LOS ANGELES, Dec. 19, 2023 /PRNewswire/ -- As borrowing costs remained elevated, California existing home sales registered the biggest monthly decline in the past year and dropped to the lowest level since the Great Recession in November, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/Global/Infographics/2023-11-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 223,940 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 2023 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 was down 7.4 percent on a monthly basis from 241,770 in October and down 5.8 percent from a year ago, when a revised 237,730 homes were sold on an annualized basis. Sales of existing single-family homes in California remained below the 250,000-unit pace for the third consecutive month. The annual decline was the 29th straight drop, but the decline was the smallest in the last 20 months.
"Elevated mortgage interest rates and a persistent shortage of homes for sale hindered home sales in November," said 2024 C.A.R. President Melanie Barker, a Yosemite REALTOR®. "With mortgage rates dropping to the lowest level in four months in recent weeks and the Federal Reserve indicating it plans to cut rates more than previously anticipated in 2024, more prospective homebuyers could reenter the market early next year."
November's median home price took a step back from the previous month but rose from the year-ago level for the fifth straight month. California's statewide median price decreased 2.2 percent from October's $840,360 to $822,200 in November and rose 6.2 percent from a revised $774,150 recorded a year ago. The monthly price decline was the largest in 10 months but was smaller than the October-to-November average price adjustment of -2.5 percent observed in the last five years. The year-over-year price gain was the largest in 18 months.
"While sales have been weak for the past several months, a tight supply of homes for sale is keeping home prices from falling," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "Going into 2024, the recent decline in mortgage rates, along with the upward momentum in home prices, could motivate more would-be sellers to list their homes for sale in the spring homebuying season."
Other key points from C.A.R.'s November 2023 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 is 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 original 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 51 counties.
Leading the way...® in California real estate for more than 117 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 2023 County Sales and Price Activity | |||||||||
November 2023 | Median Sold Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | Nov. 203 | Oct. 2023 | Nov. 2022 | Price | Price | Sales | Sales | ||
Calif. Single-family home | $822,200 | $840,360 | $774,150 | r | -2.2 % | 6.2 % | -7.4 % | -5.8 % | |
Calif. Condo/Townhomes | $660,000 | $660,000 | $610,000 | r | 0.0 % | 8.2 % | -13.2 % | -7.5 % | |
Los Angeles Metro Area | $785,000 | $785,000 | $720,000 | 0.0 % | 9.0 % | -13.5 % | -4.0 % | ||
