LOS ANGELES, Sept. 18, 2023 /PRNewswire/ -- Rising mortgage rates and a continued shortage of homes for sale hampered California home sales for the third straight month in August, while the statewide median home price registered its biggest year-over-year gain in 14 months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/en/Global/Infographics/2023-08-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 254,740 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 2023 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 5.3 percent on a monthly basis from a revised 268,940 in July and down 18.9 percent from a year ago, when a revised 314,270 homes were sold on an annualized basis. Sales of existing single-family homes in California remained below the 300,000-unit pace for the 11th month in a row. The monthly decline was the third consecutive decrease, and the annual decline was the 26th straight drop.
"Despite persistently high mortgage rates and availability of homes remaining extremely tight, there's still solid interest from prospective buyers," said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. "The highly competitive housing market continued to provide support to home prices, with the statewide median price steadily improving since early 2023. As California housing prices continue to stabilize, buyers and sellers on the sidelines will get back into the market once interest rates begin to moderate in the fourth quarter."
Home prices rose again from the year-ago level for the second straight month, as the statewide median price recorded the biggest year-over-year gain in 14 months. California's statewide median price climbed 3.3 percent from July's revised $832,400 to $859,800 in August and rose 3.0 percent from $834,740 a year ago. August's median price was the highest in 15 months and the highest since California reached its peak price of $893,200 in May 2022.
"A reacceleration of interest rates since April, combined with tight housing inventory pushed down California home sales to a seven-month low in August," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "While rates may remain elevated for a little longer, macroeconomic fundamentals are expected to soften starting in the last quarter of this year. Mortgage rates should begin to ease, albeit gradually, in the next couple months, and provide a much-needed boost to both the supply and the demand sides of the housing market."
Other key points from C.A.R.'s August 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 original 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 51 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 2023 County Sales and Price Activity | |||||||||
August 2023 | Median Sold Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | Aug. 2023 | July 2023 | Aug. 2022 | Price | Price | Sales | Sales | ||
Calif. Single-family home | $859,800 | $832,400 | r | $834,740 | r | 3.3 % | 3.0 % | -5.3 % | -18.9 % |
Calif. Condo/Townhome | $657,000 | $645,000 | $620,000 | r | 1.9 % | 6.0 % | 12.2 % | -14.6 % | |
