LOS ANGELES, Feb. 16, 2024 /PRNewswire/ -- California existing home sales rebounded in January to the highest level in six months as mortgage rates pulled back sharply at the end of 2023, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/Global/Infographics/2024-01-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 256,160 in January, 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 2024 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 pace climbed 14.4 percent higher from the revised 224,000 homes sold in December and was down 5.9 percent from a year ago, when a revised 241,920 homes were sold on an annualized basis. While the increase in January was the first year-over-year sales gain in 31 months, the sales pace stayed below the 300,000-unit threshold for the 16th straight month and will likely stay below that level in the first quarter of 2024. With interest rates moderating sharply at the end of 2023 and leveling off nearly 100 basis points below the most recent peak, home sales should continue to grow year-over-year in February, but the improvement will be modest.
"It's encouraging to see California's housing market kick off the year with positive sales growth in January," said C.A.R. President Melanie Barker, a Yosemite REALTOR®. "While we'll likely experience some ups and downs in home sales in the coming months as rates continue to fluctuate, the lending environment is expected to be more favorable in 2024, so the market should see more pent-up demand translate into sales."
While California's statewide median home price decreased 3.8 percent from December's $819,740 to $788,940 in January, it registered a 5.0 year-over-year gain, the seventh straight month of annual price gains. The monthly price decline was due primarily to seasonal factors, and the January figure marked the first time in ten months that the median price dropped below the $800,000 benchmark. 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.
"The increase in new active listings for the first time in 19 months was great news for the California housing market," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "With rates climbing back up to a two-month high earlier this week due to the latest inflation concerns, potential home sellers could hit the pause button on listing their house on the market and wait until rates begin to ease again. In general, rates are expected to decline later this year, and available inventory should slowly improve throughout 2024."
Other key points from C.A.R.'s January 2024 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.
January 2023 County Sales and Price Activity | |||||||||
(Regional and condo sales data not seasonally adjusted) | |||||||||
January 2024 | Median Sold Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | Jan. 2024 | Dec. 2023 | Jan. 2023 | Price | Price | Sales | Sales | ||
Calif. Single-family homes | $788,940 | $819,740 | $751,700 | r | -3.8 % | 5.0 % | 14.4 % | 5.9 % | |
Calif. Condo/Townhomes | $630,000 | $635,000 | $580,000 | -0.8 % | 8.6 % | -7.8 % | 14.2 % | ||
