LOS ANGELES, Feb. 20, 2019 /PRNewswire/ -- Housing demand in California remained subdued for the ninth consecutive month in January as economic and market uncertainties sent home sales to their lowest level since April 2008, 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 357,730 units 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 2019 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 figure was down 3.9 percent from the revised 372,260 level in December and down 12.6 percent from home sales in January 2018 of 409,520. January marked the ninth consecutive month of decline and the sixth month in a row that sales were below 400,000, dipping to the lowest level since April 2008.
"California continued to move toward a more balanced market as we see buyers having greater negotiating power and sellers making concessions to get their homes sold as inventory grows," said C.A.R. President Jared Martin. "While interest rates have dropped down to the lowest point in 10 months, potential buyers are putting their homeownership plans on hold as they wait out further price adjustments."
The statewide median home price declined to $538,690 in January. The January statewide median price was down 3.4 percent from $557,600 in December and up 2.1 percent from a revised $527,780 in January 2018.
"While we expected the federal government shutdown during most of January to temporarily interrupt closings because of a delay in loan approvals and income verifications, the impact on January's home sales was minimal," said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "The decline in sales was more indicative of demand side issues and was broad and across all price categories and regions of the state. Moreover, growing inventory over the past few months has not translated into more sales."
Other key points from C.A.R.'s January 2019 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 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
January 2019 County Sales and Price Activity | |||||||||
(Regional and condo sales data not seasonally adjusted) | |||||||||
January 2019 | Median Sold Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | Jan. 2019 | Dec. 2018 | Jan. 2018 | Price | Price | Sales | Sales | ||
Calif. Single-family home | $538,690 | $557,600 | $527,780 | -3.4% | 2.1% | -3.9% | -12.6% | ||
Calif. Condo/Townhome | $434,080 | $450,000 | r | $425,000 | -3.5% | 2.1% | -16.6% | -13.7% | |
Los Angeles Metro Area | $499,450 | $500,000 | $490,000 | -0.1% | 1.9% | -18.9% | -15.1% | ||
Central Coast | $620,990 | $687,450 | r | $605,000 | -9.7% | 2.6% | -12.4% | -18.1% | |
Central Valley | $312,000 | $317,500 | $305,000 | -1.7% | 2.3% | -19.8% | -13.2% | ||
