California home sales and median price post higher in October

– Existing, single-family home sales totaled 442,970 in October on a seasonally adjusted annualized rate, up 4.1 percent from September and 8 percent from October 2015.

– October’s statewide median home price was $513,520, up 1.2 percent from September and up 7.3 percent from October 2015.

– Statewide sales of condos and townhomes fell 6.6 percent from September and were up 2.9 percent from October a year ago.

LOS ANGELES – Nov. 16 – (RealEstateRama) — Bolstered by healthy sales activity in Southern California and the Central Valley, California existing home sales and median price gained ground in October on a month-to-month and year-over-year basis, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

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Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 442,970 units in October, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2016 if sales maintained the October pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The October figure was up 4.1 percent from the revised 425,680 level in September and up 8 percent compared with home sales in October 2015 of a revised 410,310. Home sales remained above the 400,000 pace for the seventh straight month, and were up year-over-year for the second consecutive month. The year-over-year increase was the largest since January, and October’s sales level was the highest since July 2013.

“With prices continuing to increase amid a low supply of homes for sale on the market, especially in the San Francisco Bay Area and coastal regions, home buyers are migrating toward lower-priced homes in more affordable inland areas,” said C.A.R. President Geoff McIntosh. “As a result, home prices at the lower end of the market have risen significantly in the past year, challenging an already depressed homeownership rate.”

The statewide median price remained above the $500,000 mark for the seventh straight month, with little signs of slowing down. The median price of an existing, single-family detached California home was up 1.2 percent in October to $513,520 from a revised $507,260 in September. Since 2010, prices typically have declined from September to October. The monthly price gain is an indication that demand remains unseasonably strong.

October’s median price increased 7.3 percent from the revised $478,780 recorded in October 2015. The year-over-year price increase was the largest since January. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling, as well as a general change in values. The monthly price decline is primarily due to seasonal factors.

“While this month’s sales and price gains are encouraging, the market continues to experience a supply issue that won’t abate any time soon,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “A shortage of new listings remains a threat to home sales in the short run, and with available inventory below normal levels, the dearth of listings suggests that the market will remain tight over the near term.”

Other key points from C.A.R.’s October 2016 resale housing report include:

• C.A.R.’s Unsold Inventory Index, which indicates the number of months needed to sell the supply of homes on the market at the current sales rate slipped to 3.4 months in October from 3.5 months in September. The index stood at 3.6 months in October 2015.

• Statewide active listings continue to decline, falling 6.7 percent from September and 6 percent from a year ago.

• The median number of days it took to sell a single-family home inched up from 28.9 days in September to 29.4 days in October but was down from 34.7 days in October 2015.

• C.A.R.’s sales-to-list price ratio* was 98.4 of listing prices statewide in October, 98.6 percent in September and 98.3 in October 2015.

• The average price per square foot** for an existing, single-family home statewide was $247 in October, $250 in September, and $237 in October 2015.

• San Francisco County had the highest price per square foot in October at $865/sq. ft., followed by San Mateo ($795/sq. ft.), and Marin ($659/sq. ft.). Counties with the lowest price per square foot in October included Siskiyou ($123/sq. ft.), Glenn ($125/sq. ft.), and Tehama ($126/sq. ft.).

• Mortgage rates have already started to increase and are likely to rise higher as the Federal Reserve normalizes monetary policy. Mortgage rates edged slightly higher in October, with the 30-year, fixed-mortgage interest rate averaging 3.47 percent, up from 3.46 percent in September but down from 3.80 percent in October 2015, according to Freddie Mac. The five-year, adjustable-rate mortgage interest rates also rose in October to an average of 2.83 percent, up from 2.81 percent in September but down from 2.89 percent in October 2015.

Graphics (click links to open):

• October sales at-a-glance infographic.
• Calif. historical existing home sales.
• Share of sales by price range.
• Calif. historical condo sales.
• Calif. historical median home price.
• Calif. historical unsold inventory index.

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 39 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 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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October 2016 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

October-16 Median Sold Price of Existing Single-Family Homes Sales
State/Region/County Oct-16 Sep-16   Oct-15   MTM% Chg YTY% Chg MTM% Chg YTY% Chg
CA SFH (SAAR) $513,520 $507,260   $478,780 r 1.2% 7.3% 4.1% 8.0%
CA Condo/Townhomes $419,800 $414,570   $390,850 r 1.3% 7.4% -6.6% 2.9%
Los Angeles Metro Area $464,230 $463,330   $443,540 r 0.2% 4.7% -3.4% 0.4%
Inland Empire $314,390 $319,350   $293,090   -1.6% 7.3% -7.6% 2.6%
S.F. Bay Area $810,390 $770,150   $732,070 r 5.2% 10.7% -0.8% -0.3%
                   