Los Angeles Metro Area | $750,000 | $760,000 | $700,000 | -1.3 % | 7.1 % | -14.6 % | 2.8 % | ||
Central Coast | $926,000 | $979,500 | $894,500 | -5.5 % | 3.5 % | -11.3 % | 5.2 % | ||
Central Valley | $460,000 | $462,000 | $430,750 | r | -0.4 % | 6.8 % | -9.2 % | 12.5 % | |
Far North | $361,500 | $364,500 | $369,000 | r | -0.8 % | -2.0 % | -6.9 % | 6.8 % | |
Inland Empire | $559,280 | $570,000 | $540,000 | -1.9 % | 3.6 % | -12.1 % | 5.3 % | ||
San Francisco Bay Area | $1,100,000 | $1,182,000 | $995,000 | r | -6.9 % | 10.6 % | -24.3 % | 6.2 % | |
Southern California | $790,000 | $790,000 | $738,250 | 0.0 % | 7.0 % | -12.2 % | 2.2 % | ||
San Francisco Bay Area | |||||||||
Alameda | $1,103,000 | $1,175,000 | $1,015,000 | r | -6.1 % | 8.7 % | -33.6 % | -10.7 % | |
Contra Costa | $770,000 | $800,000 | $725,000 | r | -3.8 % | 6.2 % | -17.0 % | 8.7 % | |
Marin | $1,524,500 | $1,555,000 | $1,201,000 | -2.0 % | 26.9 % | -38.3 % | 56.8 % | ||
Napa | $989,500 | $925,000 | $790,000 | 7.0 % | 25.3 % | -30.6 % | 3.0 % | ||
San Francisco | $1,530,000 | $1,450,000 | $1,385,000 | 5.5 % | 10.5 % | -20.5 % | -5.1 % | ||
San Mateo | $1,975,000 | $1,800,000 | $1,625,000 | 9.7 % | 21.5 % | -45.7 % | -7.0 % | ||
Santa Clara | $1,710,440 | $1,725,000 | $1,530,000 | -0.8 % | 11.8 % | -22.8 % | 19.7 % | ||
Solano | $575,000 | $562,000 | $580,000 | 2.3 % | -0.9 % | 2.0 % | 11.5 % | ||
Sonoma | $829,900 | $812,930 | $781,930 | 2.1 % | 6.1 % | -19.0 % | 15.1 % | ||
Southern California | |||||||||
Los Angeles | $833,000 | $853,340 | $778,540 | -2.4 % | 7.0 % | -17.1 % | 0.8 % | ||
Orange | $1,320,000 | $1,300,000 | $1,194,500 | 1.5 % | 10.5 % | -14.8 % | -1.0 % | ||
Riverside | $610,000 | $607,500 | $585,000 | 0.4 % | 4.3 % | -9.7 % | -0.1 % | ||
San Bernardino | $477,500 | $506,000 | $446,900 | -5.6 % | 6.8 % | -15.9 % | 15.6 % | ||
San Diego | $925,000 | $911,500 | $824,900 | r | 1.5 % | 12.1 % | -0.9 % | 0.0 % | |
Ventura | $870,000 | $882,500 | $815,000 | -1.4 % | 6.7 % | -10.0 % | 15.8 % | ||
Central Coast | |||||||||
Monterey | $825,000 | $929,000 | $850,000 | -11.2 % | -2.9 % | -9.7 % | -4.1 % | ||
San Luis Obispo | $910,000 | $956,000 | $795,750 | -4.8 % | 14.4 % | -8.3 % | 28.7 % | ||
Santa Barbara | $1,280,000 | $1,190,000 | $890,000 | 7.6 % | 43.8 % | -1.7 % | 1.8 % | ||
Santa Cruz | $1,190,000 | $1,050,000 | $1,170,000 | 13.3 % | 1.7 % | -32.1 % | -9.8 % | ||
Central Valley | |||||||||
Fresno | $406,000 | $397,000 | $375,000 | 2.3 % | 8.3 % | -9.6 % | 15.5 % | ||
Glenn | $349,000 | $349,500 | $392,500 | -0.1 % | -11.1 % | -47.1 % | -25.0 % | ||
Kern | $375,000 | $374,180 | $357,500 | 0.2 % | 4.9 % | 6.4 % | 4.0 % | ||
Kings | $365,000 | $380,000 | $365,000 | -3.9 % | 0.0 % | -31.0 % | -7.5 % | ||
Madera | $466,080 | $410,500 | $387,460 | 13.5 % | 20.3 % | -41.9 % | 28.4 % | ||
Merced | $380,000 | $385,000 | $369,000 | -1.3 % | 3.0 % | 15.1 % | 45.2 % | ||
Placer | $620,000 | $633,020 | $620,000 | r | -2.1 % | 0.0 % | -14.8 % | 13.8 % | |
Sacramento | $515,000 | $535,000 | $499,000 | r | -3.7 % | 3.2 % | -10.8 % | 5.5 % | |
San Benito | $760,000 | $789,890 | $719,000 | -3.8 % | 5.7 % | -9.1 % | 66.7 % | ||