Inland Empire | $354,450 | $359,000 | $350,000 | -1.3% | 1.3% | -12.5% | -16.1% | ||
San Francisco Bay Area | $836,000 | $850,000 | $800,000 | -1.6% | 4.5% | -24.3% | -5.8% | ||
San Francisco Bay Area | |||||||||
Alameda | $826,000 | $850,000 | $840,000 | -2.8% | -1.7% | -20.5% | 3.9% | ||
Contra Costa | $595,000 | $612,500 | $555,000 | -2.9% | 7.2% | -27.7% | -15.3% | ||
Marin | $1,149,500 | $1,270,500 | $1,317,500 | -9.5% | -12.8% | -30.5% | -2.4% | ||
Napa | $672,500 | $725,000 | $662,000 | -7.2% | 1.6% | -29.1% | -26.3% | ||
San Francisco | $1,330,000 | $1,500,000 | $1,330,000 | -11.3% | 0.0% | -38.9% | 3.2% | ||
San Mateo | $1,450,000 | $1,483,000 | $1,437,500 | -2.2% | 0.9% | -25.6% | 9.9% | ||
Santa Clara | $1,185,000 | $1,150,000 | $1,170,000 | 3.0% | 1.3% | -23.3% | -5.4% | ||
Solano | $428,000 | $425,000 | $425,000 | 0.7% | 0.7% | -20.6% | -10.0% | ||
Sonoma | $650,000 | $639,000 | $670,000 | 1.7% | -3.0% | -17.2% | -8.7% | ||
Southern California | |||||||||
Los Angeles | $566,010 | $588,140 | $564,100 | -3.8% | 0.3% | -25.5% | -14.2% | ||
Orange | $796,500 | $785,000 | $780,000 | 1.5% | 2.1% | -17.0% | -13.2% | ||
Riverside | $400,000 | $398,000 | $397,250 | 0.5% | 0.7% | -14.9% | -13.9% | ||
San Bernardino | $290,000 | $295,000 | $277,000 | -1.7% | 4.7% | -8.5% | -19.2% | ||
San Diego | $610,000 | $618,500 | $590,000 | -1.4% | 3.4% | -17.0% | -10.0% | ||
Ventura | $615,000 | $640,000 | $660,720 | -3.9% | -6.9% | -14.7% | -20.1% | ||
Central Coast | |||||||||
Monterey | $590,000 | $590,000 | $571,500 | 0.0% | 3.2% | 12.9% | -8.8% | ||
San Luis Obispo | $592,500 | $640,000 | $565,000 | -7.4% | 4.9% | -14.4% | -25.9% | ||
Santa Barbara | $687,100 | $784,540 | r | $567,000 | -12.4% | 21.2% | -17.3% | -6.9% | |
Santa Cruz | $825,000 | $926,000 | $790,000 | -10.9% | 4.4% | -34.2% | -34.8% | ||
Central Valley | |||||||||
Fresno | $270,000 | $266,500 | $253,500 | 1.3% | 6.5% | -21.7% | -6.3% | ||
Glenn | $225,000 | $246,500 | $228,500 | -8.7% | -1.5% | -15.6% | 68.8% | ||
Kern | $240,000 | $242,380 | $225,500 | -1.0% | 6.4% | -15.1% | -0.8% | ||
Kings | $219,900 | $243,000 | $238,000 | -9.5% | -7.6% | -9.0% | -1.4% | ||
Madera | $260,000 | $263,000 | $275,000 | -1.1% | -5.5% | -23.1% | -7.2% | ||
Merced | $279,990 | $269,060 | $257,000 | 4.1% | 8.9% | -33.6% | -24.3% | ||
Placer | $479,000 | $492,990 | r | $446,000 | -2.8% | 7.4% | -21.9% | -10.5% | |
Sacramento | $352,250 | $364,500 | $350,000 | -3.4% | 0.6% | -19.3% | -20.9% | ||
San Benito | $595,000 | $577,000 | $555,000 | 3.1% | 7.2% | -67.6% | -72.1% | ||
San Joaquin | $375,000 | $365,000 | $350,000 | 2.7% | 7.1% | -18.7% | -11.3% | ||
Stanislaus | $305,000 | $309,000 | $295,000 | -1.3% | 3.4% | -17.2% | -12.1% | ||
Tulare | $217,750 | $236,450 | $215,733 | -7.9% | 0.9% | -16.8% | -16.1% | ||
