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California home sales and prices ease back in November, but low rates and tight supply continue to provide support to the market, C.A.R. reports


LOS ANGELES, Dec. 17, 2019 /PRNewswire/ -- California home sales and prices retreated in November, though the statewide median price recorded its largest year-over-year price gain in nearly a year and a half, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. 

CALIFORNIA ASSOCIATION OF REALTORS (PRNewsFoto/C.A.R.)

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 402,880 units in November, 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 November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

November's sales figure was down 0.3 percent from the 404,240 level in October and up 5.6 percent from home sales in November 2018 of a revised 381,690. 

"While statewide home sales and prices eased back slightly as the housing market continued to move into the off season, a favorable lending environment continues to draw interest from buyers who want to take advantage of low rates," said 2020 C.A.R. President Jeanne Radsick, a second-generation REALTOR® from Bakersfield, Calif. "The upper end of the market, in particular, is showing some welcomed improvement in recent months as both sales and prices posted mild growth from a year ago in November."

The median price decreased 2.6 percent from October's $605,280 to $589,770 in November, marking the first time in seven months that the median price was under $600,000. November's median price was up 6.4 percent from $554,240 in November 2018. The year-over-year price increase was the largest since July 2018.

"We're seeing a more robust market in the second half of the year, driven primarily by the lowest interest rates in nearly three years," said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "While uncertainties and supply constraints will continue to dictate the market outlook in 2020, the California housing market will likely wrap up 2019 in slightly better shape than previously thought."  

With prices rising faster in recent months while supply continued to shrink, home sellers' optimism improved both month-over-month and year-over-year. According to a monthly Google poll conducted by C.A.R. in December, slightly more than half (51 percent) believe it is a good time to sell, up from 47 percent a month ago, and up from 46 percent a year ago. Buyers, however, remain uncertain about the current housing market conditions as less than one-fourth of respondents (24 percent) believe that it is a good time to buy now, lower than last year (25 percent), when interest rates were more than 100 basis points higher. Other key points from C.A.R.'s November 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.

November 2019 County Sales and Price Activity

(Regional and condo sales data not seasonally adjusted)


