LOS ANGELES, Jan. 18, 2023 /PRNewswire/ -- A short respite in rising interest rates helped edge up California home sales in December to break a three-month sales decline but still remained below the 250,000 level for the second straight month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/Global/Infographics/2022-12-Sales-and-Pricehttps://www.car.org/Global/Infographics/2022-05-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 240,330 in December, 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 2022 if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. December's sales pace was up 1.1 percent on a monthly basis from 237,740 in November and down 44.1 percent from a year ago, when 429,860 homes were sold on an annualized basis.
"It's encouraging to see an uptick in December's home sales as buyers took advantage of a slightly more favorable lending environment that provided them with a window of opportunity to enter the California housing market," said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. "As buyers and sellers gradually adapt to the new normal, we are seeing a shift toward a more balanced market. With both sides slowly adjusting their expectations, it's hopeful that we'll see sales ratcheting higher as market conditions improve further throughout 2023."
California's median home price remained on a downward trend for the fourth straight month and has been down on a monthly basis for six of the last seven months. December's median price of $774,580 was down 0.4 percent from the $777,500 recorded in November. December's price also was lower on a year-over-year basis for the second consecutive month, declining 2.8 percent from the $796,570 recorded last December. For 2022 as a whole, California's median home price increased 4.5 percent from 2021's $786,750 figure but is expected to decline by 8.8 percent in 2023.
"Home prices are holding up relatively well, despite rising interest rates and falling housing demand in recent months. Tight housing inventory was a primary factor preventing prices from free falling as new active listings continued to dip to reach the lowest level in at least the past five years," said C.A.R. Vice President and Chief Economist Jordan Levine. "While depressed inventory will preclude major price declines beyond the 8.8 percent we forecast for this year, it will also slow sales growth and prevent the housing market from having a rapid recovery."
Other key points from C.A.R.'s December 2022 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 is 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 217,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
December 2022 County Sales and Price Activity | |||||||||
December 2022 | Median Sold Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | Dec. 2022 | Nov. 2022 | Dec. 2021 | Price | Price | Sales | Sales | ||
Calif. Single-family home | $774,580 | $777,500 | $796,570 | -0.4 % | -2.8 % | 1.1 % | -44.1 % | ||
Calif. Condo/Townhome | $590,000 | $612,000 | $612,750 | -3.6 % | -3.7 % | -11.0 % | -47.9 % | ||
