LOS ANGELES, March 16, 2023 /PRNewswire/ -- The lowest mortgage rates in five months helped boost California home sales to reach above the 250,000-unit annualized sales pace for the first time in four months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/Global/Infographics/2023-02-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of?284,010?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 2023 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
February's sales pace was up 17.6 percent on a monthly basis from 241,520 in January and down 33.2 percent from a year ago, when a revised 425,120 homes were sold on an annualized basis. Despite the third straight monthly improvement, sales of existing single-family homes in California remained below the 300,000-unit pace for the fifth consecutive month.
"A brief interest rate reprieve and softer home prices during January created a window of opportunity for homebuyers to dip their toes into the home-buying waters, which helped boost home sales to the highest level in five months," said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. "A shift toward more home sales in the lower-price segments is expected to continue to further soften home prices. However, with the availability of homes remaining extremely tight and housing supply conditions not expected to improve any time soon, prices should find bottom later this year as interest rates stabilize."
California's median home price retreated for the sixth straight month in February, declining 2.1 percent from January's $751,330 to $735,480, the lowest price level in two years. February's price also was lower on a year-over-year basis for the fourth consecutive month, declining 4.8 percent from the revised $772,180 recorded last February.
The median price for a typical home at the state level has declined 18.3 percent from May 2022, when it reached its recent peak of $900,170. With home prices expected to remain soft throughout the rest of 2023, the market will see larger price drops moving through the spring home-buying season.
"The recent failure of a handful of tech-focused banks caused an unexpected drop in interest rates, which could offer an opportunity in the near term for homebuyers who have been waiting on the sidelines to lock in a lower rate," said C.A.R. Vice President and Chief Economist Jordan Levine. "However, any decline in rates is not likely to be sustainable since inflation remains high, and the Federal Reserve is willing to take some calculated risks in order to keep inflation under control."
Other key points from C.A.R.'s?February 2023 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.
February 2023 County Sales and Price Activity | |||||||||
February 2023 | Median Sold Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | Feb. 2023 | Jan. 2023 | Feb. 2022 | Price | Price | Sales | Sales | ||
Calif. Single-family home | $735,480 | $751,330 | r | $772,180 | r | -2.1 % | -4.8 % | 17.6 % | -33.2 % |
Calif. Condo/Townhome | $615,000 | $580,000 | $640,000 | 6.0 % | -3.9 % | 23.5 % | -35.7 % | ||
