California

Housing Market Update

Monthly Sales and Price Statistics
January 2024
California Housing Market Snapshot
January 2024

256,160 Existing Home Sales

+5.9% YTY +5.9% YTD % change

Median Unsold Inventory Median

Sales Price Index Days on Market

$788,940 3.2 months 32 days

+5.0% Y2Y -8.6% Y2Y -17.9% Y2Y

page 2
January 2024 Southern California Housing Snapshot
+2.2% YTY Existing Home Sales
+2.2% YTD % change

$790,000 Existing Home Price

+7.0% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.2 months 30 days 99.3%

page 3
January 2024 Central Coast Housing Snapshot
+5.2% YTY Existing Home Sales
+5.2% YTD % change

$926,000 Existing Home Price

+3.5% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.6 months 29 days 98.0%

page 4
January 2024 Central Valley Housing Snapshot
+12.5% YTY Existing Home Sales
+12.5% YTD % change

$$$4$460,000 Existing Home Price

+6.8% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.1 months 30 days 98.7%

page 5
January 2024 Bay Area Housing Snapshot
+6.2% YTY Existing Home Sales
+6.2% YTD % change

$$$1,100,000 Existing Home Price

+10.6% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.3 months 31 days 100.0%

page 6
January 2024 Far North Housing Snapshot
+6.8% YTY Existing Home Sales
+6.8% YTD % change

$361,500 Existing Home Price

-2.0% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

4.6 months 43 days 96.4%

page 7
Sales

page 8
 Sales bounce back, but remain near historical low
California, January 2024 Sales: 256,160 Units, +5.9% YTY, +14.4% MTM
700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

Sep-23
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
page 9
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Annual sales record 1st gain in 31 months
100%
Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
80%
60%
40%
20% 5.9%
0%
-20%
-40%
-60%

SERIES: Sales of Existing Single Family Homes page 10

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 YoY % chg.

0%

-60%
-40%
-20%
100%
120%

20%
40%
60%
80%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Bay Area

Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
6 per. Mov. Avg. (Bay Area)

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

SERIES: Sales of Existing Single Family Homes

Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Bay Area annual sales grow for the first time since March 2022

Page 11

Jan-24
6.2%
 YoY % chg.

0%

-60%
-40%
-20%
100%

20%
40%
60%
80%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
So CA

Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
6 per. Mov. Avg. (So CA)

May-20
Sep-20
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes

Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
SoCal sales rise above last year’s level - first time since June ‘21

Page 12

Jan-24
2.2%
 YoY % chg.

0%

-50%
-40%
-30%
-20%
-10%
10%
20%
30%
40%
Jan-10 50%
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Central Valley

Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
Central Valley sales grow annually by double-digits

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

SERIES: Sales of Existing Single Family Homes

May-21
6 per. Mov. Avg. (Central Valley)

Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Jan-24
Page 13
12.5%
 January 2024 Sales by Region
Home Sales by Region Home Sales Growth by Region
YTY % MTM %
Other Far North 30%
Counties 21.0%
3% 20%
6% 12.5%
10% 5.2% 6.2% 6.8%
2.2%
0%
Central Valley -10% -6.9%
-9.2% -4.4%
24% Southern -20% -12.2%
California -11.3%
-30%
46% -24.3%

S.F. Bay
Area
17% Central
Coast Page 14
4%
 Sales at the top end of the market exhibit faster growth

January 2024 (YTY% Chg.) Share by Price Segment

40%
25% 29%
20% $0 - $499k
20% 10% 32%
2% 4%
0% 44%
$500 - $999k
-5% 44%
-20% -13%

27% 2024
$1M+ 2023
24%

Page 15
SERIES: Sales of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales growth rises at the top price segments
$0 - $299k $300 - $399k $400 - $499k $500 - $749k
350% $750 - $999k $1,000 - $1,999k $2,000k+
YTY % Chg. in Sales

300%
250%
200%
150%
100%
50%
0%
-50%
-100%
Jun-19

Jun-20

Jun-21

Jun-22

Jun-23
Dec-18

Dec-19

Dec-20

Dec-21

Dec-22

Dec-23
Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23
SERIES: Percent Change in Sales Page 16
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Mix of sales change continues to support median price
growth
Share Gap $0-$499k $1,000k and up
60%
50%
40%
28.8%
% of Sales