Los Angeles Metro Area | $716,500 | $720,000 | $720,000 | -0.5 % | -0.5 % | 1.9 % | -49.4 % | ||
Central Coast | $869,860 | $900,000 | $900,000 | -3.3 % | -3.3 % | -9.2 % | -45.9 % | ||
Central Valley | $430,000 | $445,990 | $450,000 | -3.6 % | -4.4 % | 3.2 % | -39.3 % | ||
Far North | $350,000 | $366,000 | $379,000 | -4.4 % | -7.7 % | -5.3 % | -38.3 % | ||
Inland Empire | $535,000 | $540,000 | $540,000 | -0.9 % | -0.9 % | -0.1 % | -54.0 % | ||
San Francisco Bay Area | $1,084,500 | $1,225,000 | $1,200,000 | -11.5 % | -9.6 % | -9.9 % | -37.4 % | ||
Southern California | $743,180 | $750,000 | $749,900 | -0.9 % | -0.9 % | 1.7 % | -48.3 % | ||
San Francisco Bay Area | |||||||||
Alameda | $1,065,500 | $1,175,000 | $1,200,000 | -9.3 % | -11.2 % | -15.1 % | -37.0 % | ||
Contra Costa | $777,500 | $890,000 | $830,000 | -12.6 % | -6.3 % | -0.8 % | -35.6 % | ||
Marin | $1,500,000 | $1,535,000 | $1,510,000 | -2.3 % | -0.7 % | -24.0 % | -13.6 % | ||
Napa | $849,000 | $1,050,000 | $1,050,000 | -19.1 % | -19.1 % | -14.9 % | -47.7 % | ||
San Francisco | $1,564,000 | $1,500,000 | $1,690,000 | 4.3 % | -7.5 % | -17.1 % | -24.2 % | ||
San Mateo | $1,675,000 | $1,782,500 | $1,945,000 | -6.0 % | -13.9 % | -9.7 % | -38.2 % | ||
Santa Clara | $1,478,000 | $1,600,000 | $1,740,000 | -7.6 % | -15.1 % | -14.9 % | -42.8 % | ||
Solano | $550,000 | $560,000 | $580,000 | -1.8 % | -5.2 % | 17.0 % | -43.6 % | ||
Sonoma | $787,500 | $834,580 | $794,000 | -5.6 % | -0.8 % | -11.5 % | -36.0 % | ||
Southern California | |||||||||
Los Angeles | $799,670 | $836,630 | $826,500 | -4.4 % | -3.2 % | 3.0 % | -47.7 % | ||
Orange | $1,131,760 | $1,100,000 | $1,182,500 | 2.9 % | -4.3 % | 3.1 % | -43.3 % | ||
Riverside | $575,000 | $580,000 | $586,000 | -0.9 % | -1.9 % | -1.7 % | -53.8 % | ||
San Bernardino | $466,940 | $437,500 | $460,000 | 6.7 % | 1.5 % | 2.6 % | -54.4 % | ||
San Diego | $850,000 | $865,000 | $836,700 | -1.7 % | 1.6 % | 0.8 % | -43.2 % | ||
Ventura | $818,000 | $860,000 | $850,000 | -4.9 % | -3.8 % | 3.0 % | -47.1 % | ||
Central Coast | |||||||||
Monterey | $775,000 | $819,500 | $871,000 | -5.4 % | -11.0 % | -9.0 % | -56.0 % | ||
San Luis Obispo | $830,000 | $890,000 | $821,000 | -6.7 % | 1.1 % | -6.3 % | -44.9 % | ||
Santa Barbara | $1,055,000 | $800,000 | $937,500 | 31.9 % | 12.5 % | -15.8 % | -40.9 % | ||
Santa Cruz | $1,175,000 | $1,245,000 | $1,200,450 | -5.6 % | -2.1 % | -3.5 % | -36.2 % | ||
Central Valley | |||||||||
Fresno | $396,000 | $393,000 | $395,000 | 0.8 % | 0.3 % | -3.8 % | -37.6 % | ||
Glenn | $286,750 | $309,000 | $345,000 | -7.2 % | -16.9 % | -42.9 % | -60.0 % | ||
Kern | $365,000 | $370,000 | $350,000 | -1.4 % | 4.3 % | 16.6 % | -33.7 % | ||
Kings | $337,000 | $325,000 | $330,000 | 3.7 % | 2.1 % | -10.8 % | -45.8 % | ||
Madera | $410,500 | $413,000 | $375,000 | -0.6 % | 9.5 % | 14.0 % | -40.6 % | ||
Merced | $340,000 | $367,750 | $375,000 | -7.5 % | -9.3 % | 5.3 % | -23.8 % | ||
Placer | $622,500 | $620,000 | $655,000 | 0.4 % | -5.0 % | -8.3 % | -41.6 % | ||
