 8.0 | ||||
Siskiyou | 3.9 | 5.4 | 2.9 | 29.5 | 18.5 | 11.0 | ||||
Tehama | 4.3 | 5.0 | 5.1 | 40.0 | 41.0 | 41.0 | ||||
Other Calif. Counties | ||||||||||
Amador | 1.8 | 3.6 | 2.7 | 15.5 | 26.5 | 17.0 | ||||
Calaveras | 2.5 | 2.8 | 1.8 | 58.0 | 54.0 | 62.5 | ||||
Del Norte | 2.5 | 3.2 | 5.3 | 98.0 | 90.0 | 116.0 | ||||
El Dorado | 1.7 | 2.7 | 1.6 | 18.5 | 17.0 | 18.0 | ||||
Humboldt | 2.4 | 2.2 | 2.2 | 12.0 | 10.0 | 12.5 | ||||
Lake | 4.7 | 4.5 | 3.5 | 27.0 | 26.0 | 27.0 | ||||
Mariposa | 3.7 | 5.1 | 3.1 | 24.0 | 26.0 | 34.0 | ||||
Mendocino | 5.0 | 4.3 | 3.3 | 45.5 | 41.0 | 51.0 | ||||
Mono | 3.4 | 3.4 | 2.5 | 83.0 | 107.0 | 105.0 | ||||
Nevada | 2.8 | 2.9 | 2.7 | 18.5 | 11.0 | 11.5 | ||||
Sutter | 1.8 | 1.8 | 1.4 | 9.0 | 10.5 | 6.0 | ||||
Tuolumne | 3.7 | 3.1 | 2.8 | 30.0 | 15.0 | 24.5 | ||||
Yolo | 1.1 | 1.2 | 1.9 | 12.0 | 9.0 | 9.0 | ||||
Yuba | 1.7 | 1.9 | 1.2 | 10.0 | 10.5 | 9.0 |
r = revised
SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
These press releases may also interest you
|