LOS ANGELES, May 17, 2018 /PRNewswire-USNewswire/ -- California's spring housing market posted mixed results as home sales cooled in April and home prices continued to accelerate, especially in the San Francisco Bay Area region, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 416,790 units in April, 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 2018 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
April's sales figure was down 1.7 percent from the 423,990 level in March and up 2.2 percent compared with home sales in April 2017 of a revised 407,960. March marked the second straight deceleration in home sales and the first decline in three months.
"After nearly three years of decline in active listings, we're finally seeing an improvement in the availability of homes for sale, which is encouraging for prospective buyers as we enter the busy spring home-buying season," said C.A.R. President Steve White. "However, entry-level buyers may continue to experience the housing shortage as homes priced under $300,000 continue to bear the brunt of inventory issues."
Home prices maintained their strong year-over-year growth across California, with the statewide median price jumping 3.5 percent in April to reach $584,460, up from a revised $564,830 in March and rising 8.6 percent from a revised $537,950 in April 2017. With the median price per square foot rising to $281, the growth in home prices marks true increases in home values rather than a shift in the market toward sales of larger or higher-end homes. However, with the Bay Area outperforming the rest of the state, there is undoubtedly some pressure on the median price as the Bay Area made up a larger share of home sales.
"After increasing year-over-year by more than 8 percent for the past three months, the California median home price is close to striking distance of the pre-recession peak price of $594,530, which was recorded in May 2007," said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "With a continued imbalance of supply and demand, we'll likely break previous price records ? which many areas have already done ? before the summer is over."
Other key points from C.A.R.'s April 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.
April 2018 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
April 2018 |
Median Sold Price of Existing Single-Family Homes |
Sales | |||||||
State/Region/County |
April 2018 |
March |
April 2017 |
Price |
Price |
Sales |
Sales | ||
Calif. Single-family (SAAR) |
$584,460 |
$564,830 |
$537,950 |
r |
3.5% |
8.6% |
-1.7% |
2.2% | |
Calif. Condo/Townhome |
$476,010 |
$466,420 |
r |
$436,390 |
2.1% |
9.1% |
4.9% |
2.7% | |
Los Angeles Metro Area |
$515,000 |
$515,000 |
