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Classified in: Business, Covid-19 virus
Subjects: ECO, STP

Declining interest rates bolster February California home sales and price pre-COVID-19 outbreak, C.A.R. reports


LOS ANGELES, March 20, 2020 /PRNewswire/ -- Before the coronavirus outbreak hit the state so severely, California's housing market was getting a strong foothold, with home sales and prices posting healthy increases in February, 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 421,670 units in February, 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 2020 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

February's sales total was up 6.6 percent from the 395,700 level in January, marking the first time in three months that sales jumped above the 400,000 benchmark. February also marked the eighth consecutive month of year-over-year sales increases. The robust sales gain observed in the last few months may not be sustained as the recent financial market turmoil triggered by the coronavirus outbreak will likely have a negative impact on home sales in the coming months.

"As the coronavirus pandemic worsens, the housing market is expected to decline precipitously in the coming months, particularly in counties and cities with a "shelter in place" mandate, where open houses and home showings cannot be held," said 2020 C.A.R. President Jeanne Radsick, a second-generation REALTOR® from Bakersfield, Calif. "Additionally, sales in escrow may be delayed by the closure or limited availability of all the essential services related to a home sale, such as financing, title, escrow, recording or by buyers who may have backed out of a purchase due to coronavirus concerns."

A C.A.R. flash poll conducted between March 14-16 found that more than half (54 percent) of REALTORS® had clients who backed out from buying a home because of the coronavirus, and less than one-half (45 percent) had clients who backed out from selling a property.

The median price inched up 0.8 percent from January's revised $575,160 to $579,770 in February. The median price climbed 8.5 percent from $534,120 in February 2019. February marked the third straight month with a year-over-year gain of more than 7 percent, fueled by low interest rates.  

"The economic impacts of the coronavirus pandemic are becoming more pronounced as uncertainty continues in the financial markets, consumer spending declines and unemployment insurance claims rise?all factors that impact the housing market," said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "The housing market condition is expected to deteriorate accordingly in the near term, with both sales and prices being downgraded from our original 2020 housing forecast in the coming months."

Other key points from C.A.R.'s February 2020 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.

