LOS ANGELES, Sept. 17, 2019 /PRNewswire/ -- Fueled by mortgage interest rates at near-three-year lows, California's housing market recorded a second consecutive year-over-year sales increase while the median home price reached a new high, 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 406,100 units in August, 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 August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
August's sales figure was down 1.3 percent from the 411,630 level in July and up 1.6 percent from home sales in August 2018 of 399,600. While cumulative sales through the first eight months of the year were down from last year, the pace of decline has improved significantly at
-4.1 percent since the -12.5 percent recorded in January.
"Housing demand has exhibited signs of improvement in recent months as lower rates continued to reduce the cost of borrowing for home buyers," said C.A.R. President Jared Martin. "However, buyers remain cautious, and many are reluctant to jump in because of the economic and market uncertainty that continue to linger, and that is keeping growth subdued despite significantly lower rates."
After a pullback in July, the median price rose from both the previous month and year and reached another record high in August. August's median price was $617,410, up 1.5 percent from July and up 3.6 percent from $595,920 in August 2018, marking the fifth straight month that the median price remained above $600,000. The annual sales gain was the highest in the last 10 months.
"Low interest rates, which helped to reduce monthly mortgage payments, have provided much-needed support to improve housing affordability and elevate home sales over the past few months," said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "While lower rates have no doubt boosted buyers' purchasing power, they have also been a contributing factor to higher home prices this year."
Other key points from C.A.R.'s August 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.
August 2019 County Sales and Price Activity | |||||||||
(Regional and condo sales data not seasonally adjusted) | |||||||||
August 2019 | Median Sold Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | Aug. 2019 | July 2019 | Aug. 2018 | Price % Chg | Price % Chg | Sales | Sales | ||
Calif. Single-family homes | $617,410 | $607,990 | $595,920 | r | 1.5% | 3.6% | -1.3% | 1.6% | |
Calif. Condo/Townhomes | $468,000 | $470,000 | $470,000 | r | -0.4% | -0.4% | -0.3% | -4.7% | |
Los Angeles Metro | $545,000 | $550,000 | $525,000 | -0.9% | 3.8% | -1.8% | -1.1% | ||
Central Coast | $698,000 | $685,000 | $675,280 | 1.9% | 3.4% | -0.9% | -6.4% | ||
Central Valley | $343,000 | $345,250 | $325,000 | -0.7% | 5.5% | -2.5% | -2.3% | ||