Los Angeles Metro Area | $792,500 | $790,000 | $765,000 | 0.3 % | 3.6 % | 9.3 % | -13.4 % | ||
Central Coast | $950,000 | $985,000 | $950,000 | -3.6 % | 0.0 % | 1.0 % | -17.9 % | ||
Central Valley | $485,000 | $489,000 | $470,000 | r | -0.8 % | 3.2 % | 4.0 % | -19.0 % | |
Far North | $369,000 | $375,000 | $378,000 | -1.6 % | -2.4 % | 0.7 % | -15.7 % | ||
Inland Empire | $569,990 | $575,000 | $565,500 | -0.9 % | 0.8 % | 10.8 % | -15.7 % | ||
San Francisco Bay Area | $1,260,000 | $1,255,000 | $1,200,000 | r | 0.4 % | 5.0 % | 4.3 % | -18.3 % | |
Southern California | $830,000 | $830,000 | $795,000 | 0.0 % | 4.4 % | 7.9 % | -13.9 % | ||
San Francisco Bay Area | |||||||||
Alameda | $1,250,000 | $1,260,000 | $1,220,000 | r | -0.8 % | 2.5 % | 7.6 % | -21.0 % | |
Contra Costa | $844,440 | $900,000 | $850,000 | r | -6.2 % | -0.7 % | 2.1 % | -19.8 % | |
Marin | $1,475,000 | $1,609,500 | $1,674,500 | r | -8.4 % | -11.9 % | -24.0 % | -36.0 % | |
Napa | $1,055,000 | $927,500 | $1,150,000 | r | 13.7 % | -8.3 % | 1.4 % | -21.1 % | |
San Francisco | $1,576,000 | $1,460,000 | $1,635,000 | 7.9 % | -3.6 % | -7.1 % | -22.2 % | ||
San Mateo | $1,950,000 | $1,984,000 | $1,950,000 | -1.7 % | 0.0 % | 14.0 % | -6.6 % | ||
Santa Clara | $1,852,500 | $1,800,000 | $1,650,000 | 2.9 % | 12.3 % | 13.4 % | -13.3 % | ||
Solano | $599,000 | $600,560 | $610,000 | -0.3 % | -1.8 % | 0.7 % | -20.4 % | ||
Sonoma | $850,000 | $850,960 | $834,000 | r | -0.1 % | 1.9 % | 1.7 % | -14.5 % | |
Southern California | |||||||||
Los Angeles | $882,020 | $851,540 | $854,960 | 3.6 % | 3.2 % | 5.6 % | -12.5 % | ||
Orange | $1,310,000 | $1,300,000 | $1,200,000 | 0.8 % | 9.2 % | 13.3 % | -8.4 % | ||
Riverside | $618,000 | $615,000 | $620,000 | 0.5 % | -0.3 % | 6.7 % | -14.6 % | ||
San Bernardino | $495,000 | $485,000 | $472,750 | 2.1 % | 4.7 % | 18.9 % | -17.6 % | ||
San Diego | $1,000,000 | $969,020 | $886,250 | r | 3.2 % | 12.8 % | 2.7 % | -16.0 % | |
Ventura | $915,000 | $920,000 | $884,000 | -0.5 % | 3.5 % | 12.0 % | -20.3 % | ||
Central Coast | |||||||||
Monterey | $897,000 | $949,000 | $842,500 | -5.5 % | 6.5 % | 20.9 % | -4.5 % | ||
San Luis Obispo | $868,810 | $860,000 | $868,500 | 1.0 % | 0.0 % | -10.3 % | -22.9 % | ||
Santa Barbara | $1,295,000 | $994,470 | $1,112,500 | 30.2 % | 16.4 % | 0.7 % | -25.7 % | ||
Santa Cruz | $1,200,000 | $1,300,000 | $1,300,000 | -7.7 % | -7.7 % | -2.4 % | -14.8 % | ||
Central Valley | |||||||||
Fresno | $425,000 | $417,500 | $405,000 | 1.8 % | 4.9 % | -6.8 % | -23.6 % | ||
Glenn | $321,000 | $372,500 | $327,500 | -13.8 % | -2.0 % | -33.3 % | -7.7 % | ||
Kern | $394,500 | $395,000 | $373,250 | -0.1 % | 5.7 % | 3.0 % | -29.3 % | ||
Kings | $382,500 | $385,000 | $321,750 | -0.6 % | 18.9 % | -13.9 % | -24.4 % | ||
Madera | $453,000 | $426,000 | $400,000 | 6.3 % | 13.3 % | 15.3 % | 4.4 % | ||
Merced | $385,000 | $390,000 | $385,000 | -1.3 % | 0.0 % | -8.6 % | -17.8 % | ||
Placer | $669,000 | $660,000 | $649,000 | r | 1.4 % | 3.1 % | 5.8 % | -7.6 % | |
Sacramento | $535,000 | $547,000 | $535,000 | -2.2 % | 0.0 % | 7.7 % | -19.1 % | ||
San Benito | $777,550 | $745,000 | $755,000 | 4.4 % | 3.0 % | 37.0 % | 76.2 % | ||