Other Calif. Counties | |||||||||
Amador | NA | NA | $330,000 | NA | NA | NA | NA | ||
Butte | $376,000 | $356,560 | r | $314,750 | 5.5% | 19.5% | -34.2% | 88.9% | |
Calaveras | $335,000 | $310,000 | $306,500 | 8.1% | 9.3% | -33.7% | -28.8% | ||
Del Norte | $217,000 | $243,900 | $198,500 | -11.0% | 9.3% | 58.3% | -5.0% | ||
El Dorado | $436,500 | $454,500 | $480,000 | -4.0% | -9.1% | -28.1% | -29.1% | ||
Humboldt | $325,500 | $308,000 | $300,000 | 5.7% | 8.5% | 2.4% | -1.2% | ||
Lake | $265,000 | $269,000 | $279,000 | -1.5% | -5.0% | -58.9% | -44.4% | ||
Lassen | $228,500 | $208,000 | $217,750 | 9.9% | 4.9% | -21.7% | -10.0% | ||
Mariposa | $284,000 | $320,000 | $276,500 | -11.3% | 2.7% | -64.3% | -37.5% | ||
Mendocino | $384,560 | $424,900 | $425,000 | -9.5% | -9.5% | -11.4% | 2.6% | ||
Mono | $782,000 | $541,000 | $480,000 | 44.5% | 62.9% | 150.0% | 100.0% | ||
Nevada | $402,950 | $389,950 | $382,000 | 3.3% | 5.5% | -2.1% | 27.8% | ||
Plumas | $308,240 | $262,950 | $265,950 | 17.2% | 15.9% | -46.2% | -30.0% | ||
Shasta | $271,720 | $267,500 | $249,000 | 1.6% | 9.1% | -8.4% | 12.4% | ||
Siskiyou | $151,000 | $182,500 | $193,000 | -17.3% | -21.8% | -28.1% | -42.5% | ||
Sutter | $291,670 | $320,000 | $284,200 | -8.9% | 2.6% | -71.6% | -68.1% | ||
Tehama | $275,000 | $255,000 | $227,500 | 7.8% | 20.9% | -9.5% | 109.4% | ||
Tuolumne | $299,500 | $258,950 | $265,000 | 15.7% | 13.0% | -42.5% | -16.4% | ||
Yolo | $432,500 | $429,000 | $383,000 | 0.8% | 12.9% | -17.5% | -1.2% | ||
Yuba | $320,000 | $298,000 | $265,360 | 7.4% | 20.6% | -43.2% | -20.7% |
r = revised |
NA = not available |
January 2019 County Unsold Inventory and Days on Market | ||||||||||
(Regional and condo sales data not seasonally adjusted) | ||||||||||
January 2019 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | Jan. | Dec. | Jan. | Jan. | Dec. 2018 | Jan. | ||||
Calif. Single-family homes | 4.6 | 3.5 | 3.6 | 37.0 | 32.0 | 27.0 | r | |||
Calif. Condo/Townhomes | 4.5 | 3.2 | 3.0 | 36.9 | 31.1 | r | 20.0 | r | ||
Los Angeles Metro Area | 5.4 | 4.1 | 4.0 | 42.0 | 36.0 | 32.0 | r | |||
Central Coast | 5.5 | 4.3 | 4.1 | 36.0 | 35.0 | 32.0 | ||||
Central Valley | 3.9 | 3.1 | 3.2 | 31.0 | 27.0 | 23.0 | ||||
Inland Empire | 5.7 | 4.7 | 4.4 | 48.0 | 41.5 | 38.0 | r | |||
San Francisco Bay Area | 3.3 | 2.1 | 2.3 | 36.0 | 29.0 | 17.0 | r | |||
San Francisco Bay Area | ||||||||||
Alameda | 2.6 | 1.7 | 2.0 | 27.0 | 24.0 | 13.0 | ||||
Contra Costa | 3.3 | 1.9 | 2.3 | 33.0 | 23.0 | 16.0 | ||||
Marin | 4.5 | 2.5 | 3.2 | 50.0 | 44.5 | 54.5 | ||||
Napa | 6.6 | 4.5 | 3.7 | 81.5 | 62.0 | 57.0 | ||||
San Francisco | 2.7 | 1.1 | 2.2 | 34.0 | 25.0 | 19.0 | ||||
San Mateo | 2.8 | 1.6 | 2.2 | 28.0 | 20.0 | 12.0 | ||||
Santa Clara | 3.0 | 1.8 | 1.9 | 30.0 | 22.0 | 9.0 | ||||
Solano | 4.1 | 2.9 | 2.9 | 50.0 | 44.5 | 35.0 | ||||
Sonoma | 3.9 | 3.2 | 2.6 | 69.0 | 54.0 | 38.0 | ||||
Southern California | ||||||||||
Los Angeles | 4.9 | 3.5 | 3.6 | 36.0 | 31.0 | 25.0 | ||||
Orange | 5.4 | 4.0 | 3.9 | 39.0 | 29.5 | 28.0 | ||||
Riverside | 6.0 | 4.7 | 4.7 | 50.0 | 41.0 | 37.0 | ||||
San Bernardino | 5.2 | 4.6 | 3.9 | 45.0 | 42.0 | 40.0 | ||||
San Diego | 4.6 | 3.5 | 3.4 | 28.0 | 27.0 | 21.0 | ||||
Ventura | 7.2 | 5.5 | 4.7 | 59.0 | 59.0 | 58.5 | ||||
Central Coast | ||||||||||
Monterey | 4.9 | 5.0 | 4.0 | 36.0 | 28.0 | 36.5 | ||||
San Luis Obispo | 6.5 | 4.9 | 4.5 | 32.0 | 37.5 | 28.0 | ||||
Santa Barbara | 5.7 | 4.0 | 5.0 | 54.9 | 48.5 | r | 33.0 | |||
Santa Cruz | 4.3 | 2.8 | 2.4 | 39.0 | 35.0 | 32.0 | ||||
Central Valley | ||||||||||
Fresno | 4.5 | 3.2 | 3.7 | r | 29.0 | 23.0 | 22.0 | r | ||
Glenn | 3.0 | 2.3 | 4.4 | 47.0 | 29.5 | 54.0 | r | |||
Kern | 3.7 | 2.8 | 4.0 | 30.0 | 31.0 | 27.0 | ||||
Kings | 4.0 | 3.5 | 3.5 | 42.0 | 37.0 | 27.0 | ||||
Madera | 7.7 | 5.7 | 6.0 | r | 41.5 | 40.0 | 41.0 | |||
Merced | 5.8 | 3.6 | 3.9 | 46.0 | 29.0 | 25.0 | ||||
Placer | 3.5 | 2.6 | 3.0 | 36.0 | 29.0 | 22.0 | ||||
Sacramento | 3.0 | 2.5 | 2.4 | 28.0 | 25.0 | 17.0 | ||||
San Benito | 13.2 | 3.1 | 3.1 | 67.5 | 33.0 | 33.0 | ||||
San Joaquin | 3.5 | 2.9 | 2.7 | 31.0 | 29.0 | 25.0 | ||||
Stanislaus | 3.7 | 3.1 | 2.9 | 33.0 | 27.0 | 26.0 | ||||
Tulare | 5.5 | 4.3 | 4.3 | 41.0 | 29.0 | 41.0 | ||||
Other Calif. Counties | ||||||||||
Amador | NA | NA | 5.8 | NA | NA | 58.0 | ||||
Butte | 2.1 | 1.2 | 3.4 | 8.0 | 25.0 | 29.5 | ||||
Calaveras | 7.1 | 4.8 | 5.3 | 66.0 | 61.5 | 54.0 | ||||
Del Norte | 6.5 | 9.8 | 5.6 | 121.0 | 104.0 | 108.5 | ||||
El Dorado | 4.5 | 4.4 | 4.0 | 51.0 | 42.0 | 51.0 | ||||
Humboldt | 6.1 | 6.0 | 5.8 | 38.0 | 34.0 | 42.5 | ||||
Lake | 13.3 | 5.3 | 6.6 | 87.0 | 54.0 | 55.0 | ||||
Lassen | 5.8 | 4.6 | 6.7 | 144.0 | 111.0 | 148.5 | ||||
Mariposa | 13.8 | 4.1 | 7.1 | 78.0 | 59.0 | 33.5 | ||||
Mendocino | 9.6 | 8.5 | 7.2 | 59.0 | 68.5 | 84.0 | ||||
Mono | 7.0 | 17.5 | 12.8 | 64.0 | 82.5 | 120.0 | ||||
Nevada | 4.9 | 4.8 | 5.0 | 54.0 | 42.5 | 55.0 | ||||
Plumas | 17.0 | 8.5 | 8.6 | 134.0 | 189.5 | 139.5 | ||||
Shasta | 4.5 | 4.0 | 4.8 | 39.0 | 38.0 | 45.0 | ||||
Siskiyou | 10.7 | 7.9 | 5.2 | 73.5 | 48.0 | 56.0 | ||||
Sutter | 3.2 | 1.9 | 2.6 | NA | 39.0 | 20.0 | ||||
Tehama | 2.7 | 2.8 | 4.9 | 73.0 | 80.5 | 77.0 | ||||
Tuolumne | 6.4 | 3.8 | 4.6 | 53.5 | 65.0 | 59.5 | ||||
Yolo | 3.7 | 3.1 | 3.1 | 34.5 | 34.0 | 18.0 | ||||
Yuba | 3.5 | 2.4 | 3.6 | NA | 30.0 | 33.5 |
r = revised |
NA = not available |
SOURCE CALIFORNIA ASSOCIATION OF REALTORS
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