Central Coast | $955,000 | $1,050,000 | $900,000 | -9.0 % | 6.1 % | -23.8 % | -10.4 % | ||
Central Valley | $474,800 | $473,000 | $450,000 | r | 0.4 % | 5.5 % | -16.9 % | -14.4 % | |
Far North | $375,000 | $376,000 | $365,000 | r | -0.3 % | 2.7 % | -22.1 % | -5.5 % | |
Inland Empire | $567,500 | $561,410 | $540,000 | 1.1 % | 5.1 % | -11.4 % | -6.3 % | ||
San Francisco Bay Area | $1,250,000 | $1,268,940 | $1,197,000 | r | -1.5 % | 4.4 % | -15.4 % | -6.2 % | |
Southern California | $824,500 | $820,000 | $750,000 | 0.5 % | 9.9 % | -14.2 % | -5.6 % | ||
San Francisco Bay Area | |||||||||
Alameda | $1,230,000 | $1,240,000 | $1,150,000 | r | -0.8 % | 7.0 % | -8.6 % | -8.9 % | |
Contra Costa | $860,000 | $824,950 | $860,000 | r | 4.2 % | 0.0 % | -20.4 % | -15.7 % | |
Marin | $1,649,500 | $1,712,500 | $1,649,500 | r | -3.7 % | 0.0 % | -28.9 % | -19.4 % | |
Napa | $825,000 | $1,027,500 | $1,067,500 | -19.7 % | -22.7 % | -30.5 % | -17.4 % | ||
San Francisco | $1,535,000 | $1,650,000 | $1,500,000 | -7.0 % | 2.3 % | -3.0 % | 6.1 % | ||
San Mateo | $1,805,000 | $2,100,000 | $1,782,500 | -14.0 % | 1.3 % | -5.0 % | 10.2 % | ||
Santa Clara | $1,717,500 | $1,805,000 | $1,600,000 | -4.8 % | 7.3 % | -16.3 % | 3.2 % | ||
Solano | $570,000 | $620,000 | $572,000 | r | -8.1 % | -0.3 % | -12.1 % | 4.0 % | |
Sonoma | $793,620 | $857,500 | $833,290 | r | -7.4 % | -4.8 % | -26.2 % | -17.4 % | |
Southern California | |||||||||
Los Angeles | $897,990 | $893,650 | $836,630 | 0.5 % | 7.3 % | -15.6 % | -5.1 % | ||
Orange | $1,300,000 | $1,275,000 | $1,100,000 | 2.0 % | 18.2 % | -12.4 % | 3.7 % | ||
Riverside | $620,000 | $620,960 | $580,000 | -0.2 % | 6.9 % | -7.7 % | -6.7 % | ||
San Bernardino | $475,000 | $481,500 | $437,500 | -1.3 % | 8.6 % | -17.2 % | -5.6 % | ||
San Diego | $952,000 | $936,250 | $865,000 | 1.7 % | 10.1 % | -16.9 % | -12.2 % | ||
Ventura | $902,500 | $899,000 | $860,000 | 0.4 % | 4.9 % | -12.5 % | -4.3 % | ||
Central Coast | |||||||||
Monterey | $944,000 | $1,122,500 | $819,500 | -15.9 % | 15.2 % | -13.2 % | 2.5 % | ||
San Luis Obispo | $894,500 | $887,620 | $890,000 | 0.8 % | 0.5 % | -15.3 % | 0.0 % | ||
Santa Barbara | $900,000 | $1,370,000 | $800,000 | -34.3 % | 12.5 % | -31.1 % | -24.0 % | ||
Santa Cruz | $1,300,000 | $1,229,000 | $1,245,000 | 5.8 % | 4.4 % | -40.0 % | -23.3 % | ||
Central Valley | |||||||||
Fresno | $415,000 | $410,000 | $393,000 | 1.2 % | 5.6 % | -14.7 % | -17.3 % | ||
Glenn | $324,000 | $363,000 | $309,000 | -10.7 % | 4.9 % | 7.1 % | 7.1 % | ||
Kern | $375,000 | $395,000 | $370,000 | -5.1 % | 1.4 % | -21.8 % | -5.5 % | ||
Kings | $355,000 | $360,000 | $325,000 | -1.4 % | 9.2 % | -43.4 % | -27.7 % | ||
Madera | $414,500 | $435,000 | $413,000 | -4.7 % | 0.4 % | 3.1 % | 16.3 % | ||
Merced | $367,500 | $392,750 | $367,750 | -6.4 % | -0.1 % | -21.1 % | -21.1 % | ||
Placer | $659,000 | $685,000 | $620,000 | -3.8 % | 6.3 % | -14.2 % | -16.8 % | ||
Sacramento | $522,290 | $550,000 | $505,000 | r | -5.0 % | 3.4 % | -17.4 % | -14.6 % | |
San Benito | $782,500 | $780,000 | $667,390 | 0.3 % | 17.2 % | 3.2 % | 68.4 % | ||