November 2019

Median Sold Price of Existing Single-Family Homes

Sales

State/Region/County

Nov.
2019

Oct.
2019


Nov.
2018


Price
MTM%
Chg

Price
YTY%
Chg

 Sales
MTM%
Chg

 Sales
YTY%
Chg

Calif. Single-family home

$589,770

$605,280


$554,240

r

-2.6%

6.4%

-0.3%

5.6%

Calif. Condo/Townhome

$485,110

$475,000

r

$458,000

r

2.1%

5.9%

-13.0%

7.3%

Los Angeles Metro Area

$550,000

$545,000


$512,000


0.9%

7.4%

-16.3%

3.4%

Central Coast

$695,000

$675,000


$672,500


3.0%

3.3%

-18.3%

1.0%

Central Valley

$340,000

$344,500

r

$320,000


-1.3%

6.3%

-17.1%

0.6%

Inland Empire

$379,000

$380,000


$363,620


-0.3%

4.2%

-16.5%

0.7%

San Francisco Bay Area

$925,000

$940,000


$905,000


-1.6%

2.2%

-18.0%

-4.8%











San Francisco Bay Area










Alameda

$910,000

$925,000


$900,000


-1.6%

1.1%

-20.2%

-10.3%

Contra Costa

$640,000

$681,250


$641,000


-6.1%

-0.2%

-24.1%

-10.8%

Marin

$1,270,000

$1,397,500


$1,172,940

r

-9.1%

8.3%

-19.8%

13.3%

Napa

$669,000

$735,000


$683,500


-9.0%

-2.1%

-37.0%

-18.5%

San Francisco

$1,619,000

$1,650,000


$1,442,500


-1.9%

12.2%

-20.3%

-5.8%

San Mateo

$1,595,000

$1,560,000


$1,500,000


2.2%

6.3%

-17.0%

-3.6%

Santa Clara

$1,259,000

$1,234,750


$1,250,000


2.0%

0.7%

-10.5%

-0.9%

Solano

$462,980

$470,000


$450,000


-1.5%

2.9%

-12.3%

-3.1%

Sonoma

$650,000

$660,000


$612,500


-1.5%

6.1%

-11.5%

8.7%

Southern California










Los Angeles

$594,840

$647,900

r

$553,940


-8.2%

7.4%

-15.6%

5.1%

Orange

$822,000

$820,000


$795,000


0.2%

3.4%

-12.5%

6.9%

Riverside

$425,000

$420,000


$400,000


1.2%

6.3%

-17.1%

4.0%

San Bernardino

$315,000

$319,000


$299,450


-1.3%

5.2%

-15.6%

-4.0%

San Diego

$659,000

$652,000


$626,000


1.1%

5.3%

-9.3%

10.0%

Ventura

$660,000

$660,000


$643,740


0.0%

2.5%

-30.4%

-1.9%

Central Coast










Monterey

$720,000

$643,280


$630,000


11.9%

14.3%

-14.1%

-5.0%

San Luis Obispo

$615,000

$627,000


$624,000


-1.9%

-1.4%

-27.0%

5.3%

Santa Barbara

$661,500

$632,500


$550,000


4.6%

20.3%

-17.8%

7.2%

Santa Cruz

$875,000

$865,000


$862,500


1.2%

1.4%

-7.2%

-5.1%

Central Valley










Fresno

$291,500

$287,000


$265,750


1.6%

9.7%

-16.2%

-2.5%

Glenn

$330,000

$245,000


$225,000


34.7%

46.7%

35.3%

27.8%

Kern

$258,000

$262,000


$235,250


-1.5%

9.7%

-17.9%

-4.5%

Kings

$258,000

$251,000


$222,000


2.8%

16.2%

20.0%

14.3%

Madera

$295,500

$299,950


$265,000


-1.5%

11.5%

-9.6%

-8.3%

Merced

$275,000

$285,000


$261,930


-3.5%

5.0%

-29.4%

13.0%

Placer

$489,800

$505,000


$461,000


-3.0%

6.2%

-8.3%

7.0%

Sacramento

$385,000

$385,000


$365,000


0.0%

5.5%

-20.5%

-5.3%

San Benito

$595,000

$604,940


$583,200


-1.6%

2.0%

-6.0%

6.8%

San Joaquin

$380,000

$375,500


$365,000


1.2%

4.1%

-21.3%

8.0%

Stanislaus

$326,500

$343,000


$310,000


-4.8%

5.3%

-20.9%

3.9%

Tulare

$240,000

$255,000


$237,400


-5.9%

1.1%

-11.7%

9.3%

Other Calif. Counties










Amador

$348,500

$322,000


$312,500

r

8.2%

11.5%

39.2%

69.0%

Butte

$350,000

$358,250


$326,940


-2.3%

7.1%

-4.7%

3.2%

Calaveras

$343,500

$356,110


$325,000


-3.5%

5.7%

-26.9%

2.6%

Del Norte

$252,500

$247,500


$250,000


2.0%

1.0%

-41.7%

-30.0%

El Dorado

$485,000

$490,000


$461,750


-1.0%

5.0%

-22.1%

7.8%

Humboldt

$328,190

$325,000


$310,000


1.0%

5.9%

7.8%

26.5%

Lake

$297,500

$275,000


$255,000


8.2%

16.7%

0.0%

9.7%

Lassen

$222,500

$162,000


$184,000


37.3%

20.9%

20.0%

60.0%

Mariposa

$410,000

$295,000


$355,000


39.0%

15.5%

53.3%

43.8%

Mendocino

$400,290

$406,500


$414,000


-1.5%

-3.3%

8.5%

20.8%

Mono

$556,000

$725,000


$725,000


-23.3%

-23.3%

-40.0%

0.0%

Nevada

$458,500

$419,500


$399,000


9.3%

14.9%

13.1%

48.4%

Plumas

$275,000

$275,000


$289,500


0.0%

-5.0%

-51.0%

-7.7%

Shasta

$285,000

$303,000


$283,000


-5.9%

0.7%

-3.7%

-3.3%

Siskiyou

$242,500

$235,000


$226,000


3.2%

7.3%

-36.2%

-18.9%

Sutter

$325,000

$319,900


$296,000


1.6%

9.8%

-15.6%

1.6%

Tehama

$259,250

$262,000


$199,000


-1.0%

30.3%

-2.2%

69.2%

Tuolumne

$275,500

$300,000


$288,500


-8.2%

-4.5%

-35.6%

-15.2%

Yolo

$446,710

$479,950


$429,500


-6.9%

4.0%

-26.9%

0.0%

Yuba

$319,500

$298,000


$263,000


7.2%

21.5%

-14.3%

-1.3%

r = revised

NA = not available

 

November 2019 County Unsold Inventory and Days on Market

(Regional and condo sales data not seasonally adjusted)


