LOS ANGELES, Oct. 18, 2017 /PRNewswire-USNewswire/ -- California's housing market eased into the fall homebuying season as seasonally adjusted sales rose both month-to-month and year-to-year in September, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California remained above the 400,000 benchmark for the past 18 months and totaled a seasonally adjusted annualized rate of 436,920 units in September, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2017 if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The September sales figure was up 2.2 percent from the 427,630 level in August and up 1.7 percent compared with home sales in September 2016 of a revised 429,760. While year-to-date sales are running 2.6 percent ahead of last year's pace, that margin has been eroding since the first quarter.
"While it's encouraging that statewide home sales improved both monthly and annually, the year-over-year sales rate is losing steam, reflecting the persistent shortage of homes for sale and an easing of concern over a surge in mortgage rates," said C.A.R. President Geoff McIntosh. "Additionally, for the areas that have been affected by the recent wildfires, we anticipate sales will pull back in those regions as damages are assessed and replacement efforts are coordinated."
After reaching its highest level in a decade in August, the statewide median price slipped in September but remained above the $500,000 mark for the seventh straight month. The $565,330 August median price dropped 1.8 percent to $555,410 in September but climbed 7.5 percent from the revised $516,450 recorded in September 2016. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling, as well as a general change in values.
"The statewide median price rose at the fastest annual pace since February 2017 as the housing supply shortage continued to dictate the market, taking a toll on home sales and affordability," said C.A.R. Senior Vice President and Chief Economist Leslie-Appleton-Young. "The tight inventory situation is particularly acute in the Bay Area region, which saw double-digit price increases in Alameda, Contra Costa, San Francisco, and Santa Clara counties, while sales fell markedly from the previous year in six of the nine Bay Area counties."
Other key points from C.A.R.'s September 2017 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 39 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.
September 2017 County Sales and Price Activity | |||||||||
(Regional and condo sales data not seasonally adjusted) | |||||||||
September 2017 |
Median Sales Price of Existing Single-Family Homes |
Sales | |||||||
State/Region/County |
Sept. 2017 |
Aug. 2017 |
Sept. 2016 |
Price MTM% Chg |
Price YTY% Chg |
Sales MTM% Chg |
Sales YTY% Chg | ||
Calif. Single-family home (SAAR) |
$555,410 |
$565,330 |
$516,450 |
r |
-1.8% |