S.F. Bay Area                  
Alameda $780,000 $762,250   $710,000 r 2.3% 9.9% -7.4% -1.0%
Contra-Costa $540,000 $552,000   $505,000 r -2.2% 6.9% -7.1% -12.2%
Marin $1,225,000 $1,165,000   $1,200,000 r 5.2% 2.1% 43.4% 4.1%
Napa $618,250 $650,000   $655,000 r -4.9% -5.6% -12.4% 49.3%
San Francisco $1,407,500 $1,218,750   $1,295,000 r 15.5% 8.7% 35.8% -5.1%
San Mateo $1,350,000 $1,290,000   $1,188,940   4.7% 13.5% 6.6% 9.3%
Santa Clara $1,047,500 $1,000,000   $951,000   4.8% 10.1% 0.4% 8.4%
Solano $392,500 $389,500   $342,500 r 0.8% 14.6% -1.6% 4.5%
Sonoma $595,000 $590,000   $529,750 r 0.8% 12.3% -6.9% -9.4%
Southern California                  
Los Angeles $533,370 $546,920   $509,570 r -2.5% 4.7% -0.6% -3.3%
Orange  $750,000 $739,000   $700,000 r 1.5% 7.1% -3.0% 8.1%
Riverside  $355,950 $352,250   $330,000 r 1.1% 7.9% -8.9% 3.7%
San Bernardino $247,590 $254,330   $231,330   -2.7% 7.0% -5.3% 1.0%
San Diego $576,620 $569,000   $520,500 r 1.3% 10.8% -2.7% 7.1%
Ventura $631,330 $629,420   $604,610   0.3% 4.4% 2.4% -6.2%
Central Coast                  
Monterey $533,370 $546,920   $486,000   -11.8% 2.9% -7.3% -10.3%
San Luis Obispo $538,500 $574,750   $526,650 r -6.3% 2.3% -20.9% -14.6%
Santa Barbara $595,000 $732,500   $725,000 r -18.8% -17.9% -7.1% 3.1%
Santa Cruz $799,900 $774,500   $743,750   3.3% 7.5% -16.5% -12.2%
Central Valley                  
Fresno $235,000 $240,000   $215,000 r -2.1% 9.3% -7.4% 10.5%
Glenn $185,050 $220,500   $201,500 r -16.1% -8.2% -14.3% 0.0%
Kern $227,000 $215,000   $210,000   5.6% 8.1% -14.8% -13.7%
Kings  $217,000 $197,000   $180,000 r 10.2% 20.6% -8.8% 0.0%
Madera $227,500 $240,000   $202,500 r -5.2% 12.3% -4.1% 18.6%
Merced $233,250 $214,000   $195,000 r 9.0% 19.6% -0.8% 14.0%
Placer  $436,000 $430,240   $397,500 r 1.3% 9.7% -10.2% -4.5%
Sacramento $320,000 $317,500   $290,000 r 0.8% 10.3% -5.5% 3.9%
San Benito $506,000 $527,500   $487,500   -4.1% 3.8% 2.2% -4.1%
San Joaquin $320,000 $322,000   $280,000 r -0.6% 14.3% 2.9% -1.1%
Stanislaus $280,000 $270,000   $259,000 r 3.7% 8.1% 6.7% -5.7%
Tulare $205,000 $209,900   $191,450 r -2.3% 7.1% -12.6% -3.7%
Other Counties in California                  
Amador $276,500 $243,500   $267,000 r 13.6% 3.6% 21.7% 60.0%
Butte  $293,000 $275,000   $262,000 r 6.5% 11.8% 12.4% 0.0%
Calaveras $300,050 $285,000   $246,940 r 5.3% 21.5% 1.0% -8.9%
Del Norte $264,500 $239,500   $249,000 r 10.4% 6.2% 90.0% -29.6%
El Dorado  $419,000 $419,000   $385,000 r 0.0% 8.8% -2.3% 13.7%
Humboldt $305,000 $290,000   $255,000 r 5.2% 19.6% -6.0% -14.7%
Lake  $262,500 $220,000   $210,000 r 19.3% 25.0% 23.8% 13.0%
Mariposa $267,250 $332,500   $248,750 r -19.6% 7.4% 100.0% 40.0%
Mendocino $360,000 $370,000   $353,500 r -2.7% 1.8% -11.3% -6.0%
Mono $379,000 $465,000   $599,000   -18.5% -36.7% -59.1% -52.6%
Nevada $360,000 $348,700   $330,500 r 3.2% 8.9% -13.3% -17.2%
Plumas $215,000 $278,500   $264,760 r -22.8% -18.8% -7.9% 2.9%
Shasta $249,000 $239,000   $234,500 r 4.2% 6.2% -1.6% 9.1%
Siskiyou  $182,500 $192,000   $187,000 r -4.9% -2.4% -24.1% -20.0%
Sutter $250,500 $247,500   $250,000 r 1.2% 0.2% 18.3% 10.5%
Tehama $163,000 $219,000   $195,250 r -25.6% -16.5% 0.0% -7.9%
Tuolumne $221,000 $242,500   $250,000 r -8.9% -11.6% -4.5% 1.6%
Yolo $381,250 $407,000   $370,000 r -6.3% 3.0% -8.3% -7.0%
Yuba $236,000 $245,000   $228,500 r -3.7% 3.3% -4.8% 19.7%

r = revised
October 2016 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)