San Joaquin | $535,000 | $545,000 | $550,000 | r | -1.8 % | -2.7 % | -2.7 % | -28.4 % | |
Stanislaus | $465,000 | $465,000 | $460,000 | 0.0 % | 1.1 % | 7.6 % | -20.2 % | ||
Tulare | $372,000 | $370,520 | $350,000 | 0.4 % | 6.3 % | 24.8 % | -7.0 % | ||
Far North | |||||||||
Butte | $436,250 | $429,000 | $441,000 | 1.7 % | -1.1 % | -18.2 % | -23.7 % | ||
Lassen | $225,000 | $280,000 | $199,000 | -19.6 % | 13.1 % | 91.7 % | -14.8 % | ||
Plumas | $412,000 | $364,050 | $380,000 | 13.2 % | 8.4 % | 41.2 % | 11.6 % | ||
Shasta | $365,000 | $379,000 | $370,000 | -3.7 % | -1.4 % | -0.5 % | -17.9 % | ||
Siskiyou | $305,500 | $296,000 | $360,000 | 3.2 % | -15.1 % | -20.0 % | -31.9 % | ||
Tehama | $312,050 | $320,000 | $301,000 | -2.5 % | 3.7 % | -8.6 % | 6.7 % | ||
Trinity | $205,000 | $320,000 | $256,000 | -35.9 % | -19.9 % | 250.0 % | 16.7 % | ||
Other CA Counties | |||||||||
Amador | $490,000 | $442,000 | $449,900 | r | 10.9 % | 8.9 % | 42.5 % | -3.4 % | |
Calaveras | $475,000 | $476,500 | $464,950 | -0.3 % | 2.2 % | 20.3 % | -16.3 % | ||
Del Norte | $382,500 | $349,000 | $378,960 | 9.6 % | 0.9 % | 20.0 % | -25.0 % | ||
El Dorado | $657,000 | $650,000 | $627,000 | r | 1.1 % | 4.8 % | 30.0 % | 8.9 % | |
Humboldt | $421,920 | $465,000 | $465,000 | -9.3 % | -9.3 % | -6.1 % | -23.3 % | ||
Lake | $325,000 | $335,000 | $330,000 | -3.0 % | -1.5 % | 7.7 % | 14.8 % | ||
Mariposa | $480,000 | $459,000 | $450,000 | 4.6 % | 6.7 % | 42.9 % | 5.3 % | ||
Mendocino | $560,000 | $540,000 | $502,500 | r | 3.7 % | 11.4 % | -18.9 % | -17.3 % | |
Mono | $970,000 | $785,000 | $797,500 | 23.6 % | 21.6 % | -27.3 % | -42.9 % | ||
Nevada | $555,000 | $579,900 | $580,000 | -4.3 % | -4.3 % | 15.5 % | -18.5 % | ||
Sutter | $425,000 | $402,000 | $455,000 | r | 5.7 % | -6.6 % | 65.0 % | -14.3 % | |
Tuolumne | $389,500 | $463,500 | $407,500 | -16.0 % | -4.4 % | 4.4 % | 20.5 % | ||
Yolo | $622,500 | $625,000 | $631,000 | r | -0.4 % | -1.3 % | 8.4 % | -22.7 % | |
Yuba | $449,500 | $415,000 | $425,000 | r | 8.3 % | 5.8 % | -20.5 % | -28.7 % |
r = revised |
August 2023 County Unsold Inventory and Days on Market | ||||||||||
August 2023 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | Aug. 2023 | July 2023 | Aug. 2022 | Aug-23 | Jul-23 | Aug-22 | ||||
Calif. Single-family home | 2.4 | 2.5 | 2.8 | r | 18.0 | 16.0 | 23.0 | r | ||
Calif. Condo/Townhome | 2.2 | 2.4 | 2.3 | r | 16.0 | 16.0 | 21.0 | r | ||
Los Angeles Metro Area | 2.4 | 2.7 | 3.1 | 20.0 | 19.0 | 25.0 | r | |||
Central Coast | 2.9 | 2.7 | 2.7 | 15.0 | 14.0 | 19.0 | r | |||
Central Valley | 2.3 | 2.4 | 2.7 | r | 16.0 | 14.0 | 20.0 | r | ||
Far North | 4.2 | 4.1 | r | 3.7 | r | 27.0 | 21.0 | r | 28.0 | r |
Inland Empire | 2.9 | 3.1 | 3.4 | 22.0 | 22.0 | 27.0 | r | |||
San Francisco Bay Area | 1.9 | 1.8 | 2.1 | r | 14.0 | 14.0 | 24.0 | r | ||
Southern California | 2.3 | 2.5 | 3.0 | 18.0 | 17.0 | 23.0 | r | |||
San Francisco Bay Area | ||||||||||
Alameda | 1.4 | 1.3 | 2.0 | r | 12.0 | 11.0 | 17.0 | r | ||
Contra Costa | 1.4 | 1.4 | 2.1 | r | 12.0 | 12.0 | 19.0 | r | ||
Marin | 3.0 | 1.7 | 1.7 | r | 45.0 | 43.0 | 45.0 | r | ||