Inland Empire | $380,000 | $380,000 | $356,000 | r | 0.0% | 6.7% | -0.3% | -2.4% | |
San Francisco Bay Area | $900,000 | $950,000 | $935,000 | -5.3% | -3.7% | -2.9% | -3.8% | ||
San Francisco Bay Area | |||||||||
Alameda | $905,500 | $950,000 | $960,000 | -4.7% | -5.7% | 2.2% | 0.2% | ||
Contra Costa | $672,750 | $660,000 | $650,000 | 1.9% | 3.5% | -0.6% | -0.4% | ||
Marin | $1,230,000 | $1,257,000 | $1,222,500 | -2.1% | 0.6% | -10.2% | -8.1% | ||
Napa | $699,000 | $685,000 | $752,500 | 2.0% | -7.1% | -20.8% | -20.2% | ||
San Francisco | $1,602,500 | $1,600,000 | $1,550,000 | 0.2% | 3.4% | -19.8% | -9.3% | ||
San Mateo | $1,545,000 | $1,562,500 | $1,500,000 | -1.1% | 3.0% | -11.7% | -8.8% | ||
Santa Clara | $1,190,000 | $1,298,000 | $1,295,000 | -8.3% | -8.1% | -3.3% | -6.9% | ||
Solano | $459,700 | $465,000 | $455,000 | -1.1% | 1.0% | 9.9% | 8.4% | ||
Sonoma | $712,000 | $655,000 | $670,000 | 8.7% | 6.3% | -6.2% | -11.7% | ||
Southern California | |||||||||
Los Angeles | $627,690 | $611,230 | $607,490 | 2.7% | 3.3% | -0.8% | -1.5% | ||
Orange | $810,000 | $839,450 | $838,500 | -3.5% | -3.4% | -7.0% | 2.1% | ||
Riverside | $420,000 | $420,000 | $400,750 | 0.0% | 4.8% | -0.1% | 2.7% | ||
San Bernardino | $315,000 | $312,000 | $290,000 | 1.0% | 8.6% | -0.7% | -9.6% | ||
San Diego | $650,000 | $650,000 | $660,000 | 0.0% | -1.5% | -2.2% | 2.3% | ||
Ventura | $661,900 | $685,000 | $660,000 | -3.4% | 0.3% | -1.3% | 1.4% | ||
Central Coast | |||||||||
Monterey | $632,500 | $651,780 | $599,000 | -3.0% | 5.6% | 0.9% | -3.0% | ||
San Luis Obispo | $640,000 | $625,000 | $630,000 | 2.4% | 1.6% | -9.3% | -4.2% | ||
Santa Barbara | $720,000 | $695,000 | $572,500 | 3.6% | 25.8% | 2.9% | -8.7% | ||
Santa Cruz | $875,000 | $899,500 | $917,500 | -2.7% | -4.6% | 7.7% | -10.6% | ||
Central Valley | |||||||||
Fresno | $285,000 | $284,400 | $280,000 | 0.2% | 1.8% | 3.5% | 1.1% | ||
Glenn | $270,000 | $268,750 | $225,500 | 0.5% | 19.7% | 35.7% | 58.3% | ||
Kern | $255,500 | $263,000 | $247,000 | -2.9% | 3.4% | -0.5% | 1.2% | ||
Kings | $258,450 | $254,750 | $227,750 | 1.5% | 13.5% | 22.9% | 5.4% | ||
Madera | $279,000 | $297,500 | $254,900 | -6.2% | 9.5% | -5.8% | 12.6% | ||
Merced | $278,600 | $283,000 | $288,400 | r | -1.6% | -3.4% | -5.5% | -12.4% | |
Placer | $500,000 | $496,250 | $475,000 | 0.8% | 5.3% | -6.9% | -2.3% | ||
Sacramento | $386,000 | $390,000 | $369,950 | -1.0% | 4.3% | -5.3% | -5.1% | ||
San Benito | $609,950 | $570,000 | $575,000 | 7.0% | 6.1% | 17.0% | 55.0% | ||
San Joaquin | $389,000 | $380,000 | $380,000 | 2.4% | 2.4% | 3.5% | 4.0% | ||
Stanislaus | $335,000 | $335,000 | $319,900 | 0.0% | 4.7% | 0.6% | -6.0% | ||
Tulare | $250,000 | $245,000 | $239,000 | 2.0% | 4.6% | -23.9% | -22.7% | ||