7.5% |
2.2% |
1.7% | |
Calif. Condo/Townhome |
$450,400 |
$446,760 |
$415,540 |
r |
0.8% |
8.4% |
-13.4% |
-4.2% | |
Los Angeles Metro Area |
$504,990 |
$499,970 |
$463,600 |
r |
1.0% |
8.9% |
-8.8% |
-2.5% | |
Inland Empire |
$343,260 |
$341,340 |
$319,380 |
0.6% |
7.5% |
-13.0% |
-4.0% | ||
San Francisco Bay Area |
$852,230 |
$856,200 |
r |
$762,810 |
r |
-0.5% |
11.7% |
-14.2% |
-4.2% |
San Francisco Bay Area |
|||||||||
Alameda |
$853,000 |
$867,500 |
$760,000 |
r |
-1.7% |
12.2% |
-20.5% |
-15.0% | |
Contra-Costa |
$605,000 |
$627,860 |
$549,900 |
r |
-3.6% |
10.0% |
-18.3% |
-5.5% | |
Marin |
$1,250,000 |
$1,207,120 |
$1,165,000 |
3.6% |
7.3% |
-2.7% |
23.8% | ||
Napa |
$632,500 |
$654,000 |
$650,000 |
-3.3% |
-2.7% |
0.0% |
-12.4% | ||
San Francisco |
$1,350,000 |
$1,380,000 |
$1,218,750 |
-2.2% |
10.8% |
-19.1% |
0.0% | ||
San Mateo |
$1,400,500 |
$1,375,000 |
$1,290,000 |
1.9% |
8.6% |
-5.0% |
-0.3% | ||
Santa Clara |
$1,180,000 |
$1,150,000 |
$1,000,000 |
2.6% |
18.0% |
-7.7% |
1.9% | ||
Solano |
$422,500 |
$410,000 |
$389,500 |
3.0% |
8.5% |
-15.6% |
-6.3% | ||
Sonoma |
$620,000 |
$625,500 |
$590,000 |
-0.9% |
5.1% |
-16.4% |
-0.5% | ||
Southern California |
|||||||||
Los Angeles |
$606,110 |
$570,720 |
r |
$550,700 |
r |
6.2% |
10.1% |
-4.6% |
-4.1% |
Orange |
$799,000 |
$789,000 |
$739,000 |
1.3% |
8.1% |
-7.9% |
4.1% | ||
Riverside |
$385,700 |
$388,500 |
$352,250 |
-0.7% |
9.5% |
-13.7% |
-9.2% | ||
San Bernardino |
$279,000 |
$269,950 |
$251,750 |
r |
3.4% |
10.8% |
-12.1% |
4.4% | |
San Diego |
$605,000 |
$605,000 |
$569,000 |
0.0% |
6.3% |
-16.7% |
-4.3% | ||
Ventura |
$609,000 |
$640,000 |
$583,800 |
r |
-4.8% |
4.3% |
-11.6% |
0.0% | |
Central Coast |
|||||||||
Monterey |
$569,900 |
$580,500 |
$566,500 |
r |
-1.8% |
0.6% |
-13.9% |
-7.3% | |
San Luis Obispo |
$607,500 |
$599,000 |
$574,750 |
1.4% |
5.7% |
-6.4% |
-6.1% | ||
Santa Barbara |
$707,000 |
$631,000 |
$732,500 |
12.0% |
-3.5% |
-15.1% |
13.7% | ||
Santa Cruz |
$845,000 |
$825,000 |
$774,500 |
2.4% |
9.1% |
1.1% |
8.5% | ||
Central Valley |
|||||||||
Fresno |
$260,000 |
$259,000 |
$240,000 |
0.4% |
8.3% |
-18.5% |
-0.4% | ||
Glenn |
$207,500 |
$225,000 |
$220,500 |
-7.8% |
-5.9% |
10.0% |
4.8% | ||
Kern |
$234,700 |
$235,100 |
$215,000 |
-0.2% |
9.2% |
-8.6% |
-6.8% | ||
Kings |
$223,000 |
$225,000 |
$197,000 |
-0.9% |
13.2% |
-27.0% |
-11.0% | ||
Madera |
$291,500 |
$263,500 |
$240,000 |
10.6% |
21.5% |
-10.8% |
-20.5% | ||
Merced |
$260,000 |
$250,000 |
$214,000 |
4.0% |
21.5% |
-13.7% |
13.0% | ||
Placer |
$450,000 |
$462,000 |
$430,240 |
-2.6% |
4.6% |
-16.9% |
-2.0% | ||
Sacramento |
$347,750 |
$348,000 |
$317,500 |
-0.1% |
9.5% |
-10.3% |
-7.0% | ||
San Benito |
$508,500 |
$600,000 |
$527,500 |
-15.3% |
-3.6% |
-40.3% |
-13.0% | ||
San Joaquin |
$355,000 |
$355,000 |
$322,000 |
0.0% |
10.2% |
-7.9% |