San Joaquin | $550,000 | $550,000 | $532,500 | r | 0.0 % | 3.3 % | -25.1 % | -18.0 % | |
Stanislaus | $470,000 | $460,000 | $430,000 | r | 2.2 % | 9.3 % | -17.5 % | -29.2 % | |
Tulare | $375,000 | $358,500 | $361,990 | 4.6 % | 3.6 % | 1.8 % | -2.3 % | ||
Far North | |||||||||
Butte | $428,500 | $421,400 | $435,000 | 1.7 % | -1.5 % | -32.3 % | -32.3 % | ||
Lassen | $170,000 | $247,500 | $210,250 | -31.3 % | -19.1 % | -40.9 % | 30.0 % | ||
Plumas | $400,000 | $385,250 | $375,000 | 3.8 % | 6.7 % | -45.2 % | -20.7 % | ||
Shasta | $367,500 | $389,500 | $350,000 | -5.6 % | 5.0 % | -1.2 % | 14.7 % | ||
Siskiyou | $325,000 | $295,000 | $342,000 | 10.2 % | -5.0 % | -40.0 % | -15.6 % | ||
Tehama | $287,000 | $370,000 | $302,000 | -22.4 % | -5.0 % | 23.8 % | 0.0 % | ||
Trinity | $211,000 | $320,000 | $231,500 | -34.1 % | -8.9 % | -81.0 % | 0.0 % | ||
Other Calif. Counties | |||||||||
Amador | $403,000 | $410,000 | $405,000 | r | -1.7 % | -0.5 % | -28.3 % | 22.6 % | |
Calaveras | $512,500 | $405,500 | $444,000 | 26.4 % | 15.4 % | -33.3 % | -33.3 % | ||
Del Norte | $420,000 | $307,500 | $367,500 | 36.6 % | 14.3 % | 10.0 % | -31.3 % | ||
El Dorado | $650,000 | $660,000 | $610,000 | r | -1.5 % | 6.6 % | -15.7 % | -1.9 % | |
Humboldt | $430,750 | $432,500 | $449,000 | -0.4 % | -4.1 % | -14.0 % | -7.5 % | ||
Lake | $318,500 | $365,000 | $336,000 | -12.7 % | -5.2 % | -30.2 % | -22.8 % | ||
Mariposa | $320,000 | $485,000 | $363,500 | -34.0 % | -12.0 % | -30.8 % | 12.5 % | ||
Mendocino | $532,000 | $430,000 | $530,000 | r | 23.7 % | 0.4 % | -17.9 % | -31.9 % | |
Mono | $985,000 | $1,050,000 | $870,000 | -6.2 % | 13.2 % | 15.4 % | 66.7 % | ||
Nevada | $585,000 | $538,000 | $523,000 | r | 8.7 % | 11.9 % | -28.0 % | -22.1 % | |
Sutter | $397,000 | $425,750 | $408,000 | r | -6.8 % | -2.7 % | -4.8 % | -14.9 % | |
Tuolumne | $381,250 | $410,000 | $385,000 | -7.0 % | -1.0 % | -19.5 % | 10.7 % | ||
Yolo | $620,000 | $629,900 | $625,000 | -1.6 % | -0.8 % | -9.5 % | -3.4 % | ||
Yuba | $461,320 | $424,900 | $399,450 | 8.6 % | 15.5 % | -15.9 % | -6.5 % |
r = revised |
November 2023 County Unsold Inventory and Days on Market | ||||||||||
November 2023 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | Nov. 2023 | Oct. 2023 | Nov. 2022 | Nov. 2023 | Oct. 2023 | Nov. 2022 | ||||
Calif. Single-family home | 3.0 | 2.7 | 3.2 | r | 21.0 | 20.0 | 29.0 | r | ||
Calif. Condo/Townhome | 2.9 | 2.8 | 2.8 | 21.0 | 20.0 | 28.0 | r | |||
Los Angeles Metro Area | 3.1 | 2.9 | 3.7 | 23.0 | 23.0 | 32.0 | r | |||
Central Coast | 3.4 | 2.9 | 3.1 | 21.0 | 15.0 | 25.5 | r | |||
Central Valley | 3.2 | 2.8 | 3.1 | r | 20.0 | 17.0 | 27.0 | r | ||
Far North | 4.1 | 4.0 | 4.6 | r | 33.0 | 38.0 | 33.0 | r | ||
Inland Empire | 3.9 | 3.5 | 4.3 | 28.0 | 26.0 | 36.0 | r | |||
San Francisco Bay Area | 1.8 | 2.0 | 2.0 | r | 17.0 | 16.0 | 26.0 | r | ||
Southern California | 3.0 | 2.8 | 3.6 | 21.0 | 21.0 | 30.0 | r | |||
San Francisco Bay Area | ||||||||||
Alameda | 1.3 | 1.6 | 1.6 | r | 13.0 | 13.0 | 17.0 | r | ||
Contra Costa | 1.6 | 1.5 | 2.1 | r | 14.0 | 14.0 | 21.5 | r | ||
Marin | 2.2 | 2.2 | 1.6 | r | 48.5 | 43.5 | 51.5 | r | ||
