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Full impact of coronavirus pandemic hits California housing market in May, C.A.R. reports


LOS ANGELES, June 16, 2020 /PRNewswire/ -- California home sales fell to the lowest level since the Great Recession as the housing market suffered the full impact of the coronavirus pandemic in May and remained below 300,000 for the second straight 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 238,740 units in May, 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 May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

May's sales total was down 13.9 percent from 277,440 in April and down 41.4 percent from a year ago, when 407,330 homes were sold on an annualized basis. It was the second straight month that home sales dropped below 300,000 units. Additionally, the year-to-year drop was the largest since November 2007, contributing to a year-to-date sales drop of 12.9 percent.

"The sharp sales drop in May was the steepest we've seen in some time, but there are encouraging signs that show the market is recovering and should continue to improve over the next few months," said 2020 C.A.R. President Jeanne Radsick, a second-generation REALTOR® from Bakersfield, Calif. "With pending home sales up a stunning 67 percent in May, buyer demand is on the upswing amid record-low rates that are making monthly mortgage payments $300 less than a year ago."

As housing demand fell in May, home prices softened further, sending the statewide median home price below last year's price for the first time since February 2012 and breaking the state's 98-month year-over-year price gain streak. The May statewide median price of $588,070 for existing single-family homes in the state was down 3.0 percent from April and down 3.7 percent from May 2019, when the median price was a revised $610,940.

"As we predicted, May home sales took the full impact of the coronavirus pandemic as much of the state remained in lockdown during the past few months and caused three straight months of double-digit sales declines, which we haven't experienced since the Association began reporting monthly home sales in 1979," said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "While we expect sales activity to remain below pre-COVID-19 levels, closed sales should improve markedly as the phased reopening of the economy continues and consumers feel more confident returning to the market."

Reflecting the dramatic change in market conditions, a monthly Google poll conducted by C.A.R. in early June found 40 percent of consumers said it is a good time to sell, up from 29 percent a month ago, but down from 51 percent a year ago. The market uncertainty has not curbed the optimism for homebuying as much; 32 percent of the consumers who responded to the poll believed that now is a good time to buy a home, sharply higher than last year, when 26 percent said it was a good time to buy a home.

Other key points from C.A.R.'s May 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.

 