Sacramento | $485,000 | $510,000 | $515,000 | -4.9 % | -5.8 % | 3.5 % | -41.8 % | ||
San Benito | $765,000 | $667,390 | $790,000 | 14.6 % | -3.2 % | 89.5 % | -46.3 % | ||
San Joaquin | $465,000 | $506,000 | $490,000 | -8.1 % | -5.1 % | 12.3 % | -42.4 % | ||
Stanislaus | $420,000 | $430,000 | $440,000 | -2.3 % | -4.5 % | -13.1 % | -44.9 % | ||
Tulare | $353,500 | $361,990 | $320,000 | -2.3 % | 10.5 % | 24.9 % | -23.0 % | ||
Far North | |||||||||
Butte | $408,500 | $435,000 | $439,500 | -6.1 % | -7.1 % | -30.3 % | -49.3 % | ||
Lassen | $170,000 | $210,250 | $292,000 | -19.1 % | -41.8 % | 30.0 % | -40.9 % | ||
Plumas | $395,000 | $375,000 | $420,000 | 5.3 % | -6.0 % | -20.7 % | -14.8 % | ||
Shasta | $348,500 | $350,000 | $371,000 | -0.4 % | -6.1 % | 14.7 % | -36.9 % | ||
Siskiyou | $295,000 | $342,000 | $273,000 | -13.7 % | 8.1 % | -28.1 % | -41.0 % | ||
Tehama | $285,600 | $302,000 | $322,450 | -5.4 % | -11.4 % | 11.5 % | -19.4 % | ||
Other CA Counties | |||||||||
Amador | $415,000 | $402,500 | $399,000 | 3.1 % | 4.0 % | 13.3 % | -52.8 % | ||
Calaveras | $449,500 | $444,000 | $489,000 | 1.2 % | -8.1 % | -6.7 % | -42.3 % | ||
Del Norte | $331,250 | $367,500 | $291,000 | -9.9 % | 13.8 % | -37.5 % | -65.5 % | ||
El Dorado | $591,000 | $612,500 | $620,000 | -3.5 % | -4.7 % | -6.5 % | -49.5 % | ||
Humboldt | $392,500 | $449,000 | $450,280 | r | -12.6 % | -12.8 % | 6.3 % | -25.4 % | |
Lake | $370,000 | $336,000 | $341,250 | 10.1 % | 8.4 % | -7.0 % | -32.1 % | ||
Mariposa | $359,000 | $363,500 | $390,000 | -1.2 % | -7.9 % | 87.5 % | -34.8 % | ||
Mendocino | $594,500 | $540,000 | $564,950 | 10.1 % | 5.2 % | -34.8 % | -49.2 % | ||
Mono | $765,000 | $870,000 | $972,500 | -12.1 % | -21.3 % | -22.2 % | -56.3 % | ||
Nevada | $520,000 | $526,000 | $520,000 | -1.1 % | 0.0 % | -2.4 % | -33.6 % | ||
Sutter | $383,500 | $409,000 | $411,000 | -6.2 % | -6.7 % | -4.5 % | -53.3 % | ||
Tuolumne | $380,000 | $385,000 | $369,500 | -1.3 % | 2.8 % | 1.8 % | -46.2 % | ||
Yolo | $600,000 | $620,000 | $609,240 | -3.2 % | -1.5 % | -37.3 % | -57.7 % | ||
Yuba | $420,000 | $399,450 | $410,000 | 5.1 % | 2.4 % | 12.1 % | -17.7 % |
r = revised |
December 2022 County Unsold Inventory and Days on Market | ||||||||||
December 2022 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | Dec. 2022 | Nov. 2022 | Dec. 2021 | Dec. 2022 | Nov. 2022 | Dec. 2021 | ||||
Calif. Single-family home | 2.7 | 3.3 | 1.2 | 28.0 | 24.0 | 12.0 | ||||
Calif. Condo/Townhome | 2.6 | 2.8 | 1.1 | 28.0 | 23.0 | 11.0 | ||||
Los Angeles Metro Area | 3.1 | 3.7 | 1.2 | 28.0 | 26.0 | 12.0 | ||||
Central Coast | 2.7 | 3.1 | 1.2 | 27.5 | 23.0 | 12.0 | ||||
Central Valley | 2.6 | 3.3 | 1.3 | 27.0 | 23.0 | 10.0 | ||||
Far North | 4.3 | 4.7 | 2.3 | 48.0 | 35.0 | 22.0 | ||||
Inland Empire | 3.7 | 4.3 | 1.3 | 35.5 | 30.0 | 14.0 | ||||
San Francisco Bay Area | 1.6 | 2.2 | 0.8 | 28.0 | 21.0 | 13.0 | ||||
Southern California | 2.9 | 3.6 | 1.2 | 27.0 | 24.0 | 11.0 | ||||
San Francisco Bay Area | ||||||||||