Napa | 4.8 | 4.0 | 3.2 | r | 62.0 | 50.0 | 65.0 | r | ||
San Francisco | 1.7 | 2.5 | 2.2 | 47.5 | 36.5 | 41.0 | r | |||
San Mateo | 1.7 | 2.3 | 2.2 | 13.0 | 12.0 | 14.0 | ||||
Santa Clara | 1.4 | 1.5 | 1.8 | 10.0 | 8.0 | 14.0 | ||||
Solano | 2.7 | 2.5 | 2.4 | r | 31.0 | 41.0 | 47.0 | r | ||
Sonoma | 3.2 | 2.9 | 2.4 | r | 59.0 | 59.0 | 51.5 | r | ||
Southern California | ||||||||||
Los Angeles | 2.9 | 2.8 | 3.6 | 20.0 | 21.0 | 29.0 | r | |||
Orange | 2.3 | 2.3 | 3.1 | 20.0 | 21.5 | 30.0 | r | |||
Riverside | 3.6 | 3.4 | 4.2 | 28.0 | 26.0 | 35.0 | r | |||
San Bernardino | 4.3 | 3.6 | 4.4 | 28.5 | 25.0 | 39.0 | r | |||
San Diego | 2.5 | 2.3 | 2.9 | 15.0 | 14.0 | 22.0 | r | |||
Ventura | 2.7 | 2.6 | 3.0 | 25.0 | 32.0 | 36.0 | r | |||
Central Coast | ||||||||||
Monterey | 3.0 | 2.8 | 3.6 | 22.0 | 14.5 | 31.5 | ||||
San Luis Obispo | 3.3 | 3.0 | 3.1 | 26.0 | 17.5 | 30.0 | r | |||
Santa Barbara | 3.5 | 2.7 | 2.5 | 14.0 | 16.0 | 22.5 | ||||
Santa Cruz | 4.0 | 3.0 | 3.3 | 18.0 | 13.5 | 18.0 | ||||
Central Valley | ||||||||||
Fresno | 3.5 | 3.1 | 3.3 | 17.5 | 14.0 | 22.0 | r | |||
Glenn | 2.7 | 3.4 | 2.6 | 38.0 | 75.0 | 29.0 | r | |||
Kern | 2.8 | 2.3 | 3.4 | 18.0 | 13.0 | 22.0 | ||||
Kings | 3.6 | 1.9 | 3.2 | 15.0 | 12.0 | 14.0 | ||||
Madera | 6.2 | 6.6 | 5.8 | 36.0 | 30.5 | 25.0 | r | |||
Merced | 3.5 | 2.7 | 3.4 | 28.5 | 17.0 | 27.5 | r | |||
Placer | 3.0 | 2.8 | 3.1 | r | 24.0 | 25.0 | 34.0 | r | ||
Sacramento | 2.5 | 2.2 | 2.7 | r | 21.0 | 16.0 | 30.0 | r | ||
San Benito | 4.1 | 4.5 | 6.6 | 18.0 | 23.0 | 40.0 | ||||
San Joaquin | 3.3 | 2.6 | 2.9 | r | 19.0 | 18.0 | 31.0 | r | ||
Stanislaus | 2.9 | 2.5 | 2.4 | r | 21.0 | 20.0 | 31.5 | r | ||
Tulare | 3.5 | 3.7 | 3.8 | 13.0 | 15.0 | 20.0 | ||||
Far North | ||||||||||
Butte | 4.0 | 2.9 | 3.5 | 20.0 | 20.0 | 33.0 | r | |||
Lassen | 7.6 | 5.0 | 10.8 | 19.0 | 46.5 | 72.5 | ||||
Plumas | 4.7 | 3.7 | 3.8 | 49.0 | 49.5 | 50.0 | r | |||
Shasta | 3.8 | 4.1 | 4.7 | r | 33.0 | 37.5 | 20.0 | |||
Siskiyou | NA | 4.6 | 5.0 | 41.0 | 41.0 | 36.0 | r | |||
Tehama | 4.7 | 6.3 | 6.7 | 58.5 | 58.0 | 47.0 | ||||
Trinity | 24.3 | 4.6 | NA | 76.0 | 91.0 | 111.0 | ||||
Other Counties in California | ||||||||||
Amador | 5.7 | 4.7 | 6.1 | r | 32.0 | 33.0 | 56.0 | r | ||
Calaveras | 5.5 | 3.9 | 4.2 | 23.5 | 17.0 | 55.0 | ||||
Del Norte | 7.7 | 8.7 | 4.0 | 16.0 | 13.0 | 39.0 | r | |||
El Dorado | 4.4 | 4.1 | 3.5 | r | 32.0 | 33.0 | 42.0 | r | ||
Humboldt | 5.9 | 5.6 | 5.0 | 26.5 | 28.5 | 21.0 | ||||
Lake | 8.5 | 6.4 | 6.3 | 36.5 | 36.0 | 54.0 | r | |||
Mariposa | 10.8 | 7.9 | 9.8 | 76.0 | 80.0 | 58.0 | r | |||
Mendocino | 9.6 | 8.4 | 5.6 | r | 80.5 | 66.0 | 62.0 | r | ||
Mono | 1.5 | 2.0 | 3.2 | 46.0 | 36.0 | 146.0 | ||||
Nevada | 5.2 | 4.3 | 3.9 | r | 43.0 | 38.0 | 36.0 | r | ||
Sutter | 2.6 | 2.9 | 3.3 | r | 16.0 | 29.5 | 26.0 | r | ||
Tuolumne | 4.5 | 4.3 | 4.7 | 38.5 | 30.0 | 34.0 | r | |||
Yolo | 2.6 | 2.5 | 2.1 | r | 19.0 | 18.0 | 30.0 | r | ||
Yuba | 3.6 | 3.3 | 3.9 | r | 25.0 | 21.0 | 33.0 | r |
r = revised |
SOURCE CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.)
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