$480,000 |
r |
0.0% |
7.3% |
2.3% |
1.6% | |
Inland Empire |
$360,000 |
$351,450 |
$335,000 |
r |
2.4% |
7.5% |
2.9% |
4.6% | |
San Francisco Bay Area |
$1,010,000 |
$980,000 |
$885,000 |
r |
3.1% |
14.1% |
6.0% |
6.1% | |
San Francisco Bay Area |
|||||||||
Alameda |
$969,300 |
$955,000 |
$875,000 |
1.5% |
10.8% |
9.4% |
14.5% | ||
Contra Costa |
$689,660 |
$655,000 |
$653,694 |
5.3% |
5.5% |
2.6% |
7.1% | ||
Marin |
$1,385,000 |
$1,392,500 |
$1,325,000 |
-0.5% |
4.5% |
32.7% |
-0.5% | ||
Napa |
$682,500 |
$675,000 |
$685,000 |
1.1% |
-0.4% |
5.6% |
3.3% | ||
San Francisco |
$1,650,000 |
$1,680,000 |
$1,402,500 |
-1.8% |
17.6% |
-2.6% |
-3.1% | ||
San Mateo |
$1,770,000 |
$1,615,000 |
$1,500,000 |
9.6% |
18.0% |
-1.1% |
-1.1% | ||
Santa Clara |
$1,425,000 |
$1,454,500 |
$1,160,000 |
-2.0% |
22.8% |
8.7% |
8.7% | ||
Solano |
$447,500 |
$445,000 |
$400,000 |
0.6% |
11.9% |
1.9% |
-4.4% | ||
Sonoma |
$685,000 |
$685,000 |
$608,000 |
0.0% |
12.7% |
4.9% |
6.8% | ||
Southern California |
|||||||||
Los Angeles |
$528,550 |
$528,980 |
$480,230 |
-0.1% |
10.1% |
2.9% |
0.1% | ||
Orange |
$818,000 |
$824,450 |
$775,000 |
-0.8% |
5.5% |
1.9% |
1.1% | ||
Riverside |
$400,000 |
$398,000 |
$379,000 |
0.5% |
5.5% |
4.3% |
1.8% | ||
San Bernardino |
$289,900 |
$280,000 |
$255,500 |
3.5% |
13.5% |
0.6% |
9.8% | ||
San Diego |
$635,000 |
$625,400 |
$590,000 |
1.5% |
7.6% |
6.7% |
-1.3% | ||
Ventura |
$665,000 |
$638,500 |
$635,000 |
r |
4.2% |
4.7% |
-6.2% |
-6.7% | |
Central Coast |
|||||||||
Monterey |
$607,750 |
$625,000 |
$569,000 |
-2.8% |
6.8% |
1.3% |
29.0% | ||
San Luis Obispo |
$597,505 |
$610,000 |
$572,500 |
-2.0% |
4.4% |
-5.9% |
-1.2% | ||
Santa Barbara |
$650,750 |
$625,000 |
r |
$569,000 |
r |
4.1% |
14.4% |
1.3% |
29.0% |
Santa Cruz |
$899,000 |
$910,000 |
$815,000 |
-1.2% |
10.3% |
25.6% |
21.0% | ||
Central Valley |
|||||||||
Fresno |
$260,000 |
$264,950 |
r |
$244,090 |
-1.9% |
6.5% |
-0.7% |
1.9% | |
Glenn |
$215,000 |
$244,500 |
$230,000 |
-12.1% |
-6.5% |
-18.8% |
-27.8% | ||
Kern |
$235,000 |
$232,500 |
$236,750 |
1.1% |
-0.7% |
-6.9% |
2.4% | ||
Kings |
$235,000 |
$238,000 |
$232,000 |
-1.3% |
1.3% |
-1.9% |
23.2% | ||
Madera |
$244,000 |
$265,000 |
r |
$240,000 |
r |
-7.9% |
1.7% |
2.9% |
-22.2% |
Merced |
$259,000 |
$257,500 |
$247,915 |
0.6% |
4.5% |
-19.6% |
13.3% | ||
Placer |
$489,000 |
$475,500 |
$460,000 |
2.8% |
6.3% |
12.7% |
12.0% | ||
Sacramento |
$369,000 |
$365,000 |
$326,000 |
1.1% |
13.2% |
13.9% |
6.5% | ||
San Benito |
$569,217 |
$586,670 |
$521,000 |
-3.0% |
9.3% |
7.3% |
31.1% | ||
San Joaquin |
$374,990 |
$370,000 |
$340,000 |
1.3% |
10.3% |
-12.7% |
-13.5% | ||
Stanislaus |
$306,000 |
$308,000 |
$283,000 |
-0.6% |
8.1% |
-3.4% |
1.1% | ||
Tulare |