Other Calif. Counties | |||||||||
Amador | $329,000 | $312,500 | $335,000 | r | 5.3% | -1.8% | 37.0% | 23.5% | |
Butte | $353,150 | $374,280 | $315,000 | -5.6% | 12.1% | -3.7% | -9.4% | ||
Calaveras | $346,360 | $325,500 | $340,000 | 6.4% | 1.9% | -5.1% | -10.4% | ||
Del Norte | $264,180 | $275,000 | $249,900 | -3.9% | 5.7% | 23.5% | 0.0% | ||
El Dorado | $525,000 | $510,500 | $480,000 | 2.8% | 9.4% | 6.3% | 1.2% | ||
Humboldt | $320,000 | $334,370 | $315,000 | -4.3% | 1.6% | -6.1% | -1.6% | ||
Lake | $260,000 | $249,000 | $265,000 | 4.4% | -1.9% | -25.5% | -18.0% | ||
Lassen | $200,000 | $225,000 | $192,500 | -11.1% | 3.9% | 60.9% | 12.1% | ||
Mariposa | $330,000 | $281,400 | $325,000 | r | 17.3% | 1.5% | 38.5% | 38.5% | |
Mendocino | $413,500 | $395,000 | $430,000 | 4.7% | -3.8% | 24.5% | 15.8% | ||
Mono | $712,500 | $692,500 | $880,000 | 2.9% | -19.0% | 66.7% | 33.3% | ||
Nevada | $415,500 | $445,000 | $420,000 | -6.6% | -1.1% | 3.0% | -0.7% | ||
Plumas | $345,000 | $280,000 | $292,250 | 23.2% | 18.0% | 42.1% | 12.5% | ||
Shasta | $294,900 | $286,000 | $286,000 | 3.1% | 3.1% | 5.4% | -2.7% | ||
Siskiyou | $210,000 | $210,000 | $216,000 | 0.0% | -2.8% | 24.5% | 13.8% | ||
Sutter | $309,000 | $315,000 | $310,000 | -1.9% | -0.3% | 2.4% | 10.1% | ||
Tehama | $281,250 | $255,000 | $208,500 | 10.3% | 34.9% | -9.8% | 21.1% | ||
Tuolumne | $302,500 | $300,000 | $331,360 | r | 0.8% | -8.7% | -13.3% | -7.1% | |
Yolo | $465,000 | $485,000 | $450,000 | -4.1% | 3.3% | -9.9% | -4.0% | ||
Yuba | $298,000 | $299,900 | $269,000 | -0.6% | 10.8% | -22.5% | -35.5% | ||
r = revised | |||||||||
NA = not available |
August 2019 County Unsold Inventory and Days on Market | ||||||||||
(Regional and condo sales data not seasonally adjusted) | ||||||||||
August 2019 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | Aug. | July | Aug. | Aug. | July | Aug. | ||||
Calif. Single-family homes | 3.2 | 3.2 | 3.3 | 23.0 | 21.0 | 21.0 | ||||
Calif. Condo/Townhomes | 2.9 | 2.9 | 2.7 | 23.0 | 21.0 | 18.0 | ||||
Los Angeles Metro | 3.4 | 3.5 | 3.6 | 27.0 | 26.0 | 25.0 | ||||
Central Coast | 4.1 | 4.1 | 3.8 | 25.0 | 22.0 | 25.0 | ||||
Central Valley | 2.8 | 2.7 | 3.0 | 17.0 | 15.0 | 16.0 | ||||
Inland Empire | 3.6 | 3.6 | 3.8 | 32.0 | 32.0 | 31.0 | ||||
San Francisco Bay Area | 2.5 | 2.5 | 2.3 | 21.0 | 18.0 | 18.0 | ||||
San Francisco Bay Area | ||||||||||
Alameda | 1.9 | 2.0 | 2.0 | 14.0 | 14.0 | 14.0 | ||||
Contra Costa | 2.2 | 2.3 | 2.2 | 16.0 | 14.0 | 15.0 | ||||
Marin | 3.2 | 2.7 | 2.7 | 35.0 | 30.0 | 34.0 | ||||
Napa | 6.3 | 4.7 | 4.3 | 45.0 | 42.0 | 35.5 | ||||
San Francisco | 2.1 | 1.4 | 2.2 | 15.0 | 14.0 | 17.0 | ||||
San Mateo | 2.3 | 1.9 | 2.1 | 14.0 | 13.0 | 12.0 | ||||
