LOS ANGELES, Jan. 17, 2024 /PRNewswire/ -- December home sales remained near the 16-year low reached in November as the sales decline for 2023 as a whole experienced its steepest drop since 2007, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/en/Global/Infographics/2023-12-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 224,000 in December, 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 December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
December's sales pace was essentially unchanged from the revised 223,940 homes sold in November and was down 7.1 percent from a year ago, when a revised 241,070 homes were sold on an annualized basis. Sales of existing single-family homes in California have been below the 300,000 threshold since September 2022 and will likely stay below that level in the first quarter of 2024. While the deceleration in the year-over-year loss was due primarily to the low level of pending sales recorded a year ago, the slowdown could be a sign that the market is turning the corner, especially since rates in the past couple of weeks have remained well-below the recent peak recorded in late October. For the year as a whole, the state recorded an annual sales level of 257,630, a decline of 24.8 percent from the revised sales level of 342,530 reported in 2022. The annual sales decline in 2023 was the biggest drop in existing home sales in California since 2007.
"The housing market had a tough year in 2023 as a shortage of homes for sale and high costs of borrowing continued to have a negative impact on housing inventory and demand," said 2024 C.A.R. President Melanie Barker, a Yosemite REALTOR®. "With mortgage rates expected to come down in the next 12 months, home sales will bounce back as buyers and sellers return to a more favorable housing market. Home prices should see a moderate increase in 2024 as well."
While California's statewide median price dipped 0.3 percent from November's $822,200 to $819,740 in December, it posted its largest year-over-year gain since May 2022. The December median home price rose 6.4 percent from a revised $770,490 recorded a year ago. With mortgage rates softening since mid-October, home prices will likely maintain their upward momentum, and the market should continue to observe a mid- to single-digit, year-over-year growth rate in California's median price in at least the early part of 2024. For 2023 as a whole, California's median home price slipped 0.6 percent to $813,980 from 2022's $818,900 figure but is expected to climb to $860,300 in 2024.
"Easing inflationary pressure and a soft economic outlook suggest that we will see some interest rate cuts in the upcoming year, which bode well for a housing market recovery," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "With rates declining to a 7-month low in late 2023, Americans are feeling more positive about the market, and we could begin to see some increase in market activity at the start of the year. The improvement is expected to be gradual as tight housing supply will remain the norm in 2024."
Other key points from C.A.R.'s December 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.
December 2023 County Sales and Price Activity | |||||||||