$229,250 |
$232,500 |
$214,900 |
-1.4% |
6.7% |
-6.6% |
9.2% | ||
Other Calif. Counties |
|||||||||
Amador |
$335,000 |
$340,000 |
$327,000 |
-1.5% |
2.4% |
-13.7% |
-12.0% | ||
Butte |
$316,000 |
$315,000 |
$302,900 |
0.3% |
4.3% |
6.5% |
-3.0% | ||
Calaveras |
$340,000 |
$325,000 |
$318,500 |
4.6% |
6.8% |
-2.0% |
5.4% | ||
Del Norte |
$239,000 |
$200,000 |
$239,000 |
19.5% |
0.0% |
21.1% |
21.1% | ||
El Dorado |
$499,999 |
$510,000 |
$474,500 |
-2.0% |
5.4% |
8.0% |
13.4% | ||
Humboldt |
$309,000 |
$313,500 |
$300,000 |
-1.4% |
3.0% |
5.5% |
19.6% | ||
Lake |
$285,000 |
$280,000 |
$248,468 |
1.8% |
14.7% |
18.2% |
-7.1% | ||
Lassen |
$155,500 |
$135,000 |
$175,500 |
15.2% |
-11.4% |
-48.3% |
-25.0% | ||
Mariposa |
$344,850 |
$279,500 |
$273,000 |
23.4% |
26.3% |
62.5% |
-23.5% | ||
Mendocino |
$430,000 |
$379,000 |
$358,000 |
13.5% |
20.1% |
20.7% |
-27.1% | ||
Mono |
$520,000 |
$780,000 |
$516,250 |
-33.3% |
0.7% |
0.0% |
-30.0% | ||
Nevada |
$408,738 |
$430,000 |
$424,000 |
-4.9% |
-3.6% |
-14.7% |
0.9% | ||
Plumas |
$280,250 |
$353,000 |
$239,000 |
-20.6% |
17.3% |
-14.3% |
-55.6% | ||
Shasta |
$258,950 |
$242,500 |
$243,250 |
6.8% |
6.5% |
17.9% |
8.2% | ||
Siskiyou |
$217,250 |
$226,350 |
$200,000 |
-4.0% |
8.6% |
-15.0% |
-2.9% | ||
Sutter |
$280,000 |
$281,000 |
$249,500 |
-0.4% |
12.2% |
-12.8% |
13.6% | ||
Tehama |
$210,000 |
$222,500 |
$207,000 |
-5.6% |
1.4% |
20.6% |
46.4% | ||
Tuolumne |
$305,000 |
$292,500 |
$270,000 |
4.3% |
13.0% |
-2.3% |
10.4% | ||
Yolo |
$495,000 |
$422,500 |
$386,750 |
17.2% |
28.0% |
20.5% |
10.4% | ||
Yuba |
$285,000 |
$277,900 |
$267,500 |
2.6% |
6.5% |
2.6% |
5.3% |
r = revised |
April 2018 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)
April 2018 |
Unsold Inventory Index |
Median Days on Market | ||||||||
State/Region/County |
April |
March |
April |
April |
March |
April |
||||
Calif. Single-family (SAAR) |
3.2 |
2.9 |
3.3 |
15.0 |
16.0 |
17.0 |
r | |||
Calif. Condo/Townhome |
2.4 |
2.3 |
2.5 |
12.0 |
12.0 |
15.0 |
r | |||
Los Angeles Metro Area |
3.6 |
3.4 |
3.7 |
21.0 |
22.0 |
28.0 |
r | |||
Inland Empire |
3.7 |
3.7 |
3.9 |
29.0 |
29.0 |
36.0 |
r | |||
San Francisco Bay Area |
2.1 |
1.9 |
2.4 |
12.0 |
12.0 |
13.0 |
r | |||
San Francisco Bay Area |
||||||||||
Alameda |
1.7 |
1.5 |
2.0 |
10.0 |
11.0 |
11.5 |
r | |||
Contra Costa |
2.1 |
1.9 |
2.4 |
11.0 |
10.0 |
10.0 |
r | |||
Marin |
2.7 |
2.8 |
2.8 |
22.0 |
20.5 |
26.0 |
r | |||
Napa |
4.3 |
4.1 |
5.0 |
37.5 |
34.0 |
46.0 |
r | |||
San Francisco |
1.9 |
1.6 |
1.8 |
14.0 |
14.0 |
15.0 |
r | |||
San Mateo |
1.9 |
1.6 |
2.0 |
10.0 |
11.0 |
10.0 |
r | |||
Santa Clara |
1.6 |
1.5 |
2.0 |
8.0 |
8.0 |
9.0 |
r | |||
Solano |
2.6 |
2.3 |
2.5 |
29.0 |
29.0 |
34.5 |
r | |||
