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California housing market rebounds in September as existing home sales reverse four-month decline, C.A.R. reports


LOS ANGELES, Oct. 18, 2021 /PRNewswire/ -- California home sales closed out the third quarter by reversing a four-month decline and posting the largest monthly increase in more than a year, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Infographic: https://www.car.org/Global/Infographics/California-September-2021-Sales-and-Price-Report

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 438,190 in September, 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 September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

September's sales pace was up 5.6 percent on a monthly basis from 414,860 in August and down 10.5 percent from a year ago, when 489,590 homes were sold on an annualized basis. The month-to-month increase was the largest since August 2020, and despite a continued decline from the prior year, statewide sales maintained a 16.8 percent increase on a year-to-date basis.

"As we move into the off-homebuying season, we should see market competition easing and home prices moderating, giving those who waited out the highly competitive market earlier this year an opportunity to revisit buying," said C.A.R. President Dave Walsh. "Interest rates are expected to remain low and the availability of homes for sale should improve, which should boost homebuying interest and spur sales."

After setting another record in August, California's median home price declined to $808,890, down 2.3 percent from $827,940 in August. The September price was 13.5 percent higher than the $712,430 recorded last September. The median price in California remained above the $800,000 benchmark for the sixth consecutive month but the double-digit price year-over-year price gain was the smallest in 14 months. A change in the mix of sales, once again, played a role in the change in the statewide median price, as the sales share of million-dollar continued to shrink on a month-to-month basis, and prices in the high-end market have been growing at a slower pace than the low-end market in the past two months.

"With the economic recovery remaining on course but progressing at a pace slower than anticipated, rates are expected to rise modestly in the next few months but will remain low," said C.A.R. Vice President and Chief Economist Jordan Levine. "While statewide home sales are expected to dip slightly next year according to our latest forecast, housing demand will remain solid and post the second highest level of sales in the past five years. The market will stay competitive in 2022 as the normalization continues, and home prices will remain elevated," said Levine.

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

September 2021 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

September 2021

Median Sold Price of Existing Single-Family Homes

Sales

State/Region/County

Sept.

2021

Aug.

2021


Sept.