9.4% | ||
Stanislaus |
$295,000 |
$294,290 |
$270,000 |
0.2% |
9.3% |
-8.5% |
13.6% | ||
Tulare |
$229,950 |
$224,900 |
$209,900 |
2.2% |
9.6% |
-4.1% |
13.0% | ||
Other Calif. Counties |
|||||||||
Amador |
$315,000 |
$334,500 |
$243,500 |
-5.8% |
29.4% |
12.5% |
17.4% | ||
Butte |
$311,900 |
$291,000 |
$275,000 |
7.2% |
13.4% |
-26.0% |
-11.2% | ||
Calaveras |
$340,000 |
$345,000 |
$285,000 |
-1.4% |
19.3% |
-23.0% |
-4.0% | ||
Del Norte |
$224,300 |
$214,950 |
$239,500 |
4.3% |
-6.3% |
-30.8% |
80.0% | ||
El Dorado |
$449,950 |
$485,000 |
$419,000 |
-7.2% |
7.4% |
-14.4% |
6.5% | ||
Humboldt |
$325,000 |
$316,750 |
$290,000 |
2.6% |
12.1% |
-0.8% |
1.7% | ||
Lake |
$234,250 |
$241,500 |
$220,000 |
-3.0% |
6.5% |
-10.4% |
36.5% | ||
Lassen |
$145,500 |
$215,000 |
$161,090 |
-32.3% |
-9.7% |
12.0% |
-20.0% | ||
Mariposa |
$299,000 |
$280,000 |
$332,500 |
6.8% |
-10.1% |
-56.3% |
0.0% | ||
Mendocino |
$419,000 |
$402,500 |
$370,000 |
4.1% |
13.2% |
16.7% |
18.9% | ||
Mono |
$632,500 |
$386,500 |
$465,000 |
63.6% |
36.0% |
83.3% |
0.0% | ||
Nevada |
$410,000 |
$375,000 |
$348,700 |
9.3% |
17.6% |
-17.1% |
-16.4% | ||
Plumas |
$275,000 |
$325,000 |
$278,500 |
-15.4% |
-1.3% |
-19.6% |
7.9% | ||
Shasta |
$244,900 |
$252,450 |
$239,000 |
-3.0% |
2.5% |
-8.0% |
8.2% | ||
Siskiyou |
$187,500 |
$212,000 |
$192,000 |
-11.6% |
-2.3% |
6.5% |
-15.5% | ||
Sutter |
$275,000 |
$289,000 |
$247,500 |
-4.8% |
11.1% |
-13.4% |
18.3% | ||
Tehama |
$191,750 |
$225,000 |
$219,000 |
-14.8% |
-12.4% |
-22.0% |
-8.6% | ||
Tuolumne |
$282,000 |
$292,000 |
$242,500 |
-3.4% |
16.3% |
-19.6% |
22.4% | ||
Yolo |
$432,000 |
$445,000 |
$407,000 |
-2.9% |
6.1% |
-12.6% |
5.6% | ||
Yuba |
$274,900 |
$265,000 |
$245,000 |
3.7% |
12.2% |
-2.5% |
-4.8% |
r = revised
NA = not available
September 2017 County Unsold Inventory and Time on Market | ||||||||||
(Regional and condo sales data not seasonally adjusted) | ||||||||||
September 2017 |
Unsold Inventory Index |
Median Time on Market | ||||||||
State/Region/County |
Sept. |
Aug. |
Sept. |
Sept. |
Aug. |
Sept. |
||||
Calif. Single-family home |
3.2 |
2.9 |
3.5 |
r |
20.0 |
18.0 |
28.0 |
r | ||
Calif. Condo/Townhomes |
2.4 |
2.2 |
2.8 |
r |
15.0 |
14.0 |
25.0 |
r | ||
Los Angeles Metro Area |
3.4 |
3.1 |
3.7 |
r |
24.0 |
22.0 |
41.0 |
r | ||
Inland Empire |
3.7 |
3.3 |
4.0 |
r |
27.0 |
25.0 |
42.0 |
r | ||
San Francisco Bay Area |
2.2 |
1.9 |
2.6 |
r |
16.0 |
15.0 |
21.0 |
r | ||
San Francisco Bay Area |
||||||||||
Alameda |
2.1 |
1.6 |
2.1 |
13.0 |
13.0 |
15.0 |
r | |||
Contra Costa |
2.2 |
1.9 |
2.4 |
r |
14.0 |
13.0 |
16.0 |
r | ||
Marin |
3.4 |
3.0 |
4.3 |
38.0 |
39.0 |
35.0 |
r | |||
Napa |
4.6 |
4.6 |
4.4 |
49.5 |
49.5 |
53.0 |
r | |||
San Francisco |
2.6 |
1.7 |
3.2 |
15.0 |
15.0 |
26.0 |
r | |||
San Mateo |
1.9 |
1.7 |
2.5 |
11.0 |
11.0 |
14.0 |
r | |||
Santa Clara |