Alameda | 1.4 | 1.8 | 0.7 | 19.0 | 16.0 | 12.0 | ||||
Contra Costa | 1.5 | 2.3 | 0.8 | 28.0 | 19.0 | 10.0 | ||||
Marin | 1.4 | 1.7 | 0.7 | 35.0 | 28.0 | 22.5 | ||||
Napa | 2.8 | 3.3 | 1.5 | 57.0 | 42.0 | 42.0 | ||||
San Francisco | 1.5 | 2.2 | 0.9 | 26.0 | 21.0 | 14.0 | ||||
San Mateo | 1.4 | 2.2 | 0.7 | 22.5 | 14.0 | 10.0 | ||||
Santa Clara | 1.3 | 1.8 | 0.7 | 17.5 | 14.0 | 8.0 | ||||
Solano | 2.1 | 3.2 | 0.8 | 52.0 | 41.0 | 32.5 | ||||
Sonoma | 2.2 | 2.6 | 1.1 | 44.5 | 35.0 | 44.0 | ||||
Southern California | ||||||||||
Los Angeles | 3.1 | 3.6 | 1.3 | 25.5 | 23.0 | 12.0 | ||||
Orange | 2.4 | 3.1 | 1.0 | 23.0 | 21.0 | 8.0 | ||||
Riverside | 3.7 | 4.2 | 1.3 | 36.0 | 29.0 | 14.0 | ||||
San Bernardino | 3.8 | 4.4 | 1.4 | 34.0 | 32.0 | 15.0 | ||||
San Diego | 2.2 | 2.9 | 1.0 | 20.0 | 18.0 | 8.0 | ||||
Ventura | 2.3 | 3.0 | 1.1 | 39.0 | 30.0 | 22.0 | ||||
Central Coast | ||||||||||
Monterey | 3.2 | 3.6 | 1.2 | 36.0 | 31.5 | 14.0 | ||||
San Luis Obispo | 2.8 | 3.1 | 1.2 | 21.0 | 17.0 | 9.0 | ||||
Santa Barbara | 2.3 | 2.5 | 1.5 | 29.0 | 22.5 | 11.0 | ||||
Santa Cruz | 2.5 | 3.3 | 1.0 | 24.0 | 18.0 | 12.0 | ||||
Central Valley | ||||||||||
Fresno | 2.9 | 3.3 | 1.4 | 26.5 | 18.0 | 8.0 | r | |||
Glenn | 4.0 | 2.6 | 2.1 | 19.0 | 13.0 | 18.0 | ||||
Kern | 2.4 | 3.4 | 1.3 | 24.5 | 22.0 | 12.0 | ||||
Kings | 3.2 | 3.2 | 1.1 | 22.5 | 14.0 | 9.0 | ||||
Madera | 4.6 | 5.8 | 2.0 | 32.0 | 21.0 | 17.0 | ||||
Merced | 2.4 | 3.4 | 1.6 | 30.0 | 20.5 | 10.0 | ||||
Placer | 2.9 | 3.2 | 1.1 | 33.0 | 26.0 | 10.0 | ||||
Sacramento | 2.1 | 2.8 | 1.0 | 26.0 | 22.0 | 9.0 | ||||
San Benito | 2.3 | 6.6 | 1.1 | 44.5 | 40.0 | 14.0 | ||||
San Joaquin | 2.7 | 3.7 | 1.2 | 29.0 | 27.0 | 13.0 | ||||
Stanislaus | 2.4 | 2.6 | 1.2 | 23.0 | 27.0 | 10.0 | ||||
Tulare | 2.6 | 3.8 | 1.7 | 31.0 | 20.0 | 8.0 | ||||
Far North | ||||||||||
Butte | 4.2 | 3.5 | 1.4 | 44.0 | 30.0 | 12.0 | ||||
Lassen | 7.3 | 10.8 | 4.5 | 94.0 | 72.5 | 87.0 | ||||
Plumas | 3.4 | 3.8 | 3.1 | 134.0 | 94.0 | 116.0 | ||||
Shasta | 3.8 | 4.8 | 2.0 | 33.5 | 20.0 | 18.5 | ||||
Siskiyou | 6.0 | 5.0 | 4.1 | 32.0 | 34.5 | 20.5 | ||||
Tehama | 5.1 | 6.7 | 3.1 | 72.0 | 47.0 | 39.5 | ||||
Other CA Counties | ||||||||||
Amador | 4.4 | 6.3 | 1.2 | 43.0 | 55.0 | 18.5 | ||||
Calaveras | 3.4 | 4.2 | 1.8 | 77.0 | 55.0 | 66.0 | ||||
Del Norte | 6.5 | 4.0 | 2.3 | 91.0 | 84.0 | 90.0 | ||||
El Dorado | 3.0 | 3.6 | 1.3 | 43.5 | 41.0 | 32.0 | ||||
Humboldt | 4.1 | 5.0 | 2.1 | 17.0 | 21.0 | 10.0 | ||||
Lake | 5.2 | 6.3 | 3.6 | 71.0 | 47.0 | 30.0 | ||||
Mariposa | 4.9 | 9.8 | 2.9 | 20.5 | 42.5 | 15.0 | ||||
Mendocino | 8.0 | 5.8 | 3.1 | 63.0 | 57.0 | 54.0 | ||||
Mono | 4.0 | 3.2 | 2.1 | 129.0 | 146.0 | 108.0 | ||||
Nevada | 3.0 | 4.0 | 1.9 | 37.0 | 30.0 | 17.0 | ||||
Sutter | 3.2 | 3.5 | 1.2 | 43.0 | 20.5 | 11.0 | ||||
Tuolumne | 3.9 | 4.7 | 1.7 | 65.0 | 74.5 | 32.0 | ||||
Yolo | 3.4 | 2.5 | 1.0 | 26.0 | 22.0 | 10.0 | ||||
Yuba | 2.8 | 4.2 | 1.7 | 41.0 | 27.0 | 7.0 |
r = revised |
SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
These press releases may also interest you
|