LOS ANGELES, Sept. 16, 2021 /PRNewswire/ -- Housing demand in California tempered for the fourth consecutive month in August as home sales returned to pre-crisis levels, but the statewide median home price set another record high, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/Global/Infographics/m/a/August-2021-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 414,860 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 2021 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 pace was down 3.3 percent on a monthly basis from 428,980 in July and down 10.9 percent from a year ago, when 465,400 homes were sold on an annualized basis. August's sales level was the lowest in 14 months. Despite the monthly and annual sales drop, California home sales remained strong by pre-pandemic standards, maintaining a solid year-to-date increase of 21.3 percent.
"The normalizing market and modestly improving housing inventory in the past few months have created an opportunity for homebuyers who sat out the highly competitive housing market seen over much of the past year," said C.A.R. President Dave Walsh. "With the highest level of active listings in nearly a year, interest rates expected to stay consistently low, and a dip in multiple offers, now is a good time for discouraged buyers to get back into the game."
After taking a breather in July, California's median home price set a new record in August at $827,940 ? the fifth record set in six months. The August price was 2.1 percent higher than the $811,170 recorded in July and 17.1 percent higher than the $706,900 recorded last August. The median price in California remained above the $800,000 benchmark for the fifth consecutive month.
"While home sales at the lower end of the market are underperforming due to a lack of supply and the economic uncertainty induced by the COVID resurgence, the higher-priced segments continue to see double-digit sales growth that's keeping the overall market from moderating too fast," said C.A.R. Vice President and Chief Economist Jordan Levine. "With interest rates expected to stay low for the rest of the year, sales in California will remain solid by pre-pandemic standards while price growth will likely ease further in the coming months."
Other key points from C.A.R.'s August 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.
August 2021 County Sales and Price Activity | |||||||||
(Regional and condo sales data not seasonally adjusted) | |||||||||
August 2021 | Median Sold Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | Aug. 2021 | July 2021 | Aug. 2020 | Price | Price | Sales | Sales | ||
Calif. Single-family home | $827,940 | $811,170 | $706,900 | 2.1% | 17.1% | -3.3% | -10.9% | ||
Calif. Condo/Townhome | $600,000 | $600,000 | $506,000 | 0.0% | 18.6% | -2.1% | 10.9% | ||
Los Angeles Metro Area | $731,000 | $731,000 | $615,000 | 0.0% | 18.9% | -4.4% | -4.7% | ||