Los Angeles Metro Area | $710,000 | $700,000 | $725,000 | 1.4 % | -2.1 % | 9.1 % | -34.1 % | ||
Central Coast | $856,000 | $894,500 | $912,250 | -4.3 % | -6.2 % | 2.5 % | -38.3 % | ||
Central Valley | $449,000 | $425,000 | $465,000 | 5.6 % | -3.4 % | 24.6 % | -28.6 % | ||
Far North | $369,000 | $367,000 | $375,000 | 0.5 % | -1.6 % | -2.7 % | -39.4 % | ||
Inland Empire | $549,900 | $540,000 | $551,000 | 1.8 % | -0.2 % | 16.3 % | -37.8 % | ||
San Francisco Bay Area | $1,050,000 | $1,000,000 | $1,300,000 | r | 5.0 % | -19.2 % | 15.5 % | -32.0 % | |
Southern California | $745,000 | $738,250 | $760,000 | 0.9 % | -2.0 % | 9.5 % | -33.8 % | ||
San Francisco Bay Area | |||||||||
Alameda | $1,100,000 | $1,065,000 | $1,350,000 | 3.3 % | -18.5 % | 15.1 % | -31.5 % | ||
Contra Costa | $760,000 | $736,500 | $935,000 | 3.2 % | -18.7 % | 16.8 % | -31.2 % | ||
Marin | $1,447,500 | $1,201,000 | $1,676,000 | r | 20.5 % | -13.6 % | 105.4 % | -27.6 % | |
Napa | $830,000 | $790,000 | $1,005,000 | r | 5.1 % | -17.4 % | 15.2 % | -43.3 % | |
San Francisco | $1,465,000 | $1,385,000 | $1,900,000 | 5.8 % | -22.9 % | -2.0 % | -32.9 % | ||
San Mateo | $2,080,000 | $1,625,000 | $2,100,000 | 28.0 % | -1.0 % | 19.4 % | -17.2 % | ||
Santa Clara | $1,500,000 | $1,530,000 | $1,820,000 | -2.0 % | -17.6 % | 13.5 % | -37.9 % | ||
Solano | $555,000 | $580,000 | $605,000 | -4.3 % | -8.3 % | 4.9 % | -34.4 % | ||
Sonoma | $774,500 | $781,930 | $815,000 | r | -1.0 % | -5.0 % | 15.8 % | -29.3 % | |
Southern California | |||||||||
Los Angeles | $726,870 | $778,540 | $773,490 | -6.6 % | -6.0 % | 2.7 % | -33.5 % | ||
Orange | $1,159,000 | $1,194,500 | $1,260,000 | -3.0 % | -8.0 % | 8.9 % | -26.1 % | ||
Riverside | $595,000 | $585,000 | $605,030 | 1.7 % | -1.7 % | 14.9 % | -35.5 % | ||
San Bernardino | $466,500 | $446,900 | $450,000 | 4.4 % | 3.7 % | 19.0 % | -41.6 % | ||
San Diego | $875,000 | $824,950 | $888,000 | 6.1 % | -1.5 % | 11.5 % | -32.6 % | ||
Ventura | $805,000 | $815,000 | $887,500 | -1.2 % | -9.3 % | 11.1 % | -32.6 % | ||
Central Coast | |||||||||
Monterey | $775,500 | $850,000 | $885,000 | -8.8 % | -12.4 % | 3.1 % | -35.9 % | ||
San Luis Obispo | $795,000 | $795,750 | $830,500 | -0.1 % | -4.3 % | 18.1 % | -38.3 % | ||
Santa Barbara | $860,000 | $890,000 | $1,050,000 | -3.4 % | -18.1 % | -6.1 % | -40.2 % | ||
Santa Cruz | $1,201,000 | $1,170,000 | $1,380,000 | 2.6 % | -13.0 % | -6.6 % | -38.7 % | ||
Central Valley | |||||||||
Fresno | $385,000 | $375,000 | $405,000 | 2.7 % | -4.9 % | 25.9 % | -25.1 % | ||
Glenn | $295,000 | $392,500 | $412,500 | -24.8 % | -28.5 % | -41.7 % | -65.0 % | ||
Kern | $375,000 | $357,500 | $370,000 | 4.9 % | 1.4 % | 5.5 % | -29.1 % | ||
Kings | $352,000 | $365,000 | $327,000 | -3.6 % | 7.6 % | -3.8 % | -10.5 % | ||
Madera | $378,000 | $387,460 | $400,000 | -2.4 % | -5.5 % | 34.3 % | -29.1 % | ||
Merced | $381,950 | $369,000 | $390,000 | 3.5 % | -2.1 % | 4.8 % | -38.0 % | ||
Placer | $633,750 | $625,000 | $675,000 | 1.4 % | -6.1 % | 53.2 % | -11.2 % | ||
