January California home sales, median price dip, C.A.R. reports
LOS ANGELES, CA – February 15, 2012 – (RealEstateRama) — California home sales declined from both the prior month and year in January, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The median price also was lower, primarily due to a sales increase in the distressed market.
“Record low interest rates and favorable home prices continue to offer opportunities for potential home buyers,” said C.A.R. President LeFrancis Arnold. “If the overall economy continues its recent upward trend, we should see an improvement in the housing market throughout the year.”
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 517,740 in January, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. January’s sales were down 0.6 percent from December’s 520,940 pace and down 5.7 percent from the revised 548,760 sales pace recorded in January 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The statewide median price of an existing, single-family detached home fell to $268,280 in January, down 6.7 percent from $285,920 in December. The median price also dropped 3.9 percent from the revised $279,220 median price recorded in January 2011.
“The decline in the January median home is largely a reflection of an increase in the share of distressed home sales,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Seasonal factors in the non-distressed market also played a role in the softening of the median home price, as prices typically decline in the non-peak home buying season.”
Other key facts of C.A.R.’s January 2012 resale housing report include:
- California’s housing inventory rose in January, with the Unsold Inventory Index for existing, single-family detached homes increasing to 5.5 months in January, up from 4.1 months in December but down from the 6.8-month supply in January 2011. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
- Interest rates continued their downward trend in January. Thirty-year fixed-mortgage interest rates averaged 3.92 percent during January 2012, down from 4.76 percent in January 2011, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.76 percent in January 2012, compared with 3.25 percent in January 2011.
- The median number of days it took to sell a single-family home edged up to 61.9 days in January 2012 and was essentially unchanged from the 61.8 days for the same period a year ago.
- View Unsold Inventory by price range.
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. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. Due to the low sales volume in some areas, median price changes in December may exhibit unusual fluctuation.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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January 2012 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
| Jan-12 | Median price of existing single family homes |
Sales | |||||||
| State/ Region/ County |
Jan-12 | Dec-11 | Jan-11 | MTM% Chg |
YTY% Chg |
MTM% Chg |
YTY% Chg |
||
| California Single-family (SAAR) |
$268,280 | $285,920 | $279,220 | r | -6.20% | -3.90% | -0.60% | -5.70% | |
| California Condo/ Townhomes |
$215,690 | $225,270 | $226,840 | r | -4.30% | -4.90% | -23.30% | 1.20% | |
| Los Angeles Metropolitan Area |
