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California home sales and prices ease but strong buying interest continues to provide support to the market as sales record eighth straight year-over-year gain, C.A.R. reports


LOS ANGELES, March 16, 2021 /PRNewswire/ -- California home sales moderated in February as mortgage rates spiked in recent weeks, while tight housing supply continued to constrain demand, especially in more affordable markets, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. 

- Infographic: https://www.car.org/marketing/clients/infographics/February%202021%20Sales%20and%20Price 

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 462,720 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 2021 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

February home sales decreased 4.5 percent from 484,760 in January and were up 9.7 percent from a year ago, when 421,670 homes were sold on an annualized basis. While still solid, the nearly 10 percent sales increase was the smallest gain in the past seven months.

"The housing market has been cruising at a robust pace since the second half of 2020 but has encountered some speedbumps recently as rates began to rise," said C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. "While higher rates may slow growth in home sales temporarily, the major roadblock in the long run is a shortage of homes for sale. With inventory dropping more than a half from a year ago, the market will soften in the second half of 2021 if we don't see enough homes come on the market to meet demand."   

California's median home price was essentially unchanged from January but registered another 20 percent gain from a year ago, recording the first back-to-back 20 percent yearly increase since February 2014. The statewide median home price dipped 0.1 percent on a month-to-month basis to $699,000 in February, down from January's $699,920. Low rates, robust demand and a shortage of homes for sale continued to push up home prices on a year-over-year basis, gaining 20.6 percent from the $579,770 recorded last February. The double-digit increase from last year was the seventh in a row and the second largest since February 2014.

"The upward movement in rates has called into question whether the market will sustain its momentum going into the spring homebuying season," said C.A.R. Vice President and Chief Economist Jordan Levine. "While rates are off their record lows, they are still relatively low by historical standards. Recent increases in mortgage rates will likely slow the pace of price growth in the coming months but will also motivate those who truly want to buy to enter the market before rates start moving further up."

Other key points from C.A.R.'s February 2021 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 2021 County Sales and Price Activity

(Regional and condo sales data not seasonally adjusted)


February 2021

Median Sold Price of Existing Single-Family Homes

Sales

State/Region/County

Feb.

2021

Jan.

2021


Feb.