Sacramento | $499,000 | $498,000 | $541,500 | 0.2 % | -7.8 % | 27.1 % | -34.4 % | ||
San Benito | $730,000 | $719,000 | $860,000 | 1.5 % | -15.1 % | 55.6 % | -24.3 % | ||
San Joaquin | $491,500 | $478,500 | $505,500 | 2.7 % | -2.8 % | 31.6 % | -29.1 % | ||
Stanislaus | $429,900 | $403,750 | $452,400 | 6.5 % | -5.0 % | 31.9 % | -28.0 % | ||
Tulare | $340,000 | $332,720 | $338,000 | 2.2 % | 0.6 % | 6.4 % | -34.4 % | ||
Far North | |||||||||
Butte | $405,000 | $410,000 | $426,500 | -1.2 % | -5.0 % | 10.3 % | -33.0 % | ||
Lassen | $212,500 | $260,000 | $239,000 | -18.3 % | -11.1 % | -33.3 % | -73.9 % | ||
Plumas | $305,000 | $350,000 | $339,000 | -12.9 % | -10.0 % | -27.3 % | -27.3 % | ||
Shasta | $350,000 | $373,750 | $375,000 | -6.4 % | -6.7 % | -8.0 % | -37.7 % | ||
Siskiyou | $208,000 | $385,860 | $340,000 | -46.1 % | -38.8 % | 54.5 % | -51.4 % | ||
Tehama | $332,000 | $314,900 | $311,250 | 5.4 % | 6.7 % | -12.0 % | -38.9 % | ||
Other Calif. Counties | |||||||||
Amador | $429,500 | $422,500 | $449,000 | 1.7 % | -4.3 % | 15.4 % | -14.3 % | ||
Calaveras | $437,500 | $455,000 | $510,000 | -3.8 % | -14.2 % | -26.8 % | -61.0 % | ||
Del Norte | $300,000 | $300,000 | $390,000 | 0.0 % | -23.1 % | 14.3 % | -42.9 % | ||
El Dorado | $619,000 | $567,500 | $730,000 | 9.1 % | -15.2 % | 26.6 % | -43.6 % | ||
Humboldt | $417,250 | $395,000 | $452,500 | 5.6 % | -7.8 % | -2.0 % | -24.2 % | ||
Lake | $305,000 | $310,000 | $360,000 | -1.6 % | -15.3 % | -11.6 % | -37.7 % | ||
Mariposa | $353,000 | $372,500 | $446,250 | -5.2 % | -20.9 % | -58.3 % | -58.3 % | ||
Mendocino | $495,500 | $389,000 | $509,500 | r | 27.4 % | -2.7 % | 0.0 % | -28.9 % | |
Mono | $802,500 | $1,125,500 | $992,500 | -28.7 % | -19.1 % | -50.0 % | -80.0 % | ||
Nevada | $475,000 | $470,000 | $547,500 | 1.1 % | -13.2 % | 17.5 % | -20.2 % | ||
Sutter | $415,000 | $392,000 | $420,000 | 5.9 % | -1.2 % | 2.4 % | -30.6 % | ||
Tuolumne | $361,000 | $388,000 | $433,500 | -7.0 % | -16.7 % | -16.2 % | -56.9 % | ||
Yolo | $550,000 | $522,500 | $666,420 | 5.3 % | -17.5 % | 26.0 % | -31.5 % | ||
Yuba | $435,950 | $425,000 | $450,000 | 2.6 % | -3.1 % | 25.0 % | -50.6 % | ||
r = revised |
February 2023 County Unsold Inventory and Days on Market | ||||||||||
February 2023 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | Feb. 2023 | Jan. 2023 | Feb. 2022 | Feb. 2023 | Jan. 2023 | Feb. 2022 | ||||
Calif. Single-family home | 3.2 | 3.6 | 2.0 | 28.0 | 33.0 | 9.0 | ||||
Calif. Condo/Townhome | 2.9 | 3.5 | 1.8 | 23.0 | 32.0 | 8.0 | ||||
Los Angeles Metro Area | 3.4 | 3.8 | 2.1 | 34.0 | 34.0 | 10.0 | ||||
Central Coast | 3.5 | 3.5 | 2.0 | 21.0 | 30.0 | 10.0 | ||||
Central Valley | 2.9 | 3.7 | 1.9 | 27.0 | 32.0 | 7.0 | ||||
Far North | 5.0 | 5.0 | 3.0 | 45.0 | 49.0 | 22.0 | ||||
Inland Empire | 3.7 | 4.4 | 2.0 | 45.0 | 40.0 | 14.0 | ||||
San Francisco Bay Area | 2.7 | 2.8 | 1.8 | r | 17.0 | 32.0 | 9.0 | |||
Southern California | 3.2 | 3.6 | 2.0 | 30.5 | 32.0 | 9.0 | ||||
San Francisco Bay Area | ||||||||||
Alameda | 2.0 | 2.2 | 1.7 | 12.0 | 26.0 | 8.0 | ||||