2020


Price MTM% Chg

Price YTY% Chg

 Sales MTM% Chg

 Sales YTY% Chg

Calif. Single-family home

$808,890

$827,940


$712,430


-2.3%

13.5%

5.6%

-10.5%

Calif. Condo/Townhome

$600,000

$600,000


$527,000


0.0%

13.9%

-4.1%

0.1%

Los Angeles Metro Area

$730,000

$731,000


$630,000


-0.1%

15.9%

2.4%

-7.8%

Central Coast

$886,900

$905,000


$838,500


-2.0%

5.8%

-9.1%

-16.9%

Central Valley

$450,000

$450,000


$390,000


0.0%

15.4%

-2.1%

-6.2%

Far North

$370,000

$387,000


$349,900


-4.4%

5.7%

-0.5%

-18.8%

Inland Empire

$520,000

$520,000


$445,000


0.0%

16.9%

3.6%

-12.8%

San Francisco Bay Area

$1,290,000

$1,265,000


$1,060,000


2.0%

21.7%

-6.8%

-7.0%

Southern California

$755,000

$760,000


$656,750


-0.7%

15.0%

1.5%

-8.3%











San Francisco Bay Area










Alameda

$1,300,000

$1,300,000


$1,050,000


0.0%

23.8%

-7.4%

4.8%

Contra Costa

$897,000

$889,500


$783,000


0.8%

14.6%

-6.6%

-16.0%

Marin

$1,710,000

$1,560,000


$1,550,000


9.6%

10.3%

-14.6%

-39.2%

Napa

$950,000

$900,000


$900,000


5.6%

5.6%

-17.1%

-32.2%

San Francisco

$1,750,000

$1,850,000


$1,665,000


-5.4%

5.1%

-2.9%

1.7%

San Mateo

$1,975,000

$1,925,000


$1,772,500


2.6%

11.4%

3.9%

-0.7%

Santa Clara

$1,630,000

$1,655,000


$1,402,500


-1.5%

16.2%

-3.1%

2.9%

Solano

$570,000

$590,000


$499,950


-3.4%

14.0%

-13.8%

-19.6%

Sonoma

$754,000

$770,000


$715,000


-2.1%

5.5%

-13.4%

-3.8%

Southern California










Los Angeles

$886,050

$830,070


$766,010

r

6.7%

15.7%

6.2%

1.6%

Orange

$1,100,000

$1,100,000


$915,000


0.0%

20.2%

-4.9%

-14.4%

Riverside

$570,000

$570,000


$480,000


0.0%

18.8%

2.7%

-14.8%

San Bernardino

$437,000

$435,000


$359,900


0.5%

21.4%

5.2%

-9.5%

San Diego

$850,000

$835,000


$735,000


1.8%

15.6%

-2.1%

-10.4%

Ventura

$815,000

$853,000


$787,500


-4.5%

3.5%

-5.6%

-10.6%

Central Coast










Monterey

$826,250

$827,500


$860,000


-0.2%

-3.9%

-15.3%

-22.4%

San Luis Obispo

$755,000

$770,000


$684,500


-1.9%

10.3%

-8.1%

-12.6%

Santa Barbara

$1,000,000

$1,111,960


$1,000,000


-10.1%

0.0%

-0.4%

-22.7%

Santa Cruz

$1,190,000

$1,255,000


$1,062,500


-5.2%

12.0%

-14.0%

-5.6%

Central Valley










Fresno

$380,000

$375,000


$325,000


1.3%

16.9%

-5.1%

6.2%

Glenn

$327,500

$302,500


$347,520


8.3%

-5.8%

-21.4%

-38.9%

Kern

$341,500

$326,000


$292,000


4.8%

17.0%

-11.4%

-10.7%

Kings

$320,000

$310,000


$264,000


3.2%

21.2%

-10.7%

-8.9%

Madera

$375,000

$377,500


$331,120


-0.7%

13.3%

15.3%

-11.2%

Merced

$370,000

$369,250


$300,500


0.2%

23.1%

2.3%

8.2%

Placer

$650,000

$643,750


$530,000


1.0%

22.6%

-11.7%

-16.7%

Sacramento

$507,000

$515,000


$439,000


-1.6%

15.5%

0.3%

-8.3%

San Benito

$792,500

$774,510


$687,000


2.3%

15.4%

-9.1%

-10.4%

San Joaquin

$515,000

$514,480


$435,000


0.1%

18.4%

13.8%

-3.7%

Stanislaus

$440,000

$435,000


$375,000


1.1%

17.3%

-1.0%

0.8%

Tulare

$320,000

$317,500


$275,000


0.8%

16.4%

-3.3%

-7.5%

Far North










Butte

$440,880

$435,000


$403,300


1.4%

9.3%

-3.5%

-20.0%

Lassen

$205,000

$204,500


$272,500


0.2%

-24.8%

-44.8%

-52.9%

Plumas

$397,000

$397,500


$412,000


-0.1%

-3.6%

53.3%

-39.5%

Shasta

$365,000

$389,900


$331,500


-6.4%

10.1%

-5.1%

-11.4%

Siskiyou

$315,000

$327,500


$267,950


-3.8%

17.6%

21.4%

-15.0%

Tehama

$315,000

$349,000


$285,000


-9.7%

10.5%

13.5%

-10.6%

Other CA Counties










Amador

$432,500

$425,000


$359,900


1.8%

20.2%

26.7%

-30.3%

Calaveras

$468,500

$485,000


$392,000


-3.4%

19.5%

-4.3%

-13.8%

Del Norte

$437,500

$357,500


$308,000


22.4%

42.0%

0.0%

10.0%

El Dorado

$650,000

$680,890


$588,000


-4.5%

10.5%

-23.8%

-48.2%

Humboldt

$430,000

$408,500


$345,000


5.3%

24.6%

-4.4%

-2.3%

Lake

$372,120

$335,000


$307,500


11.1%

21.0%

-24.7%

-38.6%

Mariposa

$459,000

$475,000


$457,500


-3.4%

0.3%

-19.0%

-34.6%

Mendocino

$500,000

$533,000


$500,250


-6.2%

0.0%

-13.3%

-16.1%

Mono

$844,500

$819,500


$875,000


3.1%

-3.5%

5.0%

-40.0%

Nevada

$549,500

$570,950


$478,750


-3.8%

14.8%

-7.2%

-33.3%

Sutter

$410,000

$400,000


$351,000


2.5%

16.8%

-11.6%

5.6%

Tuolumne

$382,500

$389,000


$325,000


-1.7%

17.7%

1.7%

-23.4%

Yolo

$612,500

$595,000


$530,000


2.9%

15.6%

-2.0%

-25.0%

Yuba

$409,900

$410,000


$342,000


0.0%

19.9%

-7.0%

50.7%

r = revised

September 2021 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

September 2021

Unsold Inventory Index

Median Time on Market

State/Region/County

Sept.

2021

Aug.

2021


Sept.

2020


Sept.

2021

Aug.

2021


Sept.