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


May 2020

Median Sold Price of Existing Single-Family Homes

Sales

State/Region/County

May 2020

April 2020


May 2019


Price
MTM%
Chg

Price
YTY%
Chg

 Sales
MTM%
Chg

 Sales
YTY%
Chg

Calif. Single-family homes

$588,070

$606,410


$610,940

r

-3.0%

-3.7%

-13.9%

-41.4%

Calif. Condo/Townhomes

$464,900

$488,000


$470,000


-4.7%

-1.1%

-17.3%

-56.5%

Los Angeles Metro Area

$535,000

$550,000


$535,000


-2.7%

0.0%

-11.9%

-46.4%

Central Coast

$678,500

$657,500


$690,000


3.2%

-1.7%

-18.3%

-51.1%

Central Valley

$350,000

$346,500


$340,000


1.0%

2.9%

-3.3%

-36.6%

Inland Empire

$395,740

$390,000


$384,000


1.5%

3.1%

-7.5%

-41.2%

San Francisco Bay Area

$965,000

$980,000


$990,000


-1.5%

-2.5%

-6.7%

-51.1%











San Francisco Bay Area










Alameda

$955,000

$1,030,000


$959,000


-7.3%

-0.4%

-19.5%

-56.5%

Contra Costa

$690,000

$710,000


$700,360


-2.8%

-1.5%

-6.4%

-52.6%

Marin

$1,500,000

$1,365,000


$1,400,000


9.9%

7.1%

46.4%

-49.6%

Napa

$672,500

$750,000


$725,000


-10.3%

-7.2%

-18.5%

-53.9%

San Francisco

$1,627,500

$1,699,500


$1,697,500


-4.2%

-4.1%

2.0%

-55.6%

San Mateo

$1,650,000

$1,640,000


$1,766,500


0.6%

-6.6%

19.5%

-44.5%

Santa Clara

$1,365,000

$1,388,890


$1,335,000


-1.7%

2.2%

-12.3%

-51.1%

Solano

$482,000

$482,500


$446,000


-0.1%

8.1%

1.8%

-35.1%

Sonoma

$675,000

$657,880


$666,000


2.6%

1.4%

-14.6%

-54.0%

Southern California










Los Angeles

$546,930

$565,170


$539,480


-3.2%

1.4%

-10.9%

-47.5%

Orange

$834,550

$861,000


$845,000


-3.1%

-1.2%

-19.1%

-53.3%

Riverside

$434,480

$435,000


$420,000


-0.1%

3.4%

-4.3%

-43.0%

San Bernardino

$320,000

$325,000


$315,000


-1.5%

1.6%

-12.7%

-37.6%

San Diego

$655,000

$671,000


$650,000


-2.4%

0.8%

-14.6%

-42.3%

Ventura

$681,250

$675,000


$659,500


0.9%

3.3%

-28.5%

-52.0%

Central Coast










Monterey

$650,000

$660,000


$639,000


-1.5%

1.7%

-30.2%

-63.0%

San Luis Obispo

$632,500

$600,000


$640,000


5.4%

-1.2%

-22.4%

-53.8%

Santa Barbara

$637,500

$600,000


$696,000


6.3%

-8.4%

-13.0%

-44.0%

Santa Cruz

$850,000

$949,500


$935,000


-10.5%

-9.1%

-2.1%

-37.8%

Central Valley










Fresno

$295,000

$290,000


$284,900


1.7%

3.5%

-5.1%

-31.5%

Glenn

$323,250

$282,000


$245,000


14.6%

31.9%

-20.0%

-33.3%

Kern

$270,000

$272,000


$252,000


-0.7%

7.1%

-4.7%

-33.5%

Kings

$249,950

$260,900


$260,000


-4.2%

-3.9%

1.1%

-22.1%

Madera

$297,500

$306,500


$270,000


-2.9%

10.2%

1.5%

-31.3%

Merced

$285,000

$273,900


$285,000


4.1%

0.0%

-8.5%

-33.3%

Placer

$515,000

$510,000


$514,900


1.0%

0.0%

15.2%

-38.6%

Sacramento

$395,000

$400,000


$385,000


-1.3%

2.6%

1.0%

-37.8%

San Benito

$660,500

$614,950


$600,000


7.4%

10.1%

-28.6%

-59.2%

San Joaquin

$415,000

$395,000


$380,000


5.1%

9.2%

-16.5%

-43.7%

Stanislaus

$350,000

$350,000


$335,000


0.0%

4.5%

-13.8%

-45.1%

Tulare

$255,250

$252,750


$248,000


1.0%

2.9%

0.0%

-23.9%

Other Calif. Counties










Amador

$321,000

$350,000


$342,750

r

-8.3%

-6.3%

8.1%

-41.2%

Butte

$362,000

$377,500


$359,000


-4.1%

0.8%

-31.2%

-46.9%

Calaveras

$330,000

$332,250


$375,000


-0.7%

-12.0%

-1.5%

-37.4%

Del Norte

$338,450

$240,000


$256,850


41.0%

31.8%

-4.3%

57.1%

El Dorado

$535,000

$500,000


$521,380


7.0%

2.6%

-2.9%

-29.5%

Humboldt

$340,750

$317,000


$315,000


7.5%

8.2%

-4.1%

-44.9%

Lake

$300,000

$272,000


$267,000


10.3%

12.4%

-18.0%

-38.3%

Lassen

$195,000

$167,000


$205,000


16.8%

-4.9%

13.3%

-41.4%

Mariposa

$280,000

$330,000


$295,000


-15.2%

-5.1%

-15.4%

-47.6%

Mendocino

$426,000

$395,000


$388,500


7.8%

9.7%

-32.4%

-59.7%

Mono

$520,150

$801,250


$564,500


-35.1%

-7.9%

-50.0%

-50.0%

Nevada

$410,000

$460,000


$420,000


-10.9%

-2.4%

32.9%

-23.4%

Plumas

$269,000

$252,500


$350,500


6.5%

-23.3%

-31.8%

-40.0%

Shasta

$297,000

$288,500


$285,000


2.9%

4.2%

-2.5%

-33.7%

Siskiyou

$230,000

$260,250


$235,000


-11.6%

-2.1%

39.3%

-15.2%

Sutter

$342,550

$300,000


$319,900


14.2%

7.1%

-36.5%

-45.2%

Tehama

$290,000

$217,500


$243,000


33.3%

19.3%

-13.9%

-36.7%

Tuolumne

$319,000

$299,000


$310,000


6.7%

2.9%

-13.6%

-30.1%

Yolo

$443,000

$460,820


$469,500


-3.9%

-5.6%

-12.6%

-43.2%

Yuba

$320,000

$328,900


$311,000


-2.7%

2.9%

-28.2%

-44.0%

r = revised
NA = not available

 