San Joaquin | $530,000 | $530,000 | $509,900 | r | 0.0 % | 3.9 % | -2.2 % | 21.9 % | |
Stanislaus | $450,000 | $462,500 | $410,000 | r | -2.7 % | 9.8 % | 3.8 % | 24.6 % | |
Tulare | $349,000 | $362,000 | $332,720 | -3.6 % | 4.9 % | -11.0 % | 3.2 % | ||
Far North | |||||||||
Butte | $390,000 | $418,000 | $410,000 | -6.7 % | -4.9 % | -18.3 % | -14.7 % | ||
Lassen | $229,000 | $272,500 | $260,000 | -16.0 % | -11.9 % | -68.2 % | -22.2 % | ||
Plumas | $363,620 | $360,000 | $350,000 | 1.0 % | 3.9 % | 0.0 % | 54.5 % | ||
Shasta | $395,000 | $355,760 | $373,750 | 11.0 % | 5.7 % | 11.6 % | 11.6 % | ||
Siskiyou | $329,000 | $331,500 | $385,860 | -0.8 % | -14.7 % | -32.1 % | 72.7 % | ||
Tehama | $340,000 | $305,000 | $314,900 | 11.5 % | 8.0 % | 18.2 % | 4.0 % | ||
Trinity | $402,500 | $287,000 | $380,000 | 40.2 % | 5.9 % | -66.7 % | -33.3 % | ||
Other Calif. Counties | |||||||||
Amador | $444,500 | $415,000 | $399,000 | r | 7.1 % | 11.4 % | 40.7 % | 22.6 % | |
Calaveras | $434,500 | $437,500 | $455,000 | -0.7 % | -4.5 % | 29.4 % | 7.3 % | ||
Del Norte | $295,000 | $487,000 | $300,000 | -39.4 % | -1.7 % | -25.0 % | 28.6 % | ||
El Dorado | $650,000 | $660,000 | $575,000 | r | -1.5 % | 13.0 % | -9.2 % | 25.3 % | |
Humboldt | $410,000 | $425,000 | $395,000 | -3.5 % | 3.8 % | -42.6 % | 5.9 % | ||
Lake | $325,000 | $315,000 | $310,000 | 3.2 % | 4.8 % | 21.6 % | 4.7 % | ||
Mariposa | $431,500 | $442,000 | $372,500 | -2.4 % | 15.8 % | -25.0 % | 0.0 % | ||
Mendocino | $494,000 | $599,000 | $389,000 | -17.5 % | 27.0 % | 68.0 % | 55.6 % | ||
Mono | $1,304,500 | $1,052,500 | $1,125,500 | 23.9 % | 15.9 % | -66.7 % | -50.0 % | ||
Nevada | $525,000 | $537,000 | $470,000 | -2.2 % | 11.7 % | -22.7 % | 31.6 % | ||
Sutter | $435,000 | $429,500 | $395,000 | r | 1.3 % | 10.1 % | -14.3 % | -16.3 % | |
Tuolumne | $360,750 | $444,000 | $388,000 | -18.8 % | -7.0 % | 5.3 % | 62.2 % | ||
Yolo | $600,360 | $630,000 | $530,000 | r | -4.7 % | 13.3 % | 13.4 % | 40.7 % | |
Yuba | $455,000 | $440,000 | $425,000 | 3.4 % | 7.1 % | 7.0 % | 9.5 % |
r = revised
January 2023 County Unsold Inventory and Days on Market | ||||||||||
(Regional and condo sales data not seasonally adjusted) | ||||||||||
January 2024 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | Jan. 2024 | Dec. 2023 | Jan. 2023 | Jan. 2024 | Dec. 2023 | Jan. 2023 | ||||
Calif. Single-family homes | 3.2 | 2.5 | 3.5 | r | 32.0 | 26.0 | 39.0 | r | ||
Calif. Condo/Townhomes | 3.2 | 2.5 | 3.5 | 31.0 | 27.0 | 36.0 | r | |||
Los Angeles Metro Area | 3.4 | 2.7 | 3.8 | 32.0 | 27.0 | 41.0 | r | |||
Central Coast | 3.6 | 3.0 | 3.5 | 29.0 | 19.0 | 33.0 | r | |||
Central Valley | 3.1 | 2.6 | 3.5 | r | 30.0 | 25.0 | 39.0 | r | ||
Far North | 4.6 | 3.2 | 4.9 | r | 43.0 | 37.0 | 50.0 | r | ||
Inland Empire | 4.0 | 3.3 | 4.4 | 40.0 | 34.0 | 46.0 | r | |||
San Francisco Bay Area | 2.3 | 1.5 | 2.6 | r | 31.0 | 23.0 | 33.0 | r | ||
Southern California | 3.2 | 2.6 | 3.6 | 30.0 | 26.0 | 39.0 | r | |||
San Francisco Bay Area | ||||||||||
Alameda | 1.9 | 0.9 | 2.0 | r | 19.0 | 15.0 | 27.0 | r | ||
Contra Costa | 1.7 | 1.2 | 2.4 | r | 28.5 | 18.0 | 31.0 | r | ||