30%
27.5%
20%
10%
0%
-10% COVID-19
-20% Outbreak
Nov-19
Feb-20

Nov-20
Feb-21

Nov-21
Feb-22

Nov-22
Feb-23

Nov-23
May-19

May-20

May-21

May-22

May-23
Aug-19

Aug-20

Aug-21

Aug-22

Aug-23
SERIES: Sales by Price Range Page 17
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales grew modestly – 1st annual gain since May ‘21

100%
YTY % Chg. in Pending Sales

80%
60%
40%
20% 6.2%
0%
-20%
-40%
-60%
Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
May-17

May-18

May-19

May-20

May-21

May-22

May-23
SERIES: Percent Change in Pending Sales Page 18
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales record yearly gain

250% SFH Condo/Townhome

200%
YTY % Chg. in Pending Sales

150%
100%
50%
0%
-50%
-100%
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
May-18

May-19

May-20

May-21

May-22

May-23
SERIES: Percent Change in Pending Sales Page 19
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 YTY % Chg. in Pending Sales

-100%
0%
100%
200%
300%
400%
Jan-20 500%
Mar-20
May-20
$0 - $299k

Jul-20
Sep-20
Nov-20
Jan-21
$300 - $399k

Mar-21
May-21
Jul-21
$400 - $499k

Sep-21
Nov-21
Jan-22
Mar-22
$500 - $749k

May-22
Jul-22
Sep-22
$750 - $999k

Nov-22
Jan-23
Mar-23
May-23
Jul-23
$1,000 - $1,999k

Sep-23
Pending sales growth improves in top price segments faster

Nov-23
Page 20

Jan-24
$2,000k+
 Pending sales jump month-to-month due partly to seasonality
$0 - $299k $300 - $399k $400 - $499k $500 - $749k
80% $750 - $999k $1,000 - $1,999k $2,000k+
MTM % Chg. in pending Sales

60%
40%
20%
0%
-20%
-40%
-60%
Jan-21

Nov-21

Jan-22

Nov-22

Jan-23

Nov-23

Jan-24
Jul-21

Sep-21

Jul-22

Sep-22

Jul-23

Sep-23
Mar-21

Mar-22

Mar-23
May-21

May-22

May-23
SERIES: Percent Change in Pending Sales Page 21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Price

page 22
 California median home price dipped below $800K for
first time in 9 months, but continues to rise from last year
California, January 2024: $788,940, -3.8% MTM, +5.0% YTY
$1,000,000
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

Sep-23
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
SERIES: Median Price of Existing Single Family Homes Page 23
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Condo/Townhome median price recorded modest gain
California, January 2023: $580,000, January 2024: $630,000
$800,000
$700,000
Median Price

$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
Aug-07

Aug-14

Aug-21
Jan-07

Jun-13

Jun-20
Mar-08

Jan-14

Jan-21
Apr-12
Nov-12

Mar-15

Apr-19
Nov-19

Mar-22
Jul-10

Jul-17
May-09
Dec-09

Sep-11

May-16
Dec-16

Sep-18

May-23
Oct-08

Feb-11

Oct-15

Feb-18

Oct-22
SERIES: Median Price of Existing Condos/Townhomes Page 24
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Price growth advances for both Condos and Single-Family
50% Condo Single-Family Homes
40%
30%
YTY% Chg. in Price

20%
10%
0%
-10%
-20%

SERIES: Median Price of Existing SFH & Condo/Townhomes Page 25

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Median price growth by percentile
15.0%
11.4%
10.0%
Year-over-Year % Change

5.0% 3.7% 4.0%

2.8%

0.0%
-0.4%
-2.0%
-5.0%
-4.2%
-6.8%
-10.0%
-9.5%

-15.0%

0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100

Percentile

SERIES: Median Time on Market of Existing Single Family Homes Page 26

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Price/Square foot slid from previous month, yet records
modest annual gain
January 2024: $386, -3.0% MTM, +4.3% YTY
$500
$450
$400
PRICE PER SQ. FT.

$350
$300
$250
$200
$150
$100
$50
$0
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
SERIES: Median Price Per Square Feet of Existing Single Family Homes Page 27
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Median prices nearly steady with price per sq./ft. gains
Year to Year Change in Existing SFR Prices (December 2023)
Median Price $/Sq. Ft.
12% 10.6% 