Napa | 4.5 | 4.0 | 3.2 | r | 60.0 | 54.5 | 50.0 | r | ||
San Francisco | 2.9 | 2.1 | 2.2 | 47.0 | 35.0 | 38.0 | r | |||
San Mateo | 2.1 | 2.1 | 2.3 | 12.0 | 11.0 | 14.0 | ||||
Santa Clara | 1.6 | 1.6 | 2.0 | 8.0 | 8.0 | 16.0 | ||||
Solano | 2.3 | 2.1 | 2.1 | r | 29.0 | 35.0 | 42.5 | r | ||
Sonoma | 3.1 | 3.1 | 2.5 | r | 62.0 | 46.0 | 48.0 | r | ||
Southern California | ||||||||||
Los Angeles | 2.4 | 2.5 | 3.1 | 18.0 | 17.0 | 22.0 | r | |||
Orange | 2.0 | 2.3 | 2.5 | 18.0 | 18.0 | 25.0 | r | |||
Riverside | 2.5 | 2.7 | 3.2 | 23.0 | 23.0 | 28.0 | r | |||
San Bernardino | 3.5 | 4.0 | 3.7 | 21.0 | 19.0 | 25.0 | r | |||
San Diego | 1.9 | 2.0 | 2.5 | 13.0 | 12.0 | 18.0 | r | |||
Ventura | 2.1 | 2.3 | 2.3 | 25.0 | 25.0 | 31.0 | r | |||
Central Coast | ||||||||||
Monterey | 2.7 | 3.2 | 3.1 | 13.5 | 13.0 | 20.0 | ||||
San Luis Obispo | 2.9 | 2.4 | 2.5 | 22.0 | 21.0 | 24.0 | r | |||
Santa Barbara | 2.9 | 2.7 | 2.6 | 13.0 | 10.0 | 14.0 | ||||
Santa Cruz | 2.9 | 2.7 | 2.5 | 14.0 | 14.0 | 18.0 | ||||
Central Valley | ||||||||||
Fresno | 2.8 | 2.6 | 2.9 | 12.0 | 12.0 | 15.0 | r | |||
Glenn | 4.4 | 2.8 | 4.2 | 9.5 | 19.5 | 58.0 | r | |||
Kern | 2.1 | 2.3 | 2.4 | 11.0 | 12.0 | 18.0 | ||||
Kings | 2.6 | 2.0 | 2.3 | 12.0 | 12.0 | 12.5 | ||||
Madera | 3.7 | 4.0 | 3.7 | 27.0 | 32.0 | 18.5 | r | |||
Merced | 3.2 | 2.8 | 3.5 | 20.0 | 16.0 | 22.0 | r | |||
Placer | 2.2 | 2.3 | 2.8 | r | 24.0 | 18.0 | 27.0 | r | ||
Sacramento | 1.9 | 1.9 | 2.5 | r | 14.0 | 13.0 | 20.0 | r | ||
San Benito | 3.5 | 4.6 | 7.7 | 34.0 | 14.0 | 30.0 | ||||
San Joaquin | 2.4 | 2.1 | 2.4 | r | 17.0 | 12.0 | 22.0 | r | ||
Stanislaus | 2.1 | 2.1 | 2.6 | r | 14.0 | 14.0 | 20.0 | r | ||
Tulare | 2.2 | 2.9 | 2.7 | 17.0 | 16.0 | 12.0 | ||||
Far North | ||||||||||
Butte | 2.9 | 2.3 | 3.4 | 19.0 | 16.5 | 23.0 | r | |||
Lassen | 5.2 | 9.7 | 4.6 | 35.0 | 22.0 | 70.0 | ||||
Plumas | 4.0 | 5.8 | 4.1 | 32.0 | 15.5 | 25.0 | r | |||
Shasta | 3.7 | 3.6 | 3.3 | 23.0 | 19.0 | 22.0 | r | |||
Siskiyou | 8.0 | 6.2 | 4.5 | 27.0 | 24.5 | 52.0 | r | |||
Tehama | 4.2 | 3.5 | 6.4 | 65.0 | 30.0 | 53.5 | ||||
Trinity | 8.4 | 28.8 | NA | 43.5 | 53.0 | 55.0 | ||||
Other CA Counties | ||||||||||
Amador | 4.5 | 6.1 | 4.6 | r | 39.0 | 16.5 | 37.0 | r | ||
Calaveras | 3.3 | 4.1 | 3.3 | r | 25.0 | 42.0 | 57.5 | |||
Del Norte | 5.0 | 5.8 | 3.2 | 20.5 | 26.5 | 24.0 | r | |||
El Dorado | 2.9 | 3.7 | 3.2 | r | 21.0 | 18.0 | 36.0 | r | ||
Humboldt | 5.2 | 4.8 | 3.6 | 16.5 | 10.0 | 18.5 | ||||
Lake | 6.0 | 6.2 | 6.7 | 45.0 | 30.0 | 42.0 | r | |||
Mariposa | 5.3 | 6.3 | 3.8 | 27.5 | 85.0 | 17.0 | r | |||
Mendocino | 7.4 | 6.3 | 6.4 | r | 71.0 | 72.0 | 81.5 | r | ||
Mono | 4.8 | 2.8 | 4.6 | 23.5 | 8.0 | 55.0 | ||||
Nevada | 3.3 | 4.2 | 3.3 | r | 35.0 | 23.0 | 41.0 | r | ||
Sutter | 2.0 | 3.4 | 2.5 | r | 22.5 | 10.0 | 28.0 | r | ||
Tuolumne | 3.7 | 3.2 | 4.3 | 35.0 | 15.5 | 36.5 | r | |||
Yolo | 2.3 | 2.2 | 2.0 | r | 17.0 | 14.0 | 21.5 | r | ||
Yuba | 3.5 | 2.4 | 3.5 | r | 17.0 | 19.5 | 29.0 | r |
r = revised |
SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
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