$256,000 | $265,830 | $268,940 | -3.70% | -4.80% | -23.10% | -1.80% | ||
| Inland Empire | $169,280 | $172,430 | $173,720 | -1.80% | -2.60% | – 20.00% | 2.90% | ||
| San Francisco Bay Area |
$415,120 | $455,750 | $457,470 | r | -8.90% | -9.30% | -27.10% | 4.40% | |
| San Francisco Bay Area |
|||||||||
| Alameda | $395,830 | $450,000 | $435,110 | -12.00% | -9.00% | -26.40% | 10.70% | ||
| Contra-Costa (Central County) |
$476,470 | $518,560 | $565,790 | -8.10% | -15.80% | -40.20% | 6.90% | ||
| Marin | $694,440 | $693,880 | $657,890 | 0.10% | 5.60% | -11.60% | 35.60% | ||
| Napa | $344,740 | $344,830 | $313,890 | 0.00% | 9.80% | -18.80% | 2.20% | ||
| San Francisco | $561,270 | $633,580 | $597,760 | -11.40% | -6.10% | -41.40% | -20.10% | ||
| San Mateo | $578,500 | $595,000 | $575,000 | r | -2.80% | 0.60% | -32.80% | -3.60% | |
| Santa Clara | $495,000 | $535,000 | $524,000 | r | -7.50% | -5.50% | -26.50% | -8.40% | |
| Solano | $184,440 | $190,200 | $192,170 | -3.00% | -4.00% | -21.20% | 19.70% | ||
| Sonoma | $326,920 | $325,260 | $338,090 | 0.50% | -3.30% | -16.80% | 26.20% | ||
| Southern California |
|||||||||
| Los Angeles | $290,890 | $306,950 | $305,570 | r | -5.20% | -4.80% | -25.60% | -5.90% | |
| Orange County |
$483,510 | $484,630 | $511,590 | -0.20% | -5.50% | -23.40% | -4.90% | ||
| Riverside County |
$196,050 | $203,650 | $197,550 | -3.70% | -0.80% | -21.40% | 3.20% | ||
| San Bernardino |
$129,920 | $128,450 | $138,040 | 1.10% | -5.90% | -17.40% | 2.50% | ||
| San Diego | $350,680 | $359,930 | $370,100 | -2.60% | -5.20% | -26.90% | 15.00% | ||
| Ventura | $386,870 | $391,060 | $411,760 | -1.10% | -6.00% | -25.50% | 5.10% | ||
| Central Coast | |||||||||
| Monterey | $280,000 | $275,000 | $251,850 | r | 1.80% | 11.20% | -23.10% | -8.20% | |
| San Luis Obispo |
$363,640 | $366,670 | $342,450 | -0.80% | 6.20% | -37.50% | -15.30% | ||
| Santa Barbara |
$356,000 | $429,410 | $362,500 | r | -17.10% | -1.80% | -19.80% | 46.60% | |
| Santa Cruz | $422,500 | $475,000 | $425,000 | -11.10% | -0.60% | -34.60% | 10.60% | ||
| Central Valley | |||||||||
| Fresno | $131,070 | $140,480 | $136,020 | -6.70% | -3.60% | -27.20% | -2.30% | ||
| Kern (Bakersfield) |
$130,000 | $135,000 | r | $127,000 | -3.70% | 2.40% | -11.40% | -4.00% | |
| Kings County | $145,710 | $130,560 | $147,140 | 11.60% | -1.00% | -21.00% | 8.50% | ||
| Madera | $113,750 | $106,000 | $146,150 | 7.30% | -22.20% | -24.40% | -53.00% | ||
| Merced | $112,000 | $106,110 | $100,620 | 5.60% | 11.30% | -28.70% | -8.90% | ||
| Placer County | $258,210 | $255,560 | $261,930 | 1.00% | -1.40% | -21.30% | 3.50% | ||
| Sacramento | $162,290 | $162,820 | $171,690 | -0.30% | -5.50% | -22.80% | 4.00% | ||
| San Benito | $260,000 | $259,200 | $279,000 | r | 0.30% | -6.80% | -8.90% | 8.50% | |
| Tulare | $116,670 | $127,660 | $113,330 | -8.60% | 2.90% | -22.20% | 16.70% | ||
| Other Counties in California |
|||||||||
| Amador | $135,000 | $142,220 | $160,000 | -5.10% | -15.60% | -28.00% | -10.00% | ||
| Butte County | $194,000 | $198,750 | $180,000 | -2.40% | 7.80% | -24.80% | 27.40% | ||
| Humboldt | $220,000 | $227,630 | $244,790 | -3.40% | -10.10% | -20.90% | -1.40% | ||
| Lake County | $118,570 | $114,170 | $107,500 | 3.90% | 10.30% | -5.50% | -6.80% | ||
| Tuolumne | $147,140 | $156,670 | $153,750 | -6.10% | -4.30% | -34.80% | 28.60% | ||