Central Coast | $905,000 | $869,500 | $812,500 | 4.1% | 11.4% | 4.7% | 0.8% | ||
Central Valley | $450,000 | $451,950 | $385,000 | -0.4% | 16.9% | 2.5% | -2.0% | ||
Far North | $387,000 | $400,000 | $325,000 | -3.3% | 19.1% | -10.7% | -21.9% | ||
Inland Empire | $520,000 | $529,000 | $435,000 | -1.7% | 19.5% | -6.3% | -14.4% | ||
San Francisco Bay Area | $1,265,000 | $1,300,750 | $1,068,000 | -2.7% | 18.4% | -2.6% | 2.5% | ||
Southern California | $760,000 | $760,000 | $640,000 | 0.0% | 18.8% | -4.5% | -4.1% | ||
San Francisco Bay Area | |||||||||
Alameda | $1,300,000 | $1,300,000 | $1,028,220 | 0.0% | 26.4% | 2.6% | 12.2% | ||
Contra Costa | $889,500 | $940,000 | $805,000 | -5.4% | 10.5% | -7.8% | -7.5% | ||
Marin | $1,560,000 | $1,750,000 | $1,512,500 | -10.9% | 3.1% | -4.8% | -33.1% | ||
Napa | $900,000 | $939,000 | $867,000 | -4.2% | 3.8% | 15.8% | -22.5% | ||
San Francisco | $1,850,000 | $1,852,500 | $1,663,000 | -0.1% | 11.2% | 0.4% | 13.6% | ||
San Mateo | $1,925,000 | $2,110,000 | $1,812,500 | -8.8% | 6.2% | -7.8% | 6.4% | ||
Santa Clara | $1,655,000 | $1,670,000 | $1,400,000 | -0.9% | 18.2% | -7.6% | 10.6% | ||
Solano | $590,000 | $590,000 | $515,000 | 0.0% | 14.6% | 1.3% | 4.7% | ||
Sonoma | $770,000 | $761,700 | $715,000 | 1.1% | 7.7% | 5.9% | 7.2% | ||
Southern California | |||||||||
Los Angeles | $830,070 | $809,750 | $692,630 | r | 2.5% | 19.8% | -3.6% | 7.0% | |
Orange | $1,100,000 | $1,090,000 | $930,000 | 0.9% | 18.3% | -3.4% | -5.6% | ||
Riverside | $570,000 | $570,000 | $486,500 | 0.0% | 17.2% | -6.8% | -13.6% | ||
San Bernardino | $435,000 | $440,000 | $350,000 | -1.1% | 24.3% | -5.6% | -15.6% | ||
San Diego | $835,000 | $860,000 | $732,560 | -2.9% | 14.0% | -5.1% | -1.6% | ||
Ventura | $853,000 | $825,000 | $741,500 | 3.4% | 15.0% | -0.7% | -2.5% | ||
Central Coast | |||||||||
Monterey | $827,500 | $828,500 | $832,500 | -0.1% | -0.6% | 13.2% | -4.2% | ||
San Luis Obispo | $770,000 | $795,000 | $666,840 | -3.1% | 15.5% | 3.7% | -3.5% | ||
Santa Barbara | $1,111,960 | $838,000 | $1,020,000 | 32.7% | 9.0% | -8.4% | -9.9% | ||
Santa Cruz | $1,255,000 | $1,185,000 | $1,050,000 | 5.9% | 19.5% | 16.2% | 41.4% | ||
Central Valley | |||||||||
Fresno | $375,000 | $370,000 | $322,000 | 1.4% | 16.5% | 8.4% | 3.9% | ||
Glenn | $302,500 | $320,000 | $263,500 | -5.5% | 14.8% | -36.4% | -22.2% | ||
Kern | $326,000 | $330,000 | $285,840 | -1.2% | 14.0% | 3.8% | 20.6% | ||
Kings | $310,000 | $320,000 | $265,500 | -3.1% | 16.8% | 2.0% | -4.6% | ||
Madera | $377,500 | $390,000 | $329,000 | -3.2% | 14.7% | -9.4% | -32.7% | ||
Merced | $369,250 | $357,500 | $335,000 | 3.3% | 10.2% | 13.2% | -14.0% | ||
Placer | $643,750 | $650,000 | $538,750 | -1.0% | 19.5% | 3.5% | -13.5% | ||
Sacramento | $515,000 | $514,000 | $425,000 | 0.2% | 21.2% | 1.1% | -1.2% | ||
San Benito | $774,510 | $781,000 | $625,000 | -0.8% | 23.9% | 10.0% | -1.5% | ||