Contra Costa | 2.5 | 2.8 | 1.9 | 18.0 | 27.0 | 8.0 | ||||
Marin | 2.4 | 4.5 | 1.2 | r | 30.5 | 72.0 | 9.0 | r | ||
Napa | 5.8 | 5.9 | 2.9 | r | 29.0 | 84.0 | 29.0 | r | ||
San Francisco | 3.4 | 2.9 | 2.4 | 18.0 | 34.0 | 12.0 | ||||
San Mateo | 2.4 | 2.4 | 2.1 | 12.0 | 22.0 | 7.0 | ||||
Santa Clara | 2.9 | 2.5 | 2.0 | 9.0 | 22.5 | 7.0 | ||||
Solano | 2.7 | 2.9 | 1.0 | r | 57.0 | 58.0 | 22.0 | r | ||
Sonoma | 3.2 | 3.3 | 2.0 | r | 55.5 | 43.5 | 26.0 | r | ||
Southern California | ||||||||||
Los Angeles | 3.4 | 3.7 | 2.2 | 30.0 | 31.0 | 10.0 | ||||
Orange | 2.9 | 3.1 | 2.0 | 23.0 | 30.0 | 7.0 | ||||
Riverside | 3.6 | 4.3 | 1.9 | 45.5 | 39.0 | 14.0 | ||||
San Bernardino | 3.8 | 4.7 | 2.1 | 43.0 | 42.0 | 13.0 | ||||
San Diego | 2.3 | 2.7 | 1.5 | 17.0 | 26.0 | 7.0 | ||||
Ventura | 3.3 | 3.5 | 2.3 | 34.5 | 39.0 | 20.0 | ||||
Central Coast | ||||||||||
Monterey | 3.9 | 3.9 | 2.2 | 23.0 | 33.0 | 10.0 | ||||
San Luis Obispo | 3.7 | 4.3 | 2.0 | 16.0 | 32.0 | 9.0 | ||||
Santa Barbara | 3.0 | 2.6 | 1.9 | 20.0 | 18.5 | 10.0 | ||||
Santa Cruz | 3.5 | 3.3 | 2.2 | 23.0 | 35.0 | 9.0 | ||||
Central Valley | ||||||||||
Fresno | 3.3 | 4.2 | 2.0 | 24.0 | 29.0 | 7.0 | ||||
Glenn | 6.0 | 2.9 | 2.0 | 46.0 | 31.0 | 14.0 | ||||
Kern | 2.8 | 3.1 | 1.9 | 31.0 | 32.5 | 8.0 | ||||
Kings | 3.7 | 3.5 | 2.3 | 39.0 | 53.0 | 7.0 | ||||
Madera | 5.0 | 7.2 | 2.8 | 32.0 | 37.0 | 12.0 | ||||
Merced | 5.0 | 4.4 | 2.5 | 25.0 | 40.5 | 9.0 | ||||
Placer | 2.5 | 4.1 | 1.8 | 41.0 | 36.0 | 6.0 | ||||
Sacramento | 2.1 | 2.9 | 1.5 | 22.0 | 28.0 | 7.0 | ||||
San Benito | 3.5 | 5.6 | 2.4 | 38.5 | 27.5 | 19.0 | ||||
San Joaquin | 2.7 | 3.7 | 2.0 | 34.0 | 40.0 | 8.0 | ||||
Stanislaus | 2.6 | 3.6 | 1.9 | 24.0 | 24.0 | 9.0 | ||||
Tulare | 3.4 | 3.8 | 1.9 | 29.0 | 34.5 | 12.0 | ||||
Far North | ||||||||||
Butte | 3.4 | 3.9 | 2.1 | 35.0 | 42.5 | 7.0 | ||||
Lassen | 15.7 | 10.9 | 3.4 | 73.0 | 128.0 | 107.0 | ||||
Plumas | 10.1 | 6.9 | 8.7 | 85.0 | 142.0 | 124.0 | ||||
Shasta | 4.5 | 4.2 | 2.9 | 36.0 | 41.5 | 19.0 | ||||
Siskiyou | 9.0 | 13.2 | 3.9 | 68.0 | 108.0 | 66.5 | ||||
Tehama | 5.5 | 5.8 | 3.2 | 57.5 | 66.0 | 58.5 | ||||
Other Calif. Counties | ||||||||||
Amador | 4.9 | 5.5 | 3.1 | 42.0 | 55.0 | 23.0 | ||||
Calaveras | 5.4 | 4.4 | 2.5 | 91.0 | 81.0 | 66.0 | ||||
Del Norte | 9.3 | 10.1 | 5.1 | 59.5 | 116.0 | 78.0 | ||||
El Dorado | 3.4 | 4.4 | 2.3 | 47.0 | 46.5 | 14.0 | ||||
Humboldt | 7.1 | 6.8 | 4.3 | 29.5 | 24.0 | 10.0 | ||||
Lake | 7.3 | 6.4 | 4.9 | 85.0 | 56.0 | 41.0 | ||||
Mariposa | 12.0 | 5.4 | 6.4 | 25.0 | 57.5 | 10.5 | ||||
Mendocino | 8.8 | 8.4 | 5.6 | r | 119.0 | 131.0 | 45.0 | |||
Mono | 12.5 | 6.3 | 3.7 | 130.5 | 160.5 | 89.5 | ||||
Nevada | 3.4 | 3.9 | 3.2 | 56.0 | 42.0 | 20.5 | ||||
Sutter | 3.0 | 2.8 | 1.7 | 22.0 | 38.0 | 10.0 | ||||
Tuolumne | 4.9 | 5.2 | 2.9 | 83.0 | 88.0 | 40.0 | ||||
Yolo | 2.4 | 3.2 | 1.6 | 27.0 | 43.5 | 9.0 | ||||
Yuba | 5.0 | 6.4 | 1.9 | 30.0 | 36.5 | 8.0 | ||||
r = revised |
SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
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