| Mendocino | $190,000 | $204,170 | $225,000 | -6.90% | -15.60% | -28.80% | -11.90% | ||
| Shasta | $151,670 | $148,570 | $152,140 | 2.10% | -0.30% | -9.70% | 33.10% | ||
| Siskiyou County |
$123,330 | $131,250 | $145,000 | -6.00% | -14.90% | -30.80% | 28.60% | ||
| Tehama | $110,000 | $132,000 | $140,000 | -16.70% | -21.40% | -26.10% | 54.50% | ||
January 2012 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)
| Jan-12 | Unsold Inventory Index |
Median Time on Market |
||||||||
| State/ Region/ County |
Jan-12 | Dec-11 | Jan-11 | Jan-12 | Dec-11 | Jan-11 | ||||
| California Single-family |
5.5 | 4.1 | 6.8 | 61.9 | 58.7 | 61.8 | ||||
| California Condo/ Townhomes |
6.1 | 4.6 | 7.8 | r | 72.5 | 69.8 | 70.6 | r | ||
| Los Angeles Metropolitan Area |
6.3 | 4.8 | 6.8 | 64.2 | 62.5 | 61.2 | r | |||
| Inland Empire | 5.7 | 4.4 | 6.4 | 56.5 | 54.6 | 51.6 | r | |||
| San Francisco Bay Area |
4.5 | 3.3 | 6.2 | r | 73.9 | 64.8 | 69.6 | r | ||
| San Francisco Bay Area |
||||||||||
| Alameda | 4.3 | 2.9 | 6.1 | 98.5 | 82.5 | 88.2 | ||||
| Contra-Costa (Central County) |
5.2 | 2.8 | 7.1 | 97 | 87.9 | 103.7 | ||||
| Marin | 5.2 | 4.7 | 6.4 | 83.1 | 83.8 | 92.7 | ||||
| Napa | 6.3 | 5.8 | 8.3 | 87.9 | 80.3 | 85.7 | ||||
| San Francisco | 6 | NA | 6.1 | 66.9 | 53.3 | 59.7 | ||||
| San Mateo | 4.5 | 2.9 | 5.7 | r | 40.3 | 40.4 | 43.5 | r | ||
| Santa Clara | 3.8 | 2.6 | 4.8 | 37.7 | 32 | 44.6 | ||||
| Solano | 3.8 | 3.9 | 7.1 | 62 | 48.3 | 58.7 | ||||
| Sonoma | 4.9 | 4.7 | 7.9 | 101.1 | 81.9 | 81.8 | ||||
| Southern California |
||||||||||
| Los Angeles | 6.1 | 4.7 | 6.6 | 64 | 62.3 | 59.1 | r | |||
| Orange County | 8 | 5.8 | 8.5 | r | 78.4 | 81.5 | 82.9 | |||
| Riverside County | 6 | 4.5 | 6.5 | 59.3 | 57.1 | 57.1 | ||||
| San Bernardino | 5.2 | 4.2 | 6.3 | 52.3 | 49.6 | 50.9 | ||||
| San Diego | 7.1 | 5 | 9.4 | 62.6 | 61.8 | 59.6 | ||||
| Ventura | 7.9 | 5.7 | 6.7 | 89.4 | 75.5 | 78.3 | ||||
| Central Coast | ||||||||||
| Monterey | 5.7 | 4.2 | 6.6 | r | 46.7 | 48.4 | 45.1 | r | ||
| San Luis Obispo | 7 | 4.2 | 7.3 | 85.5 | 58 | 96.9 | ||||
| Santa Barbara | 6.5 | 5 | 10.7 | r | 75.8 | 78 | 70.7 | |||
| Santa Cruz | 6.3 | 3.8 | 8 | r | 43.9 | 57.6 | 54 | |||
| Central Valley | ||||||||||
| Fresno | 4.6 | 3.2 | NA | 41 | 35 | 50.3 | ||||
| Kern (Bakersfield) | 2.1 | 2.3 | r | 5.5 | r | NA | NA | NA | ||
| Kings County | 4.6 | 3.7 | 6.4 | 49.8 | 77.7 | 56 | ||||
| Madera | 5.6 | 3.8 | 8.3 | 35.8 | 51.5 | 58.2 | ||||
| Merced | 5.3 | 3.8 | 6.2 | 41.5 | 37.4 | 35.8 | ||||
| Placer County | NA | NA | NA | NA | NA | NA | ||||
| Sacramento | 2 | 1.8 | 4 | 41.5 | 42 | 48.8 | ||||
| San Benito | 3.4 | 3 | 6 | r | 52.8 | 51.1 | 44.1 | r | ||
| Tulare | 4.9 | 3.8 | 7.3 | 31.5 | 35.4 | 42.5 | ||||
| Other Counties in California |
||||||||||
| Amador | 7.7 | 5.6 | 7.1 | 91 | 91 | 95.8 | ||||
| Butte County | 5.9 | 4.5 | 9.3 | 65.8 | 53.1 | 64.6 | ||||
| Humboldt | 6.9 | 5.5 | 7.5 | 79.5 | 67.6 | 85.7 | ||||
| Lake County | 6.8 | 6.4 | 8 | 104.1 | 111.9 | 121 | ||||
| Tuolumne | 8.4 | 5.9 | 7.4 | 79.1 | 91 | 83.8 | ||||
| Mendocino | 7.8 | 6.1 | 9 | 75.5 | 81.7 | 95.8 | ||||
| Shasta | 5 | 4.6 | 8.9 | 48.3 | 47 | 74.9 | ||||
| Siskiyou County | 11.4 | 8.3 | NA | 123.9 | 65.4 | 82.8 | r | |||
| Tehama | 7.3 | 5.7 | 13.8 | 78.4 | 70.7 | 69.3 | ||||