2020

Calif. Single-family home

1.9

1.9


2.0


10.0

9.0


11.0

Calif. Condo/Townhome

1.7

1.7


2.5


10.0

10.0


14.0

Los Angeles Metro Area

1.9

2.0


2.2


10.0

9.0


11.0

Central Coast

1.9

1.8


1.8


10.0

9.0


12.0

Central Valley

1.9

1.8


1.8


8.0

7.0


7.0

Far North

2.9

3.0


2.6


18.0

11.0


24.0

Inland Empire

2.1

2.2


2.0


11.0

10.0


13.0

San Francisco Bay Area

1.6

1.5


1.9


11.0

11.0


13.0

Southern California

1.9

1.9


2.1


10.0

9.0


10.0











San Francisco Bay Area










Alameda

1.4

1.3


1.6


10.0

9.0


10.5

Contra Costa

1.5

1.4


1.5


9.0

8.0


9.0

Marin

1.9

1.6


2.1


12.5

14.0


21.0

Napa

3.4

2.7


2.9


37.0

33.0


51.0

San Francisco

2.3

1.7


2.9


13.0

13.0


16.5

San Mateo

1.5

1.5


2.3


9.0

9.0


11.0

Santa Clara

1.4

1.4


1.8


9.0

8.0


9.0

Solano

1.6

1.3


1.7


27.0

23.0


29.0

Sonoma

2.1

1.8


2.4


34.0

34.0


43.0

Southern California










Los Angeles

2.0

2.0


2.3


10.0

9.0


9.0

Orange

1.5

1.6


2.2


8.0

8.0


10.0

Riverside

2.0

2.0


2.1


11.0

10.0


12.0

San Bernardino

2.3

2.4


2.0


11.0

10.0


14.0

San Diego

1.6

1.7


1.7


9.0

8.0


7.0

Ventura

1.9

1.9


2.0


24.0

20.0


30.0

Central Coast










Monterey

2.2

2.1


2.2


10.0

9.0


10.0

San Luis Obispo

1.8

1.7


2.4


9.0

8.0


11.0

Santa Barbara

1.7

1.8


0.8


9.0

9.0


13.5

Santa Cruz

1.8

1.6


2.0


11.0

12.0


12.0

Central Valley










Fresno

1.9

1.8


2.2


7.0

7.0


6.0

Glenn

3.7

3.1


3.4


22.0

7.5


15.0

Kern

2.1

1.8


2.1


8.0

8.0


8.5

Kings

2.0

1.8


1.7


6.0

6.0


5.0

Madera

2.9

3.2


2.4


14.0

11.0


18.0

Merced

2.0

2.0


1.8


7.0

10.0


11.5

Placer

1.8

1.5


1.7


8.0

7.0


9.0

Sacramento

1.7

1.7


1.5


8.0

7.0


7.0

San Benito

2.2

2.0


2.1


11.0

11.0


13.0

San Joaquin

1.8

2.2


1.7


10.0

8.0


8.0

Stanislaus

1.8

1.8


1.7


9.0

7.0


6.0

Tulare

2.1

2.1


2.2


6.0

7.0


8.0

Far North










Butte

2.4

2.2


1.9


9.0

8.0


6.0

Lassen

7.3

4.3


3.4


109.0

102.0


90.0

Plumas

4.1

6.4


3.4


87.0

59.0


109.0

Shasta

2.6

2.4


2.5


13.0

8.0


14.0

Siskiyou

3.8

4.8


3.1


20.0

13.0


39.0

Tehama

3.2

4.1


3.6


46.0

40.0


50.0

Other CA Counties










Amador

2.3

2.9


2.3


14.0

10.5


34.0

Calaveras

2.7

2.6


2.8


56.0

52.0


58.0

Del Norte

4.5

4.7


5.9


89.5

68.5


140.5

El Dorado

2.7

2.0


1.8


13.0

12.0


29.0

Humboldt

2.4

2.4


2.5


10.0

11.0


10.0

Lake

5.2

3.9


2.8


17.0

13.0


31.0

Mariposa

4.3

3.4


3.7

r

7.0

27.0


29.0

Mendocino

4.3

3.7


4.3


45.5

50.0


59.0

Mono

2.6

2.7


2.4


82.0

71.0


82.0

Nevada

3.1

2.6


2.2


12.0

12.0


14.0

Sutter

2.1

1.7


1.8


11.0

8.0


7.0

Tuolumne

2.5

2.7


2.2


12.0

10.5


36.0

Yolo

1.6

1.8


1.5


8.0

9.0


9.5

Yuba

1.8

1.6


2.1


7.0

7.0


12.0

r = revised

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


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