October-16 Unsold Inventory Index Median Time on Market
State/Region/County Oct-16 Sep-16   Oct-15   Oct-16 Sep-16   Oct-15  
CA SFH (SAAR) 3.4 3.5   3.6 r 29.4 28.9   34.7 r
CA Condo/Townhomes 2.8 2.8   3.0   28.1 27.4 r 31.5 r
Los Angeles Metropolitan Area 3.8 3.7   4.0   43.2 42.1   50.7  
Inland Empire 4.3 4.0   4.5   45.6 42.9   52.0  
S.F. Bay Area 2.3 2.6   2.2 r 24.3 24.3   23.1 r
                     
S.F. Bay Area                    
Alameda 2.0 2.1   2.2   20.5 19.8   19.5  
Contra-Costa 2.5 2.5   1.3 r 21.1 21.4   21.1 r
Marin 2.6 4.3   1.7   34.0 37.2   33.3 r
Napa 4.5 4.4   7.2 r 61.0 53.1   56.5 r
San Francisco 2.1 3.2   1.9   19.9 25.2   21.2  
San Mateo 2.1 2.5 r 2.3 r 20.8 20.6   18.6  
Santa Clara 2.0 2.4 r 2.4 r 22.0 21.7   20.6  
Solano 2.7 3.0   3.1   43.0 43.0   40.7 r
Sonoma 2.9 3.0   3.2   50.5 46.4   47.8 r
Southern California                    
Los Angeles 3.5 3.3   3.7   35.6 35.7   45.8 r
Orange  3.6 3.8   3.9   49.1 49.2   56.7  
Riverside  4.5 4.1   4.7   47.4 44.0   53.6  
San Bernardino 4.0 3.9   4.3   42.2 41.0   49.2  
San Diego 3.3 3.4   3.7   24.3 23.6   25.0  
Ventura 3.9 4.2   3.7   58.1 56.7   58.8  
Central Coast                    
Monterey 4.9 4.7 r 4.2 r 35.8 27.3   34.7  
San Luis Obispo 4.8 4.0   4.1   35.6 31.5   40.3  
Santa Barbara 5.1 4.9   4.6 r 29.6 32.5   35.6 r
Santa Cruz 3.8 3.3 r 3.6 r 34.2 26.0   25.9  
Central Valley                    
Fresno 3.8 3.7   5.0   24.9 24.7   29.5  
Glenn 5.0 4.3   4.6   31.0 50.3   45.5  
Kern 4.1 3.7   4.0   31.5 27.1   26.9 r
Kings  3.4 3.4   3.6   24.1 25.0   24.1  
Madera 4.6 4.7   7.5   47.1 45.5   54.9  
Merced 3.0 2.9   4.3   33.8 31.5   34.0  
Placer  2.9 2.9   3.2   24.2 23.9   27.4  
Sacramento 2.4 2.6   2.7   21.9 20.3   23.5  
San Benito 3.8 4.2 r 3.1 r 26.2 26.7   25.5  
San Joaquin 2.9 3.2   3.1   24.5 21.3   23.9  
Stanislaus 3.2 3.5   3.1   23.1 24.0   24.8  
Tulare 4.3 3.9   4.5   26.8 27.7   31.0  
Other Counties in California                    
Amador 4.3 5.3   6.7   55.2 52.8   93.1  
Butte  2.9 3.7   3.4   29.3 27.1   36.2  
Calaveras 5.0 5.4   5.3   58.2 58.2   67.2  
Del Norte 8.1 16.1   5.8   128.3 95.8   123.1  
El Dorado  3.5 4.0   4.6   41.7 45.9   51.3  
Humboldt 3.4 3.6   3.5   33.9 27.5   49.7  
Lake  5.4 7.3   6.7   81.9 74.1   76.4  
Mariposa 6.0 13.0   11.8   100.7 98.3   91.0  
Mendocino 7.1 7.0   7.4 Jan-00 75.5 77.3   74.2 r
Mono 14.0 6.4 r NA   115.2 123.4   125.0  
Nevada 3.9 3.7   3.9   34.8 31.0   47.1  
Plumas 9.5 10.7   10.2   124.6 108.4   124.1  
Shasta 4.4 4.7   5.6   41.9 41.5   33.9  
Siskiyou  6.1 5.0   5.5   51.3 38.7   87.1  
Sutter 2.3 3.3   3.0   26.9 24.9   25.0  
Tehama 6.7 6.8   6.0   73.7 52.2   55.9  
Tuolumne 6.6 6.4   6.7   67.2 46.7   51.1  
Yolo 3.0 2.8   2.8   24.6 23.0   24.9  
Yuba 2.5 2.7   4.1   25.4 22.1   26.2  

r = revised
NA = not available

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Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is one of the largest state trade organizations in the United States, with nearly 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Contact:

Los Angeles - Executive Office:
525 South Virgil Avenue
Los Angeles, CA 90020-1403
Phone: (213) 739-8200
Fax: (213) 480-7724

Media:

Mark Giberson
Phone: (213) 739-8304.

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