Sonoma |
3.0 |
2.6 |
3.4 |
33.0 |
29.0 |
31.0 |
r | |||
Southern California |
||||||||||
Los Angeles |
3.2 |
3.0 |
3.4 |
17.0 |
17.0 |
22.0 |
r | |||
Orange |
3.5 |
3.2 |
3.7 |
14.0 |
14.0 |
24.0 |
r | |||
Riverside |
3.6 |
3.6 |
3.9 |
29.0 |
28.0 |
37.0 |
r | |||
San Bernardino |
3.9 |
3.7 |
3.9 |
28.0 |
31.0 |
33.0 |
r | |||
San Diego |
3.0 |
2.9 |
2.9 |
11.0 |
12.0 |
11.0 |
r | |||
Ventura |
5.5 |
4.5 |
3.9 |
39.0 |
41.0 |
42.0 |
r | |||
Central Coast |
||||||||||
Monterey |
3.8 |
3.8 |
5.1 |
22.0 |
21.0 |
32.0 |
r | |||
San Luis Obispo |
4.3 |
3.8 |
4.0 |
19.5 |
23.0 |
20.0 |
r | |||
Santa Barbara |
4.5 |
3.9 |
4.5 |
20.5 |
30.0 |
28.0 |
r | |||
Santa Cruz |
2.7 |
2.9 |
3.4 |
11.0 |
12.0 |
14.0 |
r | |||
Central Valley |
||||||||||
Fresno |
2.8 |
2.7 |
3.3 |
12.0 |
13.0 |
13.0 |
r | |||
Glenn |
6.1 |
5.1 |
4.8 |
16.0 |
39.5 |
30.0 |
r | |||
Kern |
3.5 |
3.2 |
3.6 |
19.0 |
20.0 |
15.5 |
r | |||
Kings |
2.9 |
2.8 |
3.5 |
16.0 |
25.0 |
20.5 |
r | |||
Madera |
4.9 |
4.5 |
4.6 |
r |
18.0 |
37.0 |
33.0 |
r | ||
Merced |
4.1 |
3.1 |
3.9 |
19.0 |
31.5 |
20.0 |
r | |||
Placer |
2.5 |
2.4 |
2.8 |
10.0 |
11.0 |
10.5 |
r | |||
Sacramento |
2.2 |
2.1 |
2.1 |
10.0 |
11.0 |
8.0 |
r | |||
San Benito |
2.5 |
2.7 |
3.6 |
13.0 |
27.0 |
22.0 |
r | |||
San Joaquin |
2.8 |
2.2 |
2.5 |
12.0 |
14.0 |
13.0 |
r | |||
Stanislaus |
2.7 |
2.4 |
2.8 |
13.0 |
12.0 |
13.0 |
r | |||
Tulare |
3.8 |
3.3 |
4.1 |
23.0 |
29.0 |
22.0 |
r | |||
Other Calif. Counties |
||||||||||
Amador |
5.3 |
3.9 |
4.9 |
16.0 |
52.0 |
35.5 |
||||
Butte |
3.2 |
2.9 |
2.7 |
9.0 |
15.5 |
11.0 |
r | |||
Calaveras |
5.7 |
4.7 |
5.6 |
28.0 |
46.0 |
40.0 |
r | |||
Del Norte |
5.3 |
5.8 |
6.6 |
145.0 |
112.0 |
99.0 |
r | |||
El Dorado |
3.1 |
3.2 |
3.8 |
r |
20.0 |
24.0 |
24.0 |
r | ||
Humboldt |
5.0 |
5.1 |
4.7 |
22.0 |
24.0 |
16.0 |
r | |||
Lake |
6.0 |
6.4 |
4.7 |
39.5 |
41.5 |
60.0 |
r | |||
Lassen |
10.5 |
4.5 |
6.6 |
137.0 |
91.0 |
68.5 |
r | |||
Mariposa |
6.9 |
8.9 |
4.4 |
15.0 |
15.0 |
8.0 |
r | |||
Mendocino |
12.7 |
11.8 |
6.6 |
70.0 |
51.0 |
42.5 |
r | |||
Mono |
10.6 |
10.1 |
9.9 |
170.0 |
194.0 |
201.0 |
r | |||
Nevada |
4.7 |
3.1 |
4.1 |
22.5 |
21.0 |
16.0 |
r | |||
Plumas |
22.0 |
14.5 |
10.7 |
178.5 |
185.5 |
191.0 |
r | |||
Shasta |
4.4 |
4.7 |
4.3 |
22.0 |
24.0 |
17.5 |
r | |||
Siskiyou |
7.8 |
5.5 |
7.3 |
25.0 |
43.5 |
37.0 |
r | |||
Sutter |
2.9 |
2.2 |
2.9 |
32.0 |
18.0 |
10.5 |
r | |||
Tehama |
5.0 |
6.1 |
7.3 |
55.0 |
68.0 |
82.5 |
r | |||
Tuolumne |
3.8 |
3.3 |
4.5 |
23.0 |
36.0 |
63.0 |
r | |||
Yolo |
2.1 |
2.5 |
2.7 |
10.0 |
10.5 |
11.0 |
r | |||
Yuba |
3.0 |
2.7 |
2.8 |
17.0 |
29.0 |
9.0 |
r |
r = revised |
SOURCE CALIFORNIA ASSOCIATION OF REALTORS
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