February 2020 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

February 2020

Median Sold Price of Existing Single-Family Homes

Sales

State/Region/County

Feb. 2020

Jan. 2020


Feb. 2019


Price MTM% Chg

Price YTY% Chg

 Sales MTM% Chg

 Sales YTY% Chg

Calif. Single-family homes

$579,770

$575,160


$534,120

r

0.8%

8.5%

6.6%

5.9%

Calif. Condo/Townhomes

$480,000

$467,000


$450,000


2.8%

6.7%

13.7%

14.3%

Los Angeles Metro Area

$550,000

$538,500


$505,000


2.1%

8.9%

-0.9%

13.7%

Central Coast

$715,000

$700,000


$650,000


2.1%

10.0%

0.0%

7.6%

Central Valley

$340,000

$337,500


$320,000


0.7%

6.3%

0.8%

2.3%

Inland Empire

$395,000

$385,000


$369,900


2.6%

6.8%

1.2%

10.7%

San Francisco Bay Area

$910,000

$853,000


$867,000


6.7%

5.0%

8.9%

-1.3%











San Francisco Bay Area










Alameda

$945,000

$875,000


$860,000


8.0%

9.9%

1.4%

-15.9%

Contra Costa

$635,250

$614,000


$649,480


3.5%

-2.2%

4.2%

8.8%

Marin

$1,347,500

$1,294,000


$1,290,000


4.1%

4.5%

6.2%

-18.1%

Napa

$659,500

$697,500


$625,000


-5.4%

5.5%

-32.3%

-37.3%

San Francisco

$1,610,000

$1,460,000


$1,505,000


10.3%

7.0%

19.4%

0.9%

San Mateo

$1,575,000

$1,422,250


$1,425,000


10.7%

10.5%

23.0%

2.8%

Santa Clara

$1,350,000

$1,200,000


$1,170,000


12.5%

15.4%

16.7%

-1.6%

Solano

$470,000

$449,900


$425,000


4.5%

10.6%

9.6%

9.2%

Sonoma

$640,000

$667,000


$625,420


-4.0%

2.3%

15.3%

12.7%

Southern California










Los Angeles

$580,690

$617,520


$541,390


-6.0%

7.3%

-8.6%

9.3%

Orange 

$880,000

$855,000


$792,500


2.9%

11.0%

11.5%

34.7%

Riverside 

$428,000

$415,460


$410,000


3.0%

4.4%

4.2%

11.3%

San Bernardino

$329,000

$325,000


$298,250


1.2%

10.3%

-3.8%

9.6%

San Diego

$670,000

$660,000


$625,000


1.5%

7.2%

3.4%

7.2%

Ventura

$649,500

$660,000


$620,000


-1.6%

4.8%

3.9%

6.8%

Central Coast










Monterey

$700,000

$649,500


$593,950


7.8%

17.9%

2.1%

-0.7%

San Luis Obispo

$640,000

$652,500


$592,500


-1.9%

8.0%

26.9%

22.2%

Santa Barbara

$772,750

$675,000


$645,000


14.5%

19.8%

-17.8%

1.9%

Santa Cruz

$897,500

$869,500


$927,000


3.2%

-3.2%

-10.0%

4.7%

Central Valley










Fresno

$289,950

$289,950


$265,000


0.0%

9.4%

-3.5%

14.5%

Glenn

$288,250

$315,000


$281,000


-8.5%

2.6%

-40.0%

-29.4%

Kern

$259,000

$252,000


$240,000


2.8%

7.9%

0.3%

10.0%

Kings

$255,000

$247,450


$221,000


3.1%

15.4%

-9.0%

0.0%

Madera

$285,000

$334,790


$259,000


-14.9%

10.0%

28.4%

0.0%

Merced

$285,950

$282,950


$269,000


1.1%

6.3%

5.5%

26.4%

Placer

$509,000

$493,000


$495,000


3.2%

2.8%

-5.6%

-15.7%

Sacramento

$398,500

$379,000


$360,000


5.1%

10.7%

6.4%

0.2%

San Benito

$595,000

$575,020


$600,000


3.5%

-0.8%

-21.9%

-19.4%

San Joaquin

$390,000

$385,000


$370,000


1.3%

5.4%

-7.5%

5.2%

Stanislaus

$339,000

$330,000


$310,000


2.7%

9.4%

8.4%

0.0%

Tulare

$252,000

$240,000


$243,500


5.0%

3.5%

-1.8%

2.3%

Other Calif. Counties 










Amador

$328,000

$335,000


$316,000

r

-2.1%

3.8%

0.0%

36.7%

Butte 

$338,750

$355,860


$345,450


-4.8%

-1.9%

-10.6%

-40.4%

Calaveras

$355,000

$343,500


$340,000


3.3%

4.4%

40.4%

-18.9%

Del Norte

$297,000

$227,000


$245,000


30.8%

21.2%

-33.3%

9.1%

El Dorado 

$465,000

$442,120


$495,000


5.2%

-6.1%

16.3%

74.0%

Humboldt

$310,390

$308,000


$298,000


0.8%

4.2%

-3.3%

12.8%

Lake

$235,000

$253,000


$260,000


-7.1%

-9.6%

46.7%

11.9%

Lassen

$199,000

$239,000


$185,000


-16.7%

7.6%

-35.3%

-38.9%

Mariposa

$327,500

$266,000


$369,000


23.1%

-11.2%

38.5%

38.5%

Mendocino

$467,000

$412,000


$377,000


13.3%

23.9%

-14.7%

0.0%

Mono

$700,000

$780,000


$765,000


-10.3%

-8.5%

36.4%

36.4%

Nevada

$420,000

$367,000


$382,000


14.4%

9.9%

1.3%

1.3%

Plumas

$321,500

$330,000


$258,500


-2.6%

24.4%

46.7%

-8.3%

Shasta

$291,500

$282,500


$285,000


3.2%

2.3%

-18.6%

-8.6%

Siskiyou 

$219,000

$255,000


$224,500


-14.1%

-2.4%

-10.0%

100.0%

Sutter

$318,500

$327,250


$292,500


-2.7%

8.9%

-6.7%

-3.4%

Tehama

$265,000

$260,000


$224,500


1.9%

18.0%

0.0%

-40.5%

Tuolumne

$297,500

$309,000


$299,000


-3.7%

-0.5%

13.8%

78.4%

Yolo

$447,500

$431,240


$424,920


3.8%

5.3%

4.5%

5.7%

Yuba

$315,000

$315,000


$256,000


0.0%

23.0%

11.9%

24.5%


r = revised

NA = not available

 