(Regional and condo sales data not seasonally adjusted) | |||||||||
December 2023 | Median Sold Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | Dec. 2023 | Nov. 2023 | Dec. 2022 | Price | Price | Sales | Sales | ||
Calif. Single-family home | $819,740 | $822,200 | $770,490 | r | -0.3 % | 6.4 % | 0.0 % | -7.1 % | |
Calif. Condo/Townhome | $635,000 | $660,000 | $587,000 | r | -3.8 % | 8.2 % | -3.7 % | -0.2 % | |
Los Angeles Metro Area | $760,000 | $785,000 | $716,500 | -3.2 % | 6.1 % | 2.5 % | -3.5 % | ||
Central Coast | $979,500 | $955,000 | $869,860 | 2.6 % | 12.6 % | -2.7 % | -4.0 % | ||
Central Valley | $462,000 | $474,800 | $438,000 | r | -2.7 % | 5.5 % | 4.0 % | -14.8 % | |
Far North | $364,500 | $375,000 | $350,000 | -2.8 % | 4.1 % | -6.2 % | -8.2 % | ||
Inland Empire | $570,000 | $567,500 | $535,000 | 0.4 % | 6.5 % | 8.0 % | 1.3 % | ||
San Francisco Bay Area | $1,182,000 | $1,250,000 | $1,050,000 | r | -5.4 % | 12.6 % | -14.6 % | -11.4 % | |
Southern California | $790,000 | $824,500 | $743,180 | -4.2 % | 6.3 % | 1.1 % | -6.2 % | ||
San Francisco Bay Area | |||||||||
Alameda | $1,175,000 | $1,230,000 | $1,050,000 | r | -4.5 % | 11.9 % | -15.9 % | -9.1 % | |
Contra Costa | $800,000 | $860,000 | $760,000 | r | -7.0 % | 5.3 % | -8.3 % | -19.4 % | |
Marin | $1,555,000 | $1,649,500 | $1,500,000 | r | -5.7 % | 3.7 % | -13.0 % | -6.0 % | |
Napa | $925,000 | $825,000 | $824,000 | 12.1 % | 12.3 % | -14.0 % | -21.0 % | ||
San Francisco | $1,450,000 | $1,535,000 | $1,564,000 | -5.5 % | -7.3 % | -39.1 % | -22.0 % | ||
San Mateo | $1,800,000 | $1,805,000 | $1,675,000 | -0.3 % | 7.5 % | -11.2 % | 8.3 % | ||
Santa Clara | $1,725,000 | $1,717,500 | $1,478,000 | 0.4 % | 16.7 % | -17.3 % | 0.2 % | ||
Solano | $562,000 | $570,000 | $580,000 | -1.4 % | -3.1 % | -14.6 % | -29.2 % | ||
Sonoma | $812,930 | $793,620 | $785,000 | 2.4 % | 3.6 % | -3.1 % | -7.3 % | ||
Southern California | |||||||||
Los Angeles | $853,340 | $897,990 | $799,670 | -5.0 % | 6.7 % | 3.0 % | -5.1 % | ||
Orange | $1,300,000 | $1,300,000 | $1,131,760 | 0.0 % | 14.9 % | -8.1 % | -7.6 % | ||
Riverside | $607,500 | $620,000 | $575,000 | -2.0 % | 5.7 % | 2.9 % | -2.4 % | ||
San Bernardino | $506,000 | $475,000 | $466,940 | 6.5 % | 8.4 % | 16.9 % | 7.6 % | ||
San Diego | $911,500 | $952,000 | $850,000 | -4.3 % | 7.2 % | -5.1 % | -17.3 % | ||
Ventura | $882,500 | $902,500 | $818,000 | -2.2 % | 7.9 % | -1.3 % | -8.3 % | ||
Central Coast | |||||||||
Monterey | $929,000 | $944,000 | $775,000 | -1.6 % | 19.9 % | -17.6 % | -7.2 % | ||
San Luis Obispo | $956,000 | $894,500 | $830,000 | 6.9 % | 15.2 % | -8.3 % | -2.2 % | ||
Santa Barbara | $1,190,000 | $900,000 | $1,055,000 | 32.2 % | 12.8 % | 6.3 % | -4.1 % | ||
Santa Cruz | $1,050,000 | $1,300,000 | $1,175,000 | -19.2 % | -10.6 % | 22.7 % | -2.4 % | ||
Central Valley | |||||||||
Fresno | $397,000 | $415,000 | $396,000 | -4.3 % | 0.3 % | 4.4 % | -10.2 % | ||
Glenn | $349,500 | $324,000 | $286,750 | 7.9 % | 21.9 % | 13.3 % | ##### | ||
Kern | $374,180 | $375,000 | $365,000 | -0.2 % | 2.5 % | -8.3 % | -25.7 % | ||
Kings | $380,000 | $355,000 | $337,000 | 7.0 % | 12.8 % | 51.1 % | 22.4 % | ||
Madera | $410,500 | $414,500 | $410,500 | -1.0 % | 0.0 % | 48.0 % | 51.0 % | ||
Merced | $385,000 | $367,500 | $340,000 | 4.8 % | 13.2 % | -11.7 % | -33.8 % | ||
Placer | $633,020 | $659,000 | $620,000 | r | -3.9 % | 2.1 % | 4.7 % | -7.9 % | |
Sacramento | $535,000 | $522,290 | $489,900 | r | 2.4 % | 9.2 % | -0.7 % | -19.0 % | |
San Benito | $789,890 | $782,500 | $765,000 | 0.9 % | 3.3 % | 3.1 % | -8.3 % | ||
San Joaquin | $530,000 | $550,000 | $515,000 | r | -3.6 % | 2.9 % | 13.0 % | -20.8 % | |
Stanislaus | $462,500 | $470,000 | $420,000 | -1.6 % | 10.1 % | -5.0 % | -22.5 % | ||
Tulare | $362,000 | $375,000 | $353,500 | -3.5 % | 2.4 % | 4.6 % | -18.1 % | ||
Far North | |||||||||
Butte | $418,000 | $428,500 | $408,500 | -2.5 % | 2.3 % | 6.0 % | 2.9 % | ||
Lassen | $272,500 | $170,000 | $170,000 | 60.3 % | 60.3 % | 69.2 % | 69.2 % | ||
Plumas | $360,000 | $400,000 | $395,000 | -10.0 % | -8.9 % | -26.1 % | -26.1 % | ||
Shasta | $355,760 | $367,500 | $348,000 | -3.2 % | 2.2 % | -15.9 % | -15.3 % | ||
Siskiyou | $331,500 | $325,000 | $295,000 | 2.0 % | 12.4 % | 3.7 % | 21.7 % | ||
Tehama | $305,000 | $287,000 | $285,600 | 6.3 % | 6.8 % | -15.4 % | -24.1 % | ||
Trinity | $287,000 | $211,000 | $280,000 | 36.0 % | 2.5 % | 50.0 % | -45.5 % | ||
Other Calif. Counties | |||||||||
Amador | $415,000 | $403,000 | $400,000 | r | 3.0 % | 3.8 % | -28.9 % | -22.9 % | |
Calaveras | $437,500 | $512,500 | $449,500 | -14.6 % | -2.7 % | -15.0 % | -39.3 % | ||
Del Norte | $487,000 | $420,000 | $331,250 | 16.0 % | 47.0 % | 9.1 % | 20.0 % | ||
El Dorado | $660,000 | $650,000 | $580,000 | r | 1.5 % | 13.8 % | -16.0 % | -14.9 % | |
Humboldt | $425,000 | $430,750 | $392,500 | -1.3 % | 8.3 % | 27.0 % | 10.6 % | ||
Lake | $315,000 | $318,500 | $370,000 | -1.1 % | -14.9 % | -15.9 % | -30.2 % | ||
Mariposa | $442,000 | $320,000 | $359,000 | 38.1 % | 23.1 % | 77.8 % | 6.7 % | ||
Mendocino | $599,000 | $532,000 | $599,000 | 12.6 % | 0.0 % | -21.9 % | -19.4 % | ||
Mono | $1,052,500 | $985,000 | $765,000 | 6.9 % | 37.6 % | -60.0 % | -14.3 % | ||
Nevada | $537,000 | $585,000 | $512,500 | r | -8.2 % | 4.8 % | 44.8 % | 18.3 % | |
Sutter | $429,500 | $397,000 | $383,500 | 8.2 % | 12.0 % | 5.0 % | -4.5 % | ||
Tuolumne | $444,000 | $381,250 | $380,000 | 16.5 % | 16.8 % | -8.1 % | 0.0 % | ||
Yolo | $630,000 | $620,000 | $590,500 | r | 1.6 % | 6.7 % | -22.1 % | 19.6 % | |
Yuba | $440,000 | $461,320 | $414,000 | r | -4.6 % | 6.3 % | -25.9 % | -41.9 % |
r = revised
December 2023 County Unsold Inventory and Days on Market | ||||||||||
(Regional and condo sales data not seasonally adjusted) | ||||||||||
December 2023 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | Dec. 2023 | Nov. 2023 | Dec. 2022 | Dec. 2023 | Nov. 2023 | Dec. 2022 | ||||
Calif. Single-family home | 2.5 | 3.0 | 2.6 | r | 26.0 | 21.0 | 33.0 | r | ||
CA Condo/Townhomes | 2.5 | 2.9 | 2.6 | 27.0 | 21.0 | 32.0 | r | |||
Los Angeles Metro Area | 2.7 | 3.1 | 3.1 | 27.0 | 23.0 | 35.0 | r | |||
Central Coast | 3.0 | 3.4 | 2.7 | 19.0 | 21.0 | 29.0 | r | |||
Central Valley | 2.6 | 3.2 | 2.4 | r | 25.0 | 20.0 | 32.0 | r | ||
Far North | 3.2 | 4.1 | 4.1 | r | 37.0 | 33.0 | 50.0 | r | ||
Inland Empire | 3.3 | 3.9 | 3.7 | 34.0 | 28.0 | 41.0 | r | |||
San Francisco Bay Area | 1.5 | 1.8 | 1.6 | 23.0 | 17.0 | 33.0 | r | |||
Southern California | 2.6 | 3.0 | 2.9 | 26.0 | 21.0 | 33.0 | r | |||
San Francisco Bay Area | ||||||||||