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


May 2020

Unsold Inventory Index

Median Time on Market

State/Region/County

May
2020

April
2020


May
2019


May
2020

April
2020


May
2019


Calif. Single-family homes

4.3

3.4


3.2


17.0

13.0


18.0


Calif. Condo/Townhomes

5.3

3.5


2.8


18.0

13.0


19.0


Los Angeles Metro Area

4.7

3.6


3.6


20.0

16.0


25.0


Central Coast

6.4

4.5


3.9


17.0

12.0


18.0


Central Valley

3.3

3.0


2.7


13.0

10.0


13.0


Inland Empire

4.4

3.9


3.7


25.0

24.0


31.0


San Francisco Bay Area

3.8

2.9


2.3


17.0

11.0


14.0













San Francisco Bay Area











Alameda

3.1

1.9


1.9


11.0

9.0


12.0


Contra Costa

3.3

2.6


2.1


13.0

9.0


12.0


Marin

4.6

5.4


2.9


29.0

30.5


25.0


Napa

9.0

6.6


5.2


47.0

30.0


35.0


San Francisco

3.7

2.7


1.5


20.5

14.0


14.0


San Mateo

3.4

3.3


2.0


12.0

9.0


11.0


Santa Clara

3.6

2.5


2.2


10.0

8.0


12.0


Solano

3.0

2.9


2.7


31.0

25.0


31.0


Sonoma

7.4

5.1


3.6


45.0

40.0


34.0


Southern California











Los Angeles

4.3

3.3


3.3


16.0

12.0


21.0


Orange

5.5

3.7


3.7


15.0

10.0


19.0


Riverside

4.3

3.9


3.4


23.0

24.0


32.0


San Bernardino

4.7

3.9


4.1


29.0

24.0


28.0


San Diego

3.5

2.7


3.0


11.0

8.0


14.0


Ventura

7.6

4.6


4.9


45.0

38.0


44.5


Central Coast











Monterey

8.7

5.3


3.8


16.5

10.0


17.0


San Luis Obispo

6.4

4.6


3.7


22.0

14.5


19.0


Santa Barbara

5.6

4.0


4.3


12.0

16.0


21.0


Santa Cruz

5.4

4.2


3.8


18.5

9.0


14.0


Central Valley











Fresno

3.3

3.1


3.2


13.0

11.0


14.0


Glenn

5.4

4.3


4.6


35.0

69.0


22.0


Kern

3.5

3.1


2.8


15.0

12.0


13.0


Kings

2.3

2.2


3.1


20.5

12.0


20.0


Madera

4.8

4.8


3.8


29.0

28.5


30.0


Merced

3.1

2.7


3.3


14.0

13.5


29.5


Placer

3.5

3.7


2.6


14.0

9.0


10.0


Sacramento

2.9

2.7


2.2


9.0

7.0


10.0


San Benito

9.1

5.6


4.2


32.5

34.0


15.0


San Joaquin

3.6

2.8


2.8


16.0

11.0


14.0


Stanislaus

3.2

2.6


2.3


14.0

10.0


14.0


Tulare

2.9

3.2


3.0


17.0

16.0


27.0


Other CA Counties











Amador

7.4

7.5


5.1

r

38.5

20.0


14.0

r

Butte

4.3

2.6


2.7


21.0

13.5


9.0


Calaveras

6.4

5.7


5.6


78.0

62.0


32.0


Del Norte

6.0

6.0


9.4


113.0

92.0


146.5


El Dorado

5.4

4.5


5.2


32.0

24.0


24.0


Humboldt

6.3

5.4


4.7


19.0

27.0


12.0


Lake

7.6

5.9


6.5


78.5

70.0


51.0


Lassen

7.7

8.1


4.8


119.0

87.0


97.0


Mariposa

9.3

7.4


5.9


45.0

17.0


29.0


Mendocino

12.6

7.3


7.3


53.0

82.0


49.5


Mono

27.0

10.2


15.8


80.0

230.0


182.5


Nevada

5.4

6.1


4.9


29.0

19.0


25.0


Plumas

22.9

12.3


15.1


181.0

88.0


123.0


Shasta

4.8

4.3


3.9


18.0

16.5


14.0


Siskiyou

6.4

8.1


7.5


24.0

96.0


17.0


Sutter

3.5

2.2


2.8


17.0

15.0


11.0


Tehama

6.3

5.4


4.7


55.0

42.5


57.0


Tuolumne

7.6

5.9


6.9


35.0

74.5


28.0


Yolo

4.7

3.6


2.9


16.0

8.0


12.0


Yuba

3.8

2.7


2.5


18.0

12.0


13.0


r = revised
NA = not available

 

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


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