February 2020 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

February 2020

Unsold Inventory Index

Median Time on Market

State/Region/County

Feb. 2020

Jan. 2020


Feb. 2019


Feb. 2020

Jan. 2020


Feb. 2019


Calif. Single-family homes

3.6

3.4


4.6


23.0

31.0


33.0


Calif. Condo/Townhomes

3.0

3.3


4.1


21.0

31.0


28.0


Los Angeles Metro Area

3.8

3.6


5.5


29.0

32.0


42.0


Central Coast

4.8

4.4


5.5


31.0

44.0


49.0


Central Valley

3.1

3.0


3.8


18.5

24.0


29.0


Inland Empire

4.1

4.1


5.5


41.0

41.0


48.0


San Francisco Bay Area

3.0

2.7


3.3


14.0

31.0


20.0













San Francisco Bay Area











Alameda

2.5

2.0


2.7


12.0

20.0


15.0


Contra Costa

2.7

2.3


3.5


12.0

27.0


15.0


Marin

4.3

3.3


3.7


42.5

63.0


49.0


Napa

9.6

5.0


5.8


39.0

62.0


49.0


San Francisco

3

2.7


2.8


15.0

26.0


15.0


San Mateo

2.6

2.7


2.9


11.0

21.0


13.0


Santa Clara

2.7

2.3


3.1


8.0

19.0


12.0


Solano

3.0

3.0


3.8


39.0

39.0


43.5


Sonoma

4.4

4.4


4.2


51.5

68.0


65.0


Southern California











Los Angeles

3.6

3.2


5.1


22.0

26.0


35.0


Orange 

3.4

3.4


5.9


17.0

27.0


42.0


Riverside 

4.1

4.2


5.6


39.0

39.0


45.0


San Bernardino

4.1

3.9


5.4


45.0

43.0


56.0


San Diego

3.0

3.0


4.3


12.0

23.0


22.0


Ventura

5.1

4.8


6.7


49.0

56.0


59.0


Central Coast











Monterey

5.1

4.9


5.6


28.0

39.0


51.0


San Luis Obispo

4.8

5.9


6.0


37.5

46.0


42.0


Santa Barbara

4.8

3.7


5.5


28.5

35.0


49.0


Santa Cruz

4.1

2.8


4.1


26.5

55.5


55.5


Central Valley











Fresno

3.5

3.4


4.9


26.0

25.5


24.0


Glenn

5.3

3.0


4.5


75.5

63.0


11.0


Kern

3.2

3.0


4.0


22.0

21.0


31.0


Kings 

3.2

3.1


4.1


17.0

25.0


29.0


Madera

4.9

5.8


4.9


40.0

45.0


51.5


Merced

3.3

3.6


5.3


32.0

28.0


44.0


Placer 

3.4

2.8


3.2


16.0

34.0


28.5


Sacramento

2.3

2.4


2.8


10.0

17.0


27.0


San Benito

6.5

4.0


5.3


55.0

29.5


24.0


San Joaquin

3.2

2.8


3.9


26.5

32.0


31.0


Stanislaus

2.6

2.8


3.4


17.0

24.0


33.0


Tulare

4.1

3.8


5.0


21.0

27.0


34.5


Other Calif. Counties 











Amador

7.8

6.6


NA


49.0

40.0


58.0

r

Butte 

3.0

2.7


2.0


24.5

25.5


8.0


Calaveras

5.7

7.4


4.3


108.0

107.5


51.0


Del Norte

11.8

7.3


11.5


168.0

121.0


111.0


El Dorado 

4.5

4.7


5.5


44.0

65.5


42.0


Humboldt

4.5

4.4


6.6


38.5

40.0


34.0


Lake 

6.1

8.4


6.6


61.5

77.0


76.0


Lassen

10.7

6.6


6.2


133.0

133.0


114.0


Mariposa

5.4

7.3


6.8


107.0

88.0


36.0


Mendocino

10.3

9.0


12.6


102.0

109.0


83.0


Mono

5.8

8.7


6.5


119.0

126.0


198.0


Nevada

6.4

5.7


5.4


42.0

62.5


50.5


Plumas

9.6

13.5


9.2


191.0

106.0


143.0


Shasta

4.8

3.8


4.7


50.0

43.0


34.0


Siskiyou 

6.5

5.5


13.7


89.0

48.5


76.0


Sutter

2.6

2.5


2.3


26.5

31.0


39.5


Tehama

9.0

8.0


4.0


81.0

52.0


56.0


Tuolumne

5.6

6.2


7.9


85.0

71.5


97.0


Yolo

3.4

3.2


3.6


17.5

40.5


22.0


Yuba

3.5

3.6


3.7


23.0

30.0


39.0



r = revised

NA = not available

 

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


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