San Joaquin | $514,480 | $506,000 | $425,000 | 1.7% | 21.1% | -3.5% | -10.7% | ||
Stanislaus | $435,000 | $430,000 | $370,000 | 1.2% | 17.6% | 8.6% | 8.9% | ||
Tulare | $317,500 | $330,000 | $280,220 | -3.8% | 13.3% | -3.2% | 0.0% | ||
Far North | |||||||||
Butte | $435,000 | $454,500 | $415,000 | -4.3% | 4.8% | -24.2% | -12.4% | ||
Lassen | $204,500 | $215,000 | $249,000 | -4.9% | -17.9% | 16.0% | -29.3% | ||
Plumas | $397,500 | $454,500 | $392,000 | -12.5% | 1.4% | -31.8% | -62.0% | ||
Shasta | $389,900 | $370,000 | $315,000 | 5.4% | 23.8% | 1.4% | -11.7% | ||
Siskiyou | $327,500 | $350,000 | $260,000 | -6.4% | 26.0% | -23.6% | -44.0% | ||
Tehama | $349,000 | $402,500 | $290,000 | -13.3% | 20.3% | -11.9% | -17.8% | ||
Other Calif. Counties | |||||||||
Amador | $425,000 | $416,000 | $353,500 | 2.2% | 20.2% | -14.3% | -34.8% | ||
Calaveras | $485,000 | $463,500 | $381,000 | 4.6% | 27.3% | 6.4% | -33.5% | ||
Del Norte | $357,500 | $355,000 | $283,500 | 0.7% | 26.1% | -21.4% | -18.5% | ||
El Dorado | $680,890 | $655,000 | $570,000 | 4.0% | 19.5% | -5.7% | -32.4% | ||
Humboldt | $408,500 | $413,000 | $340,000 | -1.1% | 20.1% | -4.2% | -18.1% | ||
Lake | $335,000 | $351,000 | $309,500 | -4.6% | 8.2% | 5.7% | -7.0% | ||
Mariposa | $475,000 | $382,000 | $380,750 | 24.3% | 24.8% | 5.0% | -12.5% | ||
Mendocino | $533,000 | $650,000 | $524,000 | -18.0% | 1.7% | 27.7% | -18.9% | ||
Mono | $819,500 | $805,000 | $665,000 | 1.8% | 23.2% | 53.8% | -4.8% | ||
Nevada | $570,950 | $570,000 | $475,000 | 0.2% | 20.2% | -27.7% | -31.0% | ||
Sutter | $400,000 | $405,000 | $335,000 | -1.2% | 19.4% | 11.7% | 24.6% | ||
Tuolumne | $389,000 | $395,000 | $318,000 | -1.5% | 22.3% | -3.3% | -3.3% | ||
Yolo | $595,000 | $587,990 | $525,500 | 1.2% | 13.2% | 4.3% | -2.6% | ||
Yuba | $410,000 | $420,000 | $332,400 | -2.4% | 23.3% | 12.7% | 27.8% | ||
r = revised |
August 2021 County Unsold Inventory and Days on Market | ||||||||||
(Regional and condo sales data not seasonally adjusted) | ||||||||||
August 2021 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | Aug. 2021 | July 2021 | Aug. 2020 | Aug. 2021 | July 2021 | Aug. 2020 | ||||
Calif. Single-family home | 1.9 | 1.9 | 2.1 | 9.0 | 8.0 | 13.0 | ||||
Calif. Condo/Townhome | 1.7 | 1.7 | 2.7 | 10.0 | 9.0 | 16.0 | ||||
Los Angeles Metro Area | 2.0 | 1.9 | 2.3 | 9.0 | 8.0 | 15.0 | ||||
Central Coast | 1.8 | 2.0 | 2.6 | 9.0 | 9.0 | 17.0 | ||||
Central Valley | 1.8 | 1.9 | 1.9 | 7.0 | 7.0 | 9.0 | ||||
Far North | 3.0 | 2.6 | 2.7 | 11.0 | 12.0 | 38.0 | ||||
Inland Empire | 2.2 | 2.0 | 2.1 | 10.0 | 9.0 | 20.0 | ||||
San Francisco Bay Area | 1.5 | 1.5 | 1.9 | 11.0 | 10.0 | 15.0 | ||||
Southern California | 1.9 | 1.9 | 2.2 | 9.0 | 8.0 | 13.0 | ||||
San Francisco Bay Area | ||||||||||
Alameda | 1.3 | 1.4 | 1.5 | 9.0 | 9.0 | 12.0 | ||||
Contra Costa | 1.4 | 1.4 | 1.5 | 8.0 | 7.0 | 11.0 | ||||