Marin | 2.5 | 1.5 | 4.5 | 57.5 | 66.0 | 72.0 | ||||
Napa | 6.0 | 4.1 | 5.9 | 104.0 | 85.0 | 84.0 | ||||
San Francisco | 2.8 | 1.5 | 2.9 | 85.0 | 48.0 | 49.5 | r | |||
San Mateo | 2.7 | 1.1 | 2.4 | 17.5 | 17.0 | 22.0 | ||||
Santa Clara | 1.8 | 1.1 | 2.5 | 11.0 | 12.0 | 22.5 | ||||
Solano | 2.7 | 2.9 | 2.9 | 49.0 | 45.0 | 58.0 | ||||
Sonoma | 3.1 | 2.5 | 3.3 | 65.0 | 61.5 | 43.5 | ||||
Southern California | ||||||||||
Los Angeles | 3.2 | 2.6 | 3.7 | 28.0 | 23.0 | 37.0 | r | |||
Orange | 2.7 | 2.0 | 3.1 | 28.0 | 24.0 | 41.0 | r | |||
Riverside | 4.0 | 3.3 | 4.3 | 40.0 | 32.0 | 45.0 | r | |||
San Bernardino | 3.9 | 3.3 | 4.7 | 40.0 | 38.0 | 47.0 | r | |||
San Diego | 2.6 | 2.2 | 2.7 | 21.5 | 18.0 | 32.0 | r | |||
Ventura | 2.9 | 2.4 | 3.4 | 37.0 | 37.0 | 41.0 | r | |||
Central Coast | ||||||||||
Monterey | 3.9 | 3.2 | 3.9 | 29.0 | 14.0 | 33.0 | ||||
San Luis Obispo | 3.6 | 3.1 | 4.3 | 31.0 | 27.0 | 41.0 | r | |||
Santa Barbara | 3.5 | 3.2 | 2.6 | 21.5 | 14.5 | 18.5 | ||||
Santa Cruz | 3.6 | 2.2 | 3.3 | 40.0 | 24.0 | 35.0 | ||||
Central Valley | ||||||||||
Fresno | 3.5 | 3.1 | 4.2 | 31.0 | 21.0 | 36.0 | r | |||
Glenn | 4.3 | 1.9 | 2.9 | 10.0 | 54.0 | 36.5 | r | |||
Kern | 2.8 | 2.8 | 3.1 | 24.0 | 19.0 | 32.5 | ||||
Kings | 3.6 | 2.2 | 3.5 | 22.0 | 42.0 | 53.0 | ||||
Madera | 6.5 | 3.5 | 7.2 | 52.5 | 30.0 | 38.0 | r | |||
Merced | 3.2 | 3.2 | 4.4 | 47.0 | 36.0 | 47.5 | r | |||
Placer | 3.0 | 2.4 | 3.8 | r | 35.0 | 33.0 | 43.0 | r | ||
Sacramento | 2.4 | 2.0 | 2.7 | r | 26.0 | 27.0 | 39.5 | r | ||
San Benito | 3.7 | 3.0 | 5.6 | 55.5 | 39.0 | 27.5 | ||||
San Joaquin | 2.6 | 2.4 | 2.9 | r | 31.5 | 22.0 | 46.0 | r | ||
Stanislaus | 2.7 | 2.7 | 3.3 | r | 31.0 | 19.0 | 36.0 | r | ||
Tulare | 3.7 | 3.0 | 3.8 | 28.0 | 26.0 | 34.5 | ||||
Far North | ||||||||||
Butte | 3.8 | 3.1 | 3.9 | 29.0 | 27.0 | 50.0 | r | |||
Lassen | 13.1 | 4.2 | 10.9 | 41.0 | 47.0 | 128.0 | ||||
Plumas | 4.2 | 4.9 | 6.9 | 89.0 | 102.0 | 85.0 | r | |||
Shasta | 3.6 | 1.6 | 4.2 | 37.0 | 33.5 | 41.5 | ||||
Siskiyou | 8.4 | 6.1 | 13.2 | 27.0 | 37.5 | 134.0 | r | |||
Tehama | 4.0 | 5.0 | 5.8 | 69.0 | 83.5 | 66.0 | ||||
Trinity | 43.0 | 14.2 | NA | 258.0 | 139.5 | 33.0 | ||||
Other Calif. Counties | ||||||||||
Amador | 4.3 | 6.6 | 4.6 | r | 64.0 | 34.0 | 58.0 | r | ||
Calaveras | 4.0 | 5.2 | 4.4 | 54.5 | 69.5 | 81.0 | ||||
Del Norte | 9.2 | 7.3 | 10.1 | 38.0 | 69.0 | 63.0 | r | |||
El Dorado | 4.7 | 3.2 | 4.4 | 58.5 | 50.0 | 51.0 | r | |||
Humboldt | 7.7 | 4.1 | 6.8 | 30.5 | 37.5 | 24.0 | ||||
Lake | 7.3 | 8.8 | 6.4 | 93.0 | 55.0 | 59.0 | r | |||
Mariposa | 6.2 | 4.8 | 5.4 | 71.5 | 31.0 | 65.5 | r | |||
Mendocino | 6.4 | 11.7 | 8.4 | 96.0 | 109.0 | 131.0 | ||||
Mono | 9.5 | 2.8 | 6.3 | 21.5 | 71.5 | 160.5 | ||||
Nevada | 3.6 | 2.7 | 3.9 | 50.0 | 53.0 | 50.0 | r | |||
Sutter | 2.6 | 2.4 | 2.8 | 16.0 | 28.0 | 40.0 | r | |||
Tuolumne | 3.2 | 3.9 | 5.2 | 55.5 | 48.0 | 66.0 | r | |||
Yolo | 2.6 | 2.7 | 3.0 | r | 40.5 | 34.0 | 44.5 | r | ||
Yuba | 4.2 | 4.7 | 4.9 | r | 57.0 | 36.0 | 45.5 | r |
r = revised
SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
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