Santa Clara | 2.3 | 2.3 | 2.0 | 18.0 | 14.0 | 13.0 | ||||
Solano | 2.4 | 2.8 | 2.6 | 35.0 | 33.0 | 32.0 | ||||
Sonoma | 4.2 | 3.8 | 3.4 | 42.0 | 38.0 | 37.0 | ||||
Southern California | ||||||||||
Los Angeles | 3.1 | 3.2 | 3.4 | 20.5 | 21.0 | 19.0 | ||||
Orange | 3.5 | 3.5 | 3.5 | 24.0 | 24.0 | 22.0 | ||||
Riverside | 3.4 | 3.5 | 3.8 | 33.0 | 32.0 | 31.5 | ||||
San Bernardino | 3.8 | 3.8 | 3.8 | 31.0 | 32.0 | 30.0 | ||||
San Diego | 2.9 | 3.0 | 3.4 | 17.0 | 15.0 | 18.0 | ||||
Ventura | 4.3 | 4.6 | 4.9 | 46.0 | 47.0 | 50.5 | ||||
Central Coast | ||||||||||
Monterey | 4.1 | 4.1 | 4.1 | 25.0 | 22.0 | 23.0 | ||||
San Luis Obispo | 4.1 | 3.9 | 3.8 | 30.0 | 22.0 | 31.0 | ||||
Santa Barbara | 4.2 | 4.4 | 4.0 | 23.0 | 21.0 | 31.0 | ||||
Santa Cruz | 3.7 | 4.2 | 3.1 | 16.0 | 22.5 | 17.5 | ||||
Central Valley | ||||||||||
Fresno | 2.9 | 3.0 | 3.1 | 16.5 | 16.0 | 13.0 | ||||
Glenn | 4.7 | 5.4 | 6.9 | 25.0 | 19.5 | 64.5 | ||||
Kern | 2.5 | 2.5 | 2.9 | 16.0 | 18.0 | 17.0 | ||||
Kings | 2.8 | 3.5 | 2.8 | 20.0 | 26.5 | 23.0 | ||||
Madera | 4.7 | 4.3 | 5.4 | 30.0 | 20.0 | 29.0 | ||||
Merced | 3.2 | 3.3 | 2.7 | 28.5 | 29.0 | 17.0 | ||||
Placer | 2.9 | 2.7 | 2.8 | 20.0 | 16.5 | 17.0 | ||||
Sacramento | 2.2 | 2.2 | 2.7 | 12.0 | 11.0 | 14.0 | ||||
San Benito | 2.7 | 3.3 | 4.4 | 36.0 | 28.0 | 38.0 | ||||
San Joaquin | 2.9 | 3.0 | 3.1 | 20.0 | 18.0 | 17.0 | ||||
Stanislaus | 2.5 | 2.5 | 2.9 | 15.0 | 15.0 | 16.0 | ||||
Tulare | 4.3 | 3.4 | 3.8 | 20.0 | 28.0 | 28.0 | ||||
Other Calif. Counties | ||||||||||
Amador | 6.0 | 8.3 | NA | 31.0 | 33.5 | 25.0 | r | |||
Butte | 3.0 | 2.8 | 3.0 | 14.0 | 12.0 | 18.0 | ||||
Calaveras | 5.8 | 5.6 | 5.2 | 53.0 | 36.5 | 61.0 | ||||
Del Norte | 8.9 | 9.5 | 6.7 | 81.0 | 178.0 | 125.0 | ||||
El Dorado | 4.6 | 4.9 | 4.0 | 43.0 | 36.0 | 37.5 | ||||
Humboldt | 4.8 | 4.7 | 5.5 | 25.0 | 18.0 | 22.0 | ||||
Lake | 7.6 | 5.4 | 5.5 | 48.0 | 39.5 | 40.0 | ||||
Lassen | 4.7 | 6.9 | 5.8 | 79.0 | 72.0 | 65.0 | ||||
Mariposa | 6.6 | 9.2 | 8.9 | r | 68.0 | 36.0 | 13.0 | r | ||
Mendocino | 6.4 | 8.2 | 8.4 | 67.0 | 60.0 | 54.0 | ||||
Mono | 7.2 | 11.5 | 7.5 | 93.0 | 76.0 | 84.0 | ||||
Nevada | 5.4 | 5.6 | 4.5 | 33.0 | 18.0 | 24.0 | ||||
Plumas | 8.1 | 11.8 | 8.1 | 87.0 | 73.0 | 94.0 | ||||
Shasta | 3.9 | 4.4 | 4.0 | 30.0 | 23.0 | 32.0 | ||||
Siskiyou | 5.1 | 6.2 | 5.7 | 42.0 | 42.0 | 29.0 | ||||
Sutter | 2.3 | 2.5 | 3.1 | 19.0 | 14.0 | 18.0 | ||||
Tehama | 5.7 | 5.0 | 6.8 | 58.5 | 48.0 | 53.5 | ||||
Tuolumne | 7.8 | 6.7 | 5.7 | 47.0 | 23.0 | 32.0 | ||||
Yolo | 2.8 | 2.6 | 2.8 | 20.0 | 14.0 | 14.0 | ||||
Yuba | 3.8 | 3.2 | 2.6 | 18.0 | 14.0 | 18.0 | ||||
r = revised | ||||||||||
NA = not available |
SOURCE CALIFORNIA ASSOCIATION OF REALTORS
These press releases may also interest you
|