November 2019

Unsold Inventory Index

Median Time on Market

State/Region/County

Nov.
2019

Oct.
2019


Nov.
2018


Nov.
2019

Oct.
2019


Nov.
2018


Calif. Single-family home

3.1

3.0


3.7


25.0

24.0


28.0


Calif. Condo/Townhome

2.9

2.8

r

3.4


27.0

23.0

r

25.0


Los Angeles Metro Area

3.3

3.1

r

4.2


29.0

29.0


32.0


Central Coast

4.1

3.8


4.4


30.0

29.0


34.0


Central Valley

2.8

2.7


3.3


19.0

18.0

r

25.0


Inland Empire

3.9

3.5


4.7


34.0

35.0

r

37.0


San Francisco Bay Area

2.1

2.3


2.3


22.0

21.0


23.0













San Francisco Bay Area











Alameda

1.6

1.7


1.9


16.0

15.0


17.0


Contra Costa

2.1

2.0


2.2


17.0

17.0


19.0


Marin

2.2

2.5


3.0


45.0

29.0


35.0


Napa

5.8

4.2


4.6


57.0

56.0


49.0


San Francisco

1.7

1.9


1.7


17.0

15.0


16.5


San Mateo

1.8

2.1


1.9


13.0

12.0


16.0


Santa Clara

1.7

2.1


2.1


18.0

18.0


18.0


Solano

2.8

2.8


3.0


39.0

36.0


41.0


Sonoma

3.4

3.6


3.8


51.0

45.0


49.0


Southern California











Los Angeles

2.9

3.0


3.9


22.0

22.0


27.0


Orange

3.1

3.2

r

3.9


29.0

28.0


28.0


Riverside

3.9

3.4


4.9


33.0

32.0


36.0


San Bernardino

3.8

3.6


4.3


38.0

32.0


42.0


San Diego

2.7

2.8


3.9


17.0

18.0


22.0


Ventura

4.4

3.6


5.4


53.0

51.0


53.0


Central Coast











Monterey

4.2

4.0


4.3


30.0

25.5


25.0


San Luis Obispo

4.2

3.4


4.6


32.0

34.5


40.0


Santa Barbara

4.4

4.0


5.2


29.5

28.5


41.0


Santa Cruz

3.2

3.9


3.2


28.0

35.0


30.5


Central Valley











Fresno

3.4

3.1


3.5


19.0

15.0


19.0


Glenn

3.5

5.5


4.8


24.0

29.0


73.5


Kern

2.9

2.5


3.1


15.5

17.0


26.0


Kings

2.6

3.4


3.5


22.5

28.5


23.5


Madera

5.3

4.8


5.1


34.0

27.0


34.0


Merced

3.5

2.6


4.8


20.0

28.5


23.0


Placer

2.5

2.8


3.0


24.0

22.0


27.0


Sacramento

2.2

2.1


2.7


15.0

14.0


24.0


San Benito

2.9

3.2


3.1


41.0

21.0


41.5


San Joaquin

3.1

2.8


3.6


26.0

21.0


24.0


Stanislaus

2.4

2.2


3.3


17.5

16.0


25.0


Tulare

3.1

3.1


4.1


29.0

21.0


35.0


Other Calif. Counties











Amador

4.5

7.2


NA


48.0

41.0


64.5

r

Butte

2.6

3.0


2.9


20.0

21.0


24.0


Calaveras

6.5

5.1


6.5


59.0

45.5


53.0


Del Norte

11.0

6.6


5.6


117.5

106.0


110.0


El Dorado

4.2

3.8


4.4


52.5

51.0


41.5


Humboldt

4.0

4.8


5.8


32.0

21.0


24.5


Lake

6.4

7.0


7.0


54.0

65.5


60.5


Lassen

5.6

8.4


8.6


90.5

84.5


110.0


Mariposa

4.3

7.9


6.3

r

29.0

109.0


147.0


Mendocino

5.2

6.4


7.9


74.5

71.0


66.0


Mono

12.7

8.3


8.4


122.0

83.0


127.0


Nevada

3.7

5.1


5.7


45.5

44.5


41.0


Plumas

11.8

6.7


9.8


85.5

112.0


152.0


Shasta

4.2

4.4


4.4


29.5

33.0


26.5


Siskiyou

9.4

6.4


7.1


57.0

70.0


60.5


Sutter

3.0

2.9


2.9


18.0

24.0


29.5


Tehama

4.8

5.2


9.2


32.5

63.0


49.5


Tuolumne

8.3

6.1


5.8


44.5

55.0


58.5


Yolo

3.4

3.0


3.7


18.0

20.5


27.0


Yuba

2.8

2.7


2.9


28.5

21.0


30.0


r = revised

NA = not available

 

SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)


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News published on 17 december 2019 at 13:20 and distributed by: