California Housing Market

Update

Monthly Sales and Price Statistics

November 2017
 Sales Decline YTY for the Third Straight Month
California, Nov. 2017 Sales: 440,340 Units, +1.5% YTD, -0.8% YTY
700,000

600,000
Nov-16: Nov-17:
443,960 440,340
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 Decrease
Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
25%

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 Increase Slightly
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 Declines
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
Nov-17 Nov-16
30%

23%
21%
20%
17%
15% 16% 17%
14% 14%
11% 12%
10% 10%
10% 8%
6%
4%
3%

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
October 2017 (Year-to-Year)
40%
33.2%
30%
21.5%
20%

5.0% 8.7%
10%

0%

-10%
-7.2% -7.2%
-20% -14.4%

-30% -24.4%

SERIES: Sales of Existing Detached Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 CA Median Price Continues to Grow YTY
California, November 2017: $546,820, +0.1% MTM, +8.8% YTY
P: May-07
$700,000 Nov-17:
$594,530
Nov-16: $546,820
$600,000 $502,490

$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 Highest Since 2007
November 2017: $277, Up 2.5% MTM, Up 8.9% YTY
$400

$350 Nov-17:
Nov-16: $277
$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 Continues to
Decline
November 2017: 98.9%, Even 0% MTM, Up 0.7% YTY
Nov-16: Nov-17:
98.2% 98.9%
100%

98%
Sales-to-List Price Ratio

96%

94%

92%

90%

SERIES: Sales to List Ratio of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory Declines Annually for the 16th
Consecutive Month
November 2016: 2.9 Months; November 2017: 3.1 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®
 Supply Remains on a Downward Trend
November 2016: 2.9 Months; November 2017: 3.1 Months
Year-over-Year % Chg
15%
10%
5%
0%
-5%
-10%
-15% -11.5%

-20%

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
14

12 11.6

10 8.7
8

6 5.5
4.0 4.3 4.0
4 3.2 3.4 2.7 3.2 3.2 2.8 3.1
2.9 2.8 2.7 2.8 2.6 2.9 2.4
2.9 2.9
2

Nov-17 Nov-16

SERIES: Unsold Inventory Index of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Supply Constraint Across All Price Ranges
November 2017
Active Listing
0%
-0.8%

-10% -8.3% -7.1%

-10.6% -9.6%
-11.4%
-14.4%
-20%

-30%
-30.9%

-40%

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

3.0 3.2
2.9
2.0
1.5
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
October 2017

Sales Active Listings

10%

1%
Year-to-Year % Chg

0%

-2%
-4%
-7%
-10%

-14%

-20% -19%
San Francisco Bay Area Southern California Central Valley

SERIES: Sales and Listings of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®