Alameda | 0.9 | 1.3 | 1.3 | r | 15.0 | 13.0 | 21.0 | r | ||
Contra Costa | 1.2 | 1.6 | 1.4 | r | 18.0 | 14.0 | 30.0 | r | ||
Marin | 1.5 | 2.2 | 1.4 | 66.0 | 48.5 | 60.5 | r | |||
Napa | 4.1 | 4.8 | 2.8 | 85.0 | 62.0 | 68.5 | r | |||
San Francisco | 1.5 | 1.7 | 1.5 | 48.0 | 47.5 | 42.0 | r | |||
San Mateo | 1.1 | 1.7 | 1.4 | 17.0 | 13.0 | 22.5 | ||||
Santa Clara | 1.1 | 1.4 | 1.3 | 12.0 | 10.0 | 17.5 | ||||
Solano | 2.9 | 2.7 | 2.0 | 45.0 | 31.0 | 58.0 | r | |||
Sonoma | 2.5 | 3.2 | 2.2 | 61.5 | 59.0 | 56.0 | r | |||
Southern California | ||||||||||
Los Angeles | 2.6 | 2.9 | 3.1 | 23.0 | 20.0 | 31.0 | r | |||
Orange | 2.0 | 2.3 | 2.4 | 24.0 | 20.0 | 33.0 | r | |||
Riverside | 3.3 | 3.6 | 3.7 | 32.0 | 28.0 | 41.0 | r | |||
San Bernardino | 3.3 | 4.3 | 3.8 | 38.0 | 28.5 | 41.0 | r | |||
San Diego | 2.2 | 2.5 | 2.2 | 18.0 | 15.0 | 23.0 | r | |||
Ventura | 2.4 | 2.7 | 2.3 | 37.0 | 25.0 | 41.0 | r | |||
Central Coast | ||||||||||
Monterey | 3.2 | 3.0 | 3.2 | 14.0 | 22.0 | 36.0 | ||||
San Luis Obispo | 3.1 | 3.3 | 2.8 | 27.0 | 26.0 | 29.0 | r | |||
Santa Barbara | 3.2 | 3.5 | 2.3 | 14.5 | 14.0 | 29.0 | ||||
Santa Cruz | 2.2 | 4.0 | 2.5 | 24.0 | 18.0 | 24.0 | ||||
Central Valley | ||||||||||
Fresno | 3.1 | 3.5 | 2.9 | 21.0 | 17.5 | 32.0 | r | |||
Glenn | 1.9 | 2.7 | 4.0 | 54.0 | 38.0 | 26.5 | r | |||
Kern | 2.8 | 2.8 | 2.4 | 19.0 | 18.0 | 24.5 | ||||
Kings | 2.2 | 3.6 | 3.2 | 42.0 | 15.0 | 22.5 | ||||
Madera | 3.5 | 6.2 | 4.6 | 30.0 | 36.0 | 33.0 | r | |||
Merced | 3.2 | 3.5 | 2.4 | 36.0 | 28.5 | 32.5 | r | |||
Placer | 2.4 | 3.0 | 2.6 | r | 33.0 | 24.0 | 40.0 | r | ||
Sacramento | 2.0 | 2.5 | 2.0 | r | 27.0 | 21.0 | 31.0 | r | ||
San Benito | 3.0 | 4.1 | 2.3 | 39.0 | 18.0 | 44.5 | ||||
San Joaquin | 2.4 | 3.3 | 2.0 | r | 22.0 | 19.0 | 40.0 | r | ||
Stanislaus | 2.7 | 2.9 | 2.2 | r | 19.0 | 21.0 | 29.0 | r | ||
Tulare | 3.0 | 3.5 | 2.6 | 26.0 | 13.0 | 31.0 | ||||
Far North | ||||||||||
Butte | 3.1 | 4.0 | 4.2 | 27.0 | 20.0 | 45.0 | r | |||
Lassen | 4.2 | 7.6 | 7.3 | 47.0 | 19.0 | 94.0 | ||||
Plumas | 4.9 | 4.7 | 3.4 | 102.0 | 49.0 | 94.0 | r | |||
Shasta | 1.6 | 3.8 | 3.8 | r | 33.5 | 33.0 | 33.0 | r | ||
Siskiyou | 6.1 | NA | 6.0 | 37.5 | 41.0 | 32.0 | r | |||
Tehama | 5.0 | 4.7 | 5.1 | 83.5 | 58.5 | 72.0 | ||||
Trinity | 14.2 | 24.3 | NA | 139.5 | 76.0 | 77.0 | ||||
Other Calif. Counties | ||||||||||
Amador | 6.6 | 5.7 | 4.2 | r | 34.0 | 32.0 | 49.0 | r | ||
Calaveras | 5.2 | 5.5 | 3.4 | 69.5 | 23.5 | 77.0 | ||||
Del Norte | 7.3 | 7.7 | 6.5 | 69.0 | 16.0 | 77.0 | r | |||
El Dorado | 3.2 | 4.4 | 2.8 | r | 50.0 | 32.0 | 48.0 | r | ||
Humboldt | 4.1 | 5.9 | 4.1 | 37.5 | 26.5 | 17.0 | ||||
Lake | 8.8 | 8.5 | 5.2 | 55.0 | 36.5 | 73.0 | r | |||
Mariposa | 4.8 | 10.8 | 4.9 | 31.0 | 76.0 | 20.5 | ||||
Mendocino | 11.7 | 9.6 | 7.7 | r | 109.0 | 80.5 | 90.0 | r | ||
Mono | 2.8 | 1.5 | 4.0 | 71.5 | 46.0 | 129.0 | ||||
Nevada | 2.7 | 5.2 | 3.0 | 53.0 | 43.0 | 50.0 | r | |||
Sutter | 2.4 | 2.6 | 3.1 | r | 28.0 | 16.0 | 48.0 | r | ||
Tuolumne | 3.9 | 4.5 | 3.9 | 48.0 | 38.5 | 40.0 | r | |||
Yolo | 2.7 | 2.6 | 2.9 | r | 34.0 | 19.0 | 39.0 | r | ||
Yuba | 4.7 | 3.6 | 2.5 | r | 36.0 | 25.0 | 41.0 |
r = revised
SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
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