California Housing Market

Update

Monthly Sales and Price Statistics

September 2017
 Sales Continue to Grow Annually
California, Sept. 2017 Sales: 436,920 Units, +2.6% YTD, +1.7% YTY
700,000

600,000
Sep-16: Sep-17:
429,760 436,920
500,000

400,000

300,000

200,000

100,000

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS *Sales are seasonally adjusted and annualized
 California Home Sales Increased in Sept
Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

-25%
Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS *Sales are seasonally adjusted and annualized
 Bay Area Sales Decreases
Bay Area 6 per. Mov. Avg. (Bay Area)
30%

20%

10%
YoY % chg.

0%

-10%

-20%

-30%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS *Sales are not seasonally adjusted and annualized
 Southern California Home Sales Down
So CA 6 per. Mov. Avg. (So CA)
YoY % chg.
40%

30%

20%

10%

0%

-10%

-20%

-30%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS *Sales are not seasonally adjusted and annualized
 Central Valley Sales Remain Positive
Central Valley 6 per. Mov. Avg. (Central Valley)
YoY % chg.
30%

20%

10%

0%

-10%

-20%

-30%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS *Sales are not seasonally adjusted and annualized
 More Homes Sell Above the Half-Million Mark
When Compared to 2016
Sep-17 Sep-16
30%

23%
22%
20%
17%
15% 16% 16%
14% 14%
11% 10% 11%
9% 9%
10%
7%
3% 2%

0%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Sales Improve in Mid and High Priced Markets But
Decline in Lower Priced Segments
Sept 2017 (Year-to-Year)
40%
29.0%
30%

20% 16.2%

10% 5.2% 6.9%

0%

-10% -4.5% -4.8%

-11.1%
-20%

-30%
-29.3%
-40%

SERIES: Sales of Existing Detached Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 CA Median Price Continues to Grow YTY
California, September 2017: $553,490, -2.1% MTM, +7.2% YTY
P: May-07
$700,000 Sep-17:
$594,530
Sep-16: $553,490
$600,000 $516,450

$500,000
T: Feb-09
$245,230
$400,000 -59% from
peak
$300,000

$200,000

$100,000

$-

SERIES: Median Price of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Home Price Appreciations Have
Moderated Since Mid 2013
50% Condo Single-Family Homes
40%
30%
20%
YTY% Chg. in Price

10%
0%
-10%
-20%
-30%
-40%
-50%

SERIES: Median Price of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 CA Median Price (Existing SFH)
Month-to-Month % Chg
15%

10%

5%

0%

-5%

-10%

-15%

SERIES: Median Price of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Price Per Square Foot Remains Near
Recent Peak
September 2017: $270, Up 0.7% MTM, Up 6.3% YTY
$400

$350 Sep-17:
Sep-16:
$270
$300 $254
PRICE PER SQ. FT.

$250

$200

$150

$100

$50

$0

SERIES: Median Price Per Square Feet of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Sales Price -to-List Price Dips Below 100%
September 2017: 99.1%, Down 0.4% MTM, Up 0.6% YTYSep-16: Sep-17:
98.6% 99.1%

100%

98%
Sales-to-List Price Ratio

96%

94%

92%

90%

88%

86%

SERIES: Sales to List Ratio of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Inventory Declines Annually for the 14th
Consecutive Month
September 2016: 3.5 Months; September 2017: 3.2 Months
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0

Note: Unsold Inventory Index represents the number of months it would take to sell the remaining inventory for the month in question. The remaining inventory for the month is defined
as the number of properties that were Active, Pending, and Contingent (when available) and divide the sum by the number of Sold properties for the month in question.

SERIES: Unsold Inventory Index of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Inventory Index Highest in Millions
16
13.7
14
12
10 9.6

8 7.1
5.2 5.7
6 5.0
4.0 4.0
4 3.3 3.2 2.9 3.1 2.9 3.1 2.8 3.1 3.4 3.9 3.3 3.2 3.5
2.8
2
0

Sep-17 Sep-16
 Supply Remains on a Downward Trend
Sept 2016: 3.5 Months; Sept 2017: 3.2 Months
Year-over-Year % Chg
18.0 15%
16.0
10%
14.0
5%
12.0
10.0 0%
8.0 -5%
6.0 -10%
4.0 -11.2%
-15%
2.0
-20%
0.0

Jan-15

May-15

Nov-15
Jan-16

May-16

Nov-16
Jan-17

May-17
Mar-15

Jul-15
Sep-15

Mar-16

Jul-16
Sep-16

Mar-17

Jul-17
Sep-17
Jan-05
Sep-05
May-06
Jan-07
Sep-07
May-08
Jan-09
Sep-09
May-10
Jan-11
Sep-11
May-12
Jan-13
Sep-13
May-14
Jan-15
Sep-15
May-16
Jan-17
Sep-17

Note: Unsold Inventory Index represents the number of months it would take to sell the remaining inventory for the month in question. The remaining inventory for the month is defined
as the number of properties that were Active, Pending, and Contingent (when available) and divide the sum by the number of Sold properties for the month in question.

SERIES: Unsold Inventory Index of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Supply Constraint across Most Prices,
but Most Obvious in the Lower End
Sept 2017
Active Listing
10%
1.7%
0%

-10% -6.6% -7.2%

-10.6% -10.1% -11.2%

-20% -16.2%

-30% -28.3%

SERIES: Active Listings of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Inventory Continued to Drop Across All
Regions
9.0 Bay Area So CA Central Valley

8.0

7.0

6.0

5.0

4.0
3.3
3.0 3.1
2.0 2.2
1.0

0.0

Note: Unsold Inventory Index represents the number of months it would take to sell the remaining inventory for the month in question. The remaining inventory for the month is defined
as the number of properties that were Active, Pending, and Contingent (when available) and divide the sum by the number of Sold properties for the month in question.

SERIES: Unsold Inventory Index of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Supply Saw Declines, Especially in Bay Area
September 2017

Sales Active Listings

10%

0%
0%
Year-to-Year % Chg

-4% -3%

-10% -8%

-13%

-20%
-20%

-30%
San Francisco Bay Area Southern California Central Valley

SERIES: Sales and Listings of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS