LOS ANGELES, April 16, 2019 /PRNewswire/ -- The lowest interest rates in more than a year boosted California's housing market and kept home sales level in March after an exceptionally strong performance the previous month, 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 397,210 units in March, 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 March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
March's sales figure was down 0.2 percent from the revised 398,040 level in February and down 6.3 percent from home sales in March 2018 of 423,990.
"The lowest interest rates in more than a year gave would-be buyers the confidence to enter the housing market and provided a much-needed push to jump-start the spring homebuying season," said C.A.R. President Jared Martin. "Pending sales also showed healthy improvement in March, which suggests a brighter market outlook could be in place in the second quarter."
After hitting the lowest level in 12 months in February 2019, the statewide median home price bounced back and reached the highest point since October 2018. The statewide median home price rose 5.9 percent to $565,880 in March from $534,140 in February and was up 0.2 percent from a revised $564,820 in March 2018.
"The median price has been softening since it reached a peak last summer, and March's year-over-year price increase was the smallest in seven years," said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "The flattening home prices, coupled with low mortgage rates, bode well for housing affordability and may bring more buyers who may have given up back to the market."
Other key points from C.A.R.'s March 2019 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 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.
March 2019 County Sales and Price Activity | |||||||||
(Regional and condo sales data not seasonally adjusted) | |||||||||
March 2019 | Median Sold Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | March | Feb. 2019 | March | Price MTM% Chg | Price YTY% Chg | Sales MTM% Chg | Sales YTY% Chg | ||
Calif. Single-family home | $565,880 | $534,140 | $564,820 | r | 5.9% | 0.2% | -0.2% | -6.3% | |
Calif. Condo/Townhome | $465,000 | $450,000 | $460,500 | r | 3.3% | 1.0% | 33.6% | -11.6% | |
Los Angeles Metro Area | $517,000 | $505,000 | $515,000 | 2.4% | 0.4% | 37.0% | -12.0% | ||
Central Coast | $645,000 | $650,000 | $660,000 | -0.8% | -2.3% | 45.7% | -7.4% | ||
Central Valley | $325,000 | $320,000 | $320,000 | 1.6% | 1.6% | 32.8% | -8.2% | ||
Inland Empire | $374,900 | $369,900 | $351,450 | 1.4% | 6.7% | 33.5% | -10.4% | ||
San Francisco Bay Area | $940,000 | $867,000 | $980,000 | 8.4% | -4.1% | 46.1% | -10.8% | ||
San Francisco Bay Area | |||||||||
Alameda | $911,000 | $860,000 | $955,000 | 5.9% | -4.6% | 44.3% | -7.0% | ||
Contra Costa | $644,000 | $649,480 | r | $655,000 | -0.8% | -1.7% | 56.8% | -12.6% | |
Marin | $1,300,000 | $1,290,000 | $1,392,500 | 0.8% | -6.6% | 40.0% | -5.8% | ||
Napa | $699,000 | $625,000 | $675,000 | 11.8% | 3.6% | -3.0% | -27.0% | ||
San Francisco | $1,637,500 | $1,505,000 | $1,680,000 | 8.8% | -2.5% | 54.5% | -11.0% | ||
San Mateo | $1,610,000 | $1,425,000 | $1,615,000 | 13.0% | -0.3% | 46.0% | -10.9% | ||
Santa Clara | $1,300,000 | $1,170,000 | $1,454,500 | 11.1% | -10.6% | 57.9% | -11.2% | ||
Solano | $438,500 | $425,000 | $445,000 | 3.2% | -1.5% | 40.8% | -3.3% | ||
Sonoma | $633,750 | $625,420 | r | $685,000 | 1.3% | -7.5% | 19.1% | -20.4% | |
Southern California | |||||||||
Los Angeles | $525,520 | $541,390 | $528,980 | -2.9% | -0.7% | 36.3% | -13.0% | ||
Orange | $809,500 | $792,500 | $824,450 | 2.1% | -1.8% | 52.0% | -12.5% | ||
Riverside | $412,000 | $410,000 | $398,000 | 0.5% | 3.5% | 32.7% | -9.3% | ||
San Bernardino | $309,950 | $298,250 | $280,000 | 3.9% | 10.7% | 35.1% | -12.2% | ||
San Diego | $623,800 | $625,000 | $625,400 | -0.2% | -0.3% | 34.1% | -3.9% | ||
Ventura | $640,000 | $620,000 | $638,500 | 3.2% | 0.2% | 24.0% | -15.4% | ||
Central Coast | |||||||||
Monterey | $579,000 | $593,950 | $625,000 | -2.5% | -7.4% | 39.6% | -13.7% | ||
San Luis Obispo | $629,500 | $592,500 | $610,000 | 6.2% | 3.2% | 49.4% | -11.0% | ||
Santa Barbara | $555,000 | $645,000 | $698,000 | r | -14.0% | -20.5% | 49.1% | 3.5% | |
Santa Cruz | $918,000 | $927,000 | $910,000 | -1.0% | 0.9% | 43.0% | -7.5% | ||
Central Valley | |||||||||
Fresno | $280,000 | $265,000 | $264,950 | 5.7% | 5.7% | 49.7% | -12.5% | ||
Glenn | $250,000 | $281,000 | $244,500 | -11.0% | 2.2% | 58.8% | 68.8% | ||
Kern | $249,950 | $240,000 | $232,500 | 4.1% | 7.5% | 42.2% | -4.4% | ||
Kings | $232,000 | $221,000 | $238,000 | 5.0% | -2.5% | 21.1% | -16.5% | ||
Madera | $265,000 | $259,000 | $265,000 | 2.3% | 0.0% | -15.0% | -15.0% | ||
Merced | $275,000 | $269,000 | $257,500 | 2.2% | 6.8% | 22.0% | -19.6% | ||
Placer | $475,000 | $495,000 | $475,500 | -4.0% | -0.1% | 28.2% | -5.1% | ||
Sacramento | $365,000 | $360,000 | $365,000 | 1.4% | 0.0% | 31.1% | -5.4% | ||
San Benito | $610,000 | $600,000 | $586,670 | 1.7% | 4.0% | 29.0% | -27.3% | ||
San Joaquin | $355,000 | $370,000 | $370,000 | -4.1% | -4.1% | 29.1% | -16.1% | ||
Stanislaus | $320,000 | $310,000 | $308,000 | 3.2% | 3.9% | 25.8% | -8.8% | ||
Tulare | $230,000 | $243,500 | $232,500 | -5.5% | -1.1% | 55.6% | 5.0% | ||
Other Calif. Counties | |||||||||
Amador | NA | NA | $340,000 | NA | NA | NA | NA | ||
Butte | $369,000 | $345,450 | r | $315,000 | 6.8% | 17.1% | 9.1% | 40.3% | |
Calaveras | $308,250 | $340,000 | $325,000 | -9.3% | -5.2% | 2.2% | -7.1% | ||
Del Norte | $253,025 | $245,000 | $200,000 | 3.3% | 26.5% | -9.1% | -47.4% | ||
El Dorado | $506,165 | $495,000 | $510,000 | 2.3% | -0.8% | 89.0% | -12.7% | ||
Humboldt | $310,000 | $298,000 | $313,500 | 4.0% | -1.1% | 44.9% | 2.7% | ||
Lake | $243,500 | $260,000 | $280,000 | -6.3% | -13.0% | -15.3% | -24.2% | ||
Lassen | $220,000 | $185,000 | $135,000 | 18.9% | 63.0% | 16.7% | -27.6% | ||
Mariposa | $277,500 | $369,000 | $290,000 | -24.8% | -4.3% | -23.1% | 11.1% | ||
Mendocino | $394,500 | $377,000 | $379,000 | 4.6% | 4.1% | 24.1% | 24.1% | ||
Mono | $800,000 | $765,000 | $780,000 | 4.6% | 2.6% | -72.7% | -57.1% | ||
Nevada | $412,500 | $382,000 | $430,000 | 8.0% | -4.1% | 56.4% | -5.4% | ||
Plumas | $287,500 | $258,500 | $353,000 | 11.2% | -18.6% | 8.3% | 85.7% | ||
Shasta | $285,000 | $285,000 | $242,500 | 0.0% | 17.5% | 36.5% | 20.1% | ||
Siskiyou | $205,000 | $224,500 | $226,350 | -8.7% | -9.4% | 150.0% | 12.5% | ||
Sutter | $310,000 | $292,500 | $281,000 | 6.0% | 10.3% | 5.2% | -29.1% | ||
Tehama | $315,000 | $224,500 | $222,500 | 40.3% | 41.6% | 16.7% | 44.1% | ||
Tuolumne | $315,000 | $299,000 | $292,500 | 5.4% | 7.7% | 64.9% | -29.9% | ||
Yolo | $450,000 | $424,920 | r | $422,500 | 5.9% | 6.5% | 36.8% | -9.8% | |
Yuba | $290,000 | $256,000 | $277,900 | 13.3% | 4.4% | 37.7% | -5.2% |
r = revised |
NA = not available |
March 2019 County Unsold Inventory and Days on Market | ||||||||||
(Regional and condo sales data not seasonally adjusted) | ||||||||||
March 2019 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | March | Feb. | March | March | Feb. | March | ||||
Calif. Single-family home | 3.6 | 4.6 | 2.9 | 25.0 | 33.0 | 16.0 | ||||
Calif. Condo/Townhome | 3.3 | 4.1 | 2.3 | 24.0 | 28.0 | 12.0 | ||||
Los Angeles Metro Area | 4.1 | 5.5 | 3.4 | 33.0 | 42.0 | 22.0 | ||||
Central Coast | 4.1 | 5.5 | 3.7 | 26.0 | 49.0 | 20.0 | ||||
Central Valley | 3.0 | 3.8 | 2.6 | 22.0 | 29.0 | 14.0 | ||||
Inland Empire | 4.2 | 5.5 | 3.7 | 42.0 | 48.0 | 29.0 | ||||
San Francisco Bay Area | 2.6 | 3.3 | 1.9 | 16.0 | 20.0 | 12.0 | ||||
San Francisco Bay Area | ||||||||||
Alameda | 2.2 | 2.7 | 1.5 | 13.0 | 15.0 | 11.0 | ||||
Contra Costa | 2.6 | 3.5 | 1.9 | 14.0 | 15.0 | 10.0 | ||||
Marin | 3.8 | 3.7 | 2.8 | 28.0 | 49.0 | 20.5 | ||||
Napa | 6.8 | 5.8 | 4.1 | 73.0 | 49.0 | 34.0 | ||||
San Francisco | 1.8 | 2.8 | 1.6 | 14.0 | 15.0 | 14.0 | ||||
San Mateo | 2.2 | 2.9 | 1.6 | 13.0 | 13.0 | 11.0 | ||||
Santa Clara | 2.3 | 3.1 | 1.5 | 12.0 | 12.0 | 8.0 | ||||
Solano | 2.8 | 3.8 | 2.3 | 37.0 | 43.5 | 29.0 | ||||
Sonoma | 4.1 | 4.2 | 2.6 | 43.5 | 65.0 | 29.0 | ||||
Southern California | ||||||||||
Los Angeles | 3.8 | 5.1 | 3.0 | 25.0 | 35.0 | 17.0 | ||||
Orange | 4.3 | 5.9 | 3.2 | 25.0 | 42.0 | 14.0 | ||||
Riverside | 4.3 | 5.6 | 3.6 | 44.0 | 45.0 | 28.0 | ||||
San Bernardino | 4.1 | 5.4 | 3.7 | 40.0 | 56.0 | 31.0 | ||||
San Diego | 3.4 | 4.3 | 2.9 | 19.0 | 22.0 | 12.0 | ||||
Ventura | 5.8 | 6.7 | 4.5 | 51.0 | 59.0 | 41.0 | ||||
Central Coast | ||||||||||
Monterey | 4.2 | 5.6 | 3.8 | 27.0 | 51.0 | 21.0 | ||||
San Luis Obispo | 4.5 | 6.0 | 3.8 | 33.0 | 42.0 | 23.0 | ||||
Santa Barbara | 3.9 | 5.5 | 3.9 | 26.0 | 49.0 | 30.0 | ||||
Santa Cruz | 3.6 | 4.1 | 2.9 | 20.0 | 55.5 | 12.0 | ||||
Central Valley | ||||||||||
Fresno | 3.4 | 4.9 | 2.7 | 26.0 | 24.0 | 13.0 | ||||
Glenn | 2.8 | 4.5 | 5.1 | 45.0 | 11.0 | 39.5 | ||||
Kern | 3.0 | 4.0 | 3.2 | 21.0 | 31.0 | 20.0 | ||||
Kings | 3.8 | 4.1 | 2.8 | 34.0 | 29.0 | 25.0 | ||||
Madera | 6.1 | 4.9 | 4.5 | 37.0 | 51.5 | 31.5 | r | |||
Merced | 4.3 | 5.3 | 3.1 | 55.0 | 44.0 | 23.5 | r | |||
Placer | 2.7 | 3.2 | 2.4 | 17.5 | 28.5 | 11.0 | ||||
Sacramento | 2.3 | 2.8 | 2.1 | 18.0 | 27.0 | 11.0 | ||||
San Benito | 4.0 | 5.3 | 2.7 | 63.0 | 24.0 | 27.0 | ||||
San Joaquin | 3.2 | 3.9 | 2.2 | 22.0 | 31.0 | 14.0 | ||||
Stanislaus | 2.8 | 3.4 | 2.4 | 23.0 | 33.0 | 12.0 | ||||
Tulare | 3.3 | 5.0 | 3.3 | 32.0 | 34.5 | 29.0 | ||||
Other Calif. Counties | ||||||||||
Amador | NA | NA | 3.9 | NA | NA | 52.0 | ||||
Butte | 1.8 | 2.0 | 2.9 | 9.0 | 8.0 | 15.5 | ||||
Calaveras | 5.0 | 4.3 | 4.7 | 53.5 | 51.0 | 46.0 | ||||
Del Norte | 12.4 | 11.5 | 5.8 | 140.0 | 111.0 | 112.0 | ||||
El Dorado | 4.2 | 5.5 | 3.3 | 32.5 | 42.0 | 24.0 | ||||
Humboldt | 4.5 | 6.6 | 5.1 | 44.0 | 34.0 | 24.0 | ||||
Lake | 8.8 | 6.6 | 6.4 | 80.5 | 76.0 | 41.5 | ||||
Lassen | 5.2 | 6.2 | 4.5 | 90.0 | 114.0 | 91.0 | ||||
Mariposa | 10.4 | 6.8 | 10.4 | r | 31.0 | 36.0 | 22.0 | r | ||
Mendocino | 11.1 | 12.6 | 11.8 | 81.0 | 83.0 | 51.0 | ||||
Mono | 22.7 | 6.5 | 10.1 | 71.0 | 198.0 | 194.0 | ||||
Nevada | 3.9 | 5.4 | 3.1 | 44.5 | 50.5 | 21.0 | ||||
Plumas | 9.2 | 9.2 | 14.5 | 129.0 | 143.0 | 185.5 | ||||
Shasta | 3.7 | 4.7 | 4.7 | 40.0 | 34.0 | 24.0 | ||||
Siskiyou | 5.8 | 13.7 | 5.5 | 82.0 | 76.0 | 43.5 | ||||
Sutter | 2.5 | 2.3 | 2.2 | 14.0 | 39.5 | 18.0 | ||||
Tehama | 3.7 | 4.0 | 6.1 | 43.0 | 56.0 | 68.0 | ||||
Tuolumne | 5.4 | 7.9 | 3.3 | 76.5 | 97.0 | 36.0 | ||||
Yolo | 3.0 | 3.6 | 2.5 | 27.0 | 22.0 | 10.5 | ||||
Yuba | 2.8 | 3.7 | 2.7 | 19.0 | 39.0 | 29.0 |
r = revised |
NA = not available |
SOURCE CALIFORNIA ASSOCIATION OF REALTORS
These press releases may also interest you
|