2020


Price MTM% Chg

Price YTY% Chg

 Sales MTM% Chg

 Sales YTY% Chg

Calif. Single-family home

$699,000

$699,920

r

$579,770


-0.1%

20.6%

-4.5%

9.7%

Calif. Condo/Townhome

$530,000

$515,000


$480,000


2.9%

10.4%

2.7%

17.6%

Los Angeles Metro Area

$649,000

$630,000


$550,000


3.0%

18.0%

-4.6%

10.0%

Central Coast

$828,500

$829,900


$715,000


-0.2%

15.9%

2.1%

22.4%

Central Valley

$405,000

$387,250

r

$340,000


4.6%

19.1%

-6.0%

-0.3%

Far North

$335,000

$335,000


$300,000


0.0%

11.7%

8.0%

17.3%

Inland Empire

$470,000

$457,000


$395,000


2.8%

19.0%

-4.2%

8.1%

San Francisco Bay Area

$1,151,500

$1,050,000

r

$910,000


9.7%

26.5%

-4.1%

16.1%

Southern California

$675,000

$650,000


$580,000


3.8%

16.4%

-2.7%

10.5%











San Francisco Bay Area










Alameda

$1,100,000

$1,060,000


$945,000


3.8%

16.4%

-12.4%

32.6%

Contra Costa

$817,500

$765,000


$635,250


6.9%

28.7%

-3.2%

18.5%

Marin

$1,540,000

$1,350,000


$1,347,500


14.1%

14.3%

7.4%

18.6%

Napa

$931,500

$835,000


$659,500


11.6%

41.2%

7.9%

61.9%

San Francisco

$1,786,400

$1,672,500

r

$1,610,000


6.8%

11.0%

18.4%

21.6%

San Mateo

$1,900,000

$1,605,000


$1,575,000


18.4%

20.6%

2.1%

12.3%

Santa Clara

$1,486,250

$1,375,000


$1,350,000


8.1%

10.1%

-1.9%

23.5%

Solano

$509,750

$510,000


$470,000


0.0%

8.5%

-21.9%

-28.2%

Sonoma

$740,000

$715,000


$640,000


3.5%

15.6%

3.9%

8.5%

Southern California










Los Angeles

$664,120

$697,660


$580,690


-4.8%

14.4%

-9.7%

13.9%

Orange

$995,000

$971,000


$880,000


2.5%

13.1%

4.6%

7.3%

Riverside

$519,500

$495,500


$428,000


4.8%

21.4%

-0.9%

7.1%

San Bernardino

$389,900

$390,000


$329,000


0.0%

18.5%

-9.5%

10.0%

San Diego

$765,000

$730,000


$670,000


4.8%

14.2%

6.1%

12.8%

Ventura

$750,000

$776,000


$649,500


-3.4%

15.5%

4.3%

7.3%

Central Coast










Monterey

$820,000

$860,000


$700,000


-4.7%

17.1%

7.8%

25.2%

San Luis Obispo

$700,000

$698,000


$640,000


0.3%

9.4%

9.9%

23.2%

Santa Barbara

$1,174,080

$920,000


$772,750


27.6%

51.9%

-5.0%

16.7%

Santa Cruz

$1,058,000

$1,110,000


$897,500


-4.7%

17.9%

-8.1%

26.7%

Central Valley










Fresno

$350,000

$325,000


$289,950


7.7%

20.7%

-12.8%

-0.2%

Glenn

$319,500

$247,500


$288,250


29.1%

10.8%

6.7%

33.3%

Kern

$295,000

$302,000


$259,000


-2.3%

13.9%

-7.4%

14.2%

Kings

$280,000

$278,750


$255,000


0.4%

9.8%

-32.6%

-12.7%

Madera

$354,500

$325,000


$285,000


9.1%

24.4%

-3.0%

-8.6%

Merced

$318,750

$307,000


$285,950


3.8%

11.5%

-10.6%

-33.9%

Placer

$599,500

$581,000

r

$509,000


3.2%

17.8%

-0.3%

16.1%

Sacramento

$463,000

$450,000

r

$398,500


2.9%

16.2%

0.2%

0.3%

San Benito

$700,000

$695,000


$595,000


0.7%

17.6%

-29.2%

36.0%

San Joaquin

$436,300

$425,000

r

$390,000


2.7%

11.9%

-12.4%

-13.2%

Stanislaus

$405,000

$385,000

r

$339,000


5.2%

19.5%

-6.0%

-11.9%

Tulare

$288,500

$306,920


$252,000


-6.0%

14.5%

4.2%

12.3%

Far North










Butte

$397,000

$420,000


$338,750


-5.5%

17.2%

-2.8%

-10.2%

Lassen

$208,250

$249,500


$199,000


-16.5%

4.6%

-4.8%

81.8%

Plumas

$329,500

$315,000


$321,500


4.6%

2.5%

31.8%

31.8%

Shasta

$329,950

$329,000


$291,500


0.3%

13.2%

16.6%

28.9%

Siskiyou

$322,500

$257,000


$219,000


25.5%

47.3%

-45.5%

-33.3%

Tehama

$299,000

$250,000


$265,000


19.6%

12.8%

58.1%

96.0%

Other Calif. Counties










Amador

$406,280

$386,250


$328,000


5.2%

23.9%

-10.0%

31.7%

Calaveras

$441,500

$398,500


$355,000


10.8%

24.4%

-13.6%

4.1%

Del Norte

$359,000

$399,000


$297,000


-10.0%

20.9%

11.8%

58.3%

El Dorado

$577,500

$600,000

r

$465,000


-3.8%

24.2%

7.5%

10.4%

Humboldt

$360,000

$366,000


$310,390


-1.6%

16.0%

-14.3%

-4.5%

Lake

$326,500

$300,000


$235,000


8.8%

38.9%

62.3%

30.3%

Mariposa

$397,500

$400,000


$327,500


-0.6%

21.4%

9.1%

33.3%

Mendocino

$525,000

$517,500


$467,000


1.4%

12.4%

6.5%

69.0%

Mono

$1,435,000

$1,112,500


$700,000


29.0%

105.0%

16.7%

-6.7%

Nevada

$519,500

$525,000

r

$420,000


-1.0%

23.7%

2.9%

36.7%

Sutter

$395,000

$350,000


$318,500


12.9%

24.0%

0.0%

-16.1%

Tuolumne

$375,000

$350,500


$297,500


7.0%

26.1%

15.7%

22.7%

Yolo

$520,000

$485,000

r

$447,500


7.2%

16.2%

15.2%

15.2%

Yuba

$370,000

$395,000


$315,000


-6.3%

17.5%

11.4%

-25.8%

r = revised


NA = not available


 

February 2021 County Unsold Inventory and Days on Market

(Regional and condo sales data not seasonally adjusted)


February 2021

Unsold Inventory Index

Median Time on Market

State/Region/County

Feb.

2021

Jan.

2021


Feb.

2020


Feb.

2021

Jan.

2021


Feb.

2020


Calif. Single-family home

2.0

1.9

r

3.6


10.0

11.0

r

23.0


Calif. Condo/Townhome

2.1

2.2

r

3.0


13.0

18.0

r

21.0


Los Angeles Metro Area

2.0

1.9


3.8


11.0

12.0


29.0


Central Coast

2.4

2.4


4.8


13.0

13.0


31.0


Central Valley

1.9

1.7

r

3.1


7.0

9.0

r

18.5


Far North

2.8

3.0


5.1


37.0

25.0


51.0


Inland Empire

2.0

1.9


4.1


15.0

14.0


41.0


San Francisco Bay Area

2.1

1.7


3.0


10.0

13.0

r

14.0


Southern California

2.0

1.9


3.7


10.0

11.0


25.0













San Francisco Bay Area











Alameda

1.7

1.3


2.5


8.0

9.0


12.0


Contra Costa

1.7

1.4


2.7


7.5

8.0


12.0


Marin

2.1

2.1


4.3


22.0

38.0


42.5


Napa

3.8

3.7


9.6


38.0

46.0


39.0


San Francisco

2.1

2.2


3.0


12.0

14.5

r

15.0


San Mateo

2.4

2.2


2.6


9.0

13.0


11.0


Santa Clara

2.2

1.7


2.7


8.0

9.0


8.0


Solano

1.6

1.2


3.0


29.0

29.0


39.0


Sonoma

3.0

2.9


4.4


38.0

41.0


51.5


Southern California











Los Angeles

2.1

1.8


3.6


10.0

11.0


22.0


Orange

2.0

2.0


3.4


9.0

10.0


17.0


Riverside

2.0

2.0


4.1


14.0

15.0


39.0


San Bernardino

2.0

1.6


4.1


15.0

13.0


45.0


San Diego

1.8

1.8


3.0


7.0

7.0


12.0


Ventura

1.8

1.6


5.1


24.0

29.0


49.0


Central Coast











Monterey

2.8

3.0


5.1


14.0

10.0


28.0


San Luis Obispo

2.1

2.4


4.8


12.0

16.0


37.5


Santa Barbara

2.4

2.3


4.8


13.0

14.0


28.5


Santa Cruz

2.5

1.9


4.1


14.5

11.0


26.5


Central Valley











Fresno

2.0

1.7


3.5


7.0

8.0


26.0


Glenn

2.4

2.1


5.3


12.5

8.0


75.5


Kern

2.2

2.0


3.2


9.0

12.0


22.0


Kings

2.7

1.4


3.2


6.0

7.0


17.0


Madera

2.4

2.6


4.9


10.0

18.0


40.0


Merced

2.3

1.9


3.3


10.0

13.0


32.0


Placer

1.8

1.6


3.4


6.0

12.0

r

16.0


Sacramento

1.6

1.4


2.3


6.0

7.0

r

10.0


San Benito

3.3

2.0


6.5


11.0

19.0


55.0


San Joaquin

1.9

1.4


3.2


7.0

8.0

r

26.5


Stanislaus

1.8

1.7


2.6


7.0

9.0

r

17.0


Tulare

2.0

2.3


4.1


11.5

12.0


21.0


Far North











Butte

2.4

2.2


3.0


13.5

16.0


24.5


Lassen

3.3

3.3


10.7


106.0

100.0


133.0


Plumas

4.7

5.9


9.6


96.0

157.0


191.0


Shasta

2.5

2.9


4.8


27.0

20.0


50.0


Siskiyou

4.8

2.4


6.5


44.0

22.5


89.0


Tehama

2.7

4.8


9.0


77.0

47.0


81.0


Other Calif. Counties











Amador

2.1

2.2


7.8


12.0

29.0

r

49.0


Calaveras

2.0

2.0


5.7


57.0

62.5


108.0


Del Norte

3.8

4.7


11.8


167.0

151.0


168.0


El Dorado

2.1

2.1


4.5


13.0

27.0

r

44.0


Humboldt

2.4

2.3


4.5


10.0

10.0


38.5


Lake

2.4

4.2


6.1


35.5

38.0


61.5


Mariposa

1.9

2.4


5.4


11.5

22.0


107.0


Mendocino

3.2

3.7


10.3


61.0

55.0


102.0


Mono

2.9

3.8


5.8


62.5

84.5


119.0


Nevada

2.4

2.6


6.4


35.5

22.0

r

42.0


Sutter

1.8

1.5


2.6


10.0

7.0


26.5


Tuolumne

2.4

2.8


5.6


17.5

32.5


85.0


Yolo

1.6

1.8


3.4


7.5

12.0

r

17.5


Yuba

2.2

2.3


3.5


12.0

15.0


23.0


r = revised


NA = not available


 

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


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