1.4 |
1.5 |
2.4 |
10.0 |
9.5 |
16.0 |
r | |||
Solano |
2.4 |
2.2 |
3.0 |
34.0 |
34.0 |
41.0 |
r | |||
Sonoma |
3.0 |
2.6 |
3.0 |
41.0 |
37.0 |
43.0 |
r | |||
Southern California |
||||||||||
Los Angeles |
3.1 |
2.8 |
3.4 |
r |
19.0 |
18.0 |
34.0 |
r | ||
Orange |
3.1 |
3.1 |
3.8 |
26.0 |
22.0 |
46.0 |
r | |||
Riverside |
3.7 |
3.2 |
4.1 |
26.0 |
26.0 |
43.0 |
r | |||
San Bernardino |
3.6 |
3.4 |
3.9 |
27.0 |
24.0 |
40.0 |
r | |||
San Diego |
3.0 |
2.6 |
3.4 |
16.0 |
14.0 |
19.0 |
r | |||
Ventura |
4.7 |
4.4 |
4.8 |
r |
50.0 |
46.0 |
55.0 |
r | ||
Central Coast |
||||||||||
Monterey |
4.7 |
4.2 |
4.7 |
27.0 |
26.0 |
26.0 |
r | |||
San Luis Obispo |
3.9 |
3.9 |
4.0 |
32.0 |
23.0 |
31.0 |
r | |||
Santa Barbara |
4.1 |
3.7 |
4.9 |
31.0 |
26.0 |
31.5 |
r | |||
Santa Cruz |
3.4 |
3.3 |
3.3 |
18.0 |
20.0 |
22.0 |
r | |||
Central Valley |
||||||||||
Fresno |
3.5 |
2.9 |
3.7 |
14.0 |
16.0 |
20.0 |
r | |||
Glenn |
3.5 |
4.2 |
4.3 |
30.5 |
47.5 |
43.0 |
r | |||
Kern |
3.5 |
3.3 |
3.7 |
22.0 |
19.0 |
24.5 |
r | |||
Kings |
3.3 |
2.4 |
3.4 |
23.0 |
21.0 |
15.0 |
r | |||
Madera |
5.6 |
4.9 |
4.7 |
34.5 |
33.0 |
54.0 |
r | |||
Merced |
2.8 |
2.6 |
2.9 |
14.0 |
15.0 |
31.0 |
r | |||
Placer |
2.8 |
2.5 |
2.9 |
17.0 |
14.0 |
19.0 |
r | |||
Sacramento |
2.6 |
2.4 |
2.6 |
13.0 |
11.0 |
13.0 |
r | |||
San Benito |
4.5 |
2.6 |
4.2 |
13.0 |
28.0 |
27.5 |
r | |||
San Joaquin |
2.6 |
2.5 |
3.2 |
16.0 |
14.0 |
14.0 |
r | |||
Stanislaus |
2.6 |
2.4 |
3.5 |
18.0 |
14.0 |
19.0 |
r | |||
Tulare |
3.7 |
3.7 |
3.9 |
20.0 |
23.0 |
28.0 |
r | |||
Other Calif. Counties |
||||||||||
Amador |
4.9 |
6.0 |
5.3 |
46.0 |
39.0 |
46.0 |
r | |||
Butte |
3.4 |
2.5 |
3.7 |
15.0 |
17.5 |
23.5 |
r | |||
Calaveras |
6.2 |
4.8 |
5.4 |
41.0 |
27.5 |
56.0 |
r | |||
Del Norte |
9.2 |
7.2 |
16.1 |
71.0 |
90.5 |
94.0 |
r | |||
El Dorado |
3.9 |
3.5 |
4.0 |
41.0 |
38.0 |
48.0 |
r | |||
Humboldt |
4.7 |
4.9 |
3.6 |
34.0 |
19.0 |
20.0 |
r | |||
Lake |
5.4 |
5.1 |
7.3 |
r |
47.0 |
24.0 |
70.0 |
r | ||
Lassen |
6.8 |
8.1 |
0.0 |
89.5 |
91.0 |
106.0 |
||||
Mariposa |
9.3 |
4.8 |
13.0 |
45.0 |
66.5 |
92.0 |
r | |||
Mendocino |
5.4 |
6.6 |
7.0 |
53.0 |
66.0 |
80.0 |
r | |||
Mono |
4.5 |
9.2 |
6.4 |
88.0 |
74.0 |
131.5 |
r | |||
Nevada |
4.7 |
3.9 |
3.7 |
40.0 |
19.0 |
31.0 |
r | |||
Plumas |
9.0 |
8.0 |
10.7 |
114.0 |
94.0 |
102.0 |
||||
Shasta |
4.2 |
4.1 |
4.7 |
27.0 |
21.0 |
40.0 |
r | |||
Siskiyou |
6.5 |
6.9 |
5.0 |
45.0 |
52.0 |
34.0 |
r | |||
Sutter |
3.1 |
2.8 |
3.3 |
19.5 |
21.0 |
19.0 |
r | |||
Tehama |
7.6 |
6.4 |
6.8 |
55.0 |
60.0 |
53.0 |
r | |||
Tuolumne |
5.0 |
4.4 |
6.4 |
42.0 |
29.0 |
47.0 |
r | |||
Yolo |
2.3 |
2.4 |
2.8 |
17.5 |
13.5 |
15.0 |
r | |||
Yuba |
3.0 |
3.0 |
2.7 |
14.0 |
13.0 |
15.0 |
r |
r = revised
NA = not available
SOURCE CALIFORNIA ASSOCIATION OF REALTORS
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