Marin | 1.6 | 1.5 | 1.7 | 14.0 | 17.0 | 26.0 | ||||
Napa | 2.7 | 3.3 | 3.0 | 33.0 | 34.0 | 44.0 | ||||
San Francisco | 1.7 | 1.8 | 2.6 | 13.0 | 12.0 | 15.5 | ||||
San Mateo | 1.5 | 1.5 | 2.4 | 9.0 | 9.0 | 12.0 | ||||
Santa Clara | 1.4 | 1.3 | 1.8 | 8.0 | 8.0 | 9.0 | ||||
Solano | 1.3 | 1.3 | 2.0 | 23.0 | 24.0 | 28.0 | ||||
Sonoma | 1.8 | 2.1 | 2.4 | 34.0 | 33.0 | 45.0 | ||||
Southern California | ||||||||||
Los Angeles | 2.0 | 2.0 | 2.3 | 9.0 | 8.0 | 12.0 | ||||
Orange | 1.6 | 1.7 | 2.4 | 8.0 | 7.0 | 12.0 | ||||
Riverside | 2.0 | 1.8 | 2.2 | 10.0 | 8.0 | 19.0 | ||||
San Bernardino | 2.4 | 2.2 | 2.0 | 10.0 | 9.0 | 23.0 | ||||
San Diego | 1.7 | 1.7 | 1.9 | 8.0 | 7.0 | 8.0 | ||||
Ventura | 1.9 | 1.9 | 2.2 | 20.0 | 19.0 | 35.0 | ||||
Central Coast | ||||||||||
Monterey | 2.1 | 2.4 | 2.5 | 9.0 | 9.0 | 16.5 | ||||
San Luis Obispo | 1.7 | 2.0 | 2.7 | 8.0 | 7.0 | 19.0 | ||||
Santa Barbara | 1.8 | 1.7 | 2.5 | 9.0 | 9.0 | 20.0 | ||||
Santa Cruz | 1.6 | 2.1 | 2.6 | 12.0 | 11.0 | 14.0 | ||||
Central Valley | ||||||||||
Fresno | 1.8 | 2.1 | 2.0 | 7.0 | 6.0 | 7.0 | ||||
Glenn | 3.1 | 2.0 | 3.1 | 7.5 | 6.0 | 20.5 | ||||
Kern | 1.8 | 1.9 | 2.5 | 8.0 | 7.0 | 10.0 | ||||
Kings | 1.8 | 1.6 | 1.6 | 6.0 | 6.0 | 5.0 | ||||
Madera | 3.2 | 2.9 | 2.3 | 11.0 | 9.0 | 22.5 | ||||
Merced | 2.0 | 2.0 | 1.6 | 10.0 | 7.0 | 20.0 | ||||
Placer | 1.5 | 1.6 | 1.6 | 7.0 | 7.0 | 13.0 | ||||
Sacramento | 1.7 | 1.7 | 1.7 | 7.0 | 7.0 | 7.0 | ||||
San Benito | 2.0 | 2.3 | 2.4 | 11.0 | 10.0 | 20.5 | ||||
San Joaquin | 2.2 | 2.0 | 1.8 | 8.0 | 8.0 | 10.0 | ||||
Stanislaus | 1.8 | 1.9 | 1.7 | 7.0 | 7.0 | 7.0 | ||||
Tulare | 2.1 | 1.9 | 2.3 | 7.0 | 6.5 | 12.0 | ||||
Far North | ||||||||||
Butte | 2.2 | 1.6 | 2.3 | 8.0 | 7.5 | 10.0 | ||||
Lassen | 4.3 | 5.4 | 2.5 | 102.0 | 91.0 | 87.0 | ||||
Plumas | 6.4 | 4.5 | 3.9 | 59.0 | 60.0 | 91.0 | ||||
Shasta | 2.4 | 2.5 | 2.3 | 8.0 | 9.0 | 23.0 | ||||
Siskiyou | 4.8 | 3.5 | 2.8 | 13.0 | 9.5 | 45.0 | ||||
Tehama | 4.1 | 3.2 | 4.0 | 40.0 | 43.0 | 75.0 | ||||
Other Calif. Counties | ||||||||||
Amador | 2.9 | 2.7 | 2.7 | 10.5 | 9.0 | 43.5 | ||||
Calaveras | 2.6 | 2.8 | 2.1 | 52.0 | 49.0 | 69.5 | ||||
Del Norte | 4.7 | 3.4 | 5.0 | 68.5 | 84.0 | 85.0 | ||||
El Dorado | 2.0 | 2.2 | 1.9 | 12.0 | 10.0 | 36.0 | ||||
Humboldt | 2.4 | 2.2 | 2.3 | 11.0 | 9.0 | 14.0 | ||||
Lake | 3.9 | 4.0 | 3.7 | 13.0 | 17.5 | 27.5 | ||||
Mariposa | 3.4 | 3.7 | 4.5 | r | 27.0 | 7.0 | 36.0 | |||
Mendocino | 3.7 | 4.7 | 3.7 | 50.0 | 22.0 | 61.5 | ||||
Mono | 2.7 | 4.7 | 5.0 | 71.0 | 58.0 | 79.0 | ||||
Nevada | 2.6 | 1.8 | 2.2 | 12.0 | 12.0 | 30.5 | ||||
Sutter | 1.7 | 2.0 | 1.8 | 8.0 | 8.0 | 8.0 | ||||
Tuolumne | 2.7 | 2.7 | 3.3 | 10.5 | 11.5 | 26.0 | ||||
Yolo | 1.8 | 1.8 | 2.0 | 9.0 | 8.0 | 10.0 | ||||
Yuba | 1.6 | 2.0 | 1.6 | 7.0 | 6.0 | 12.5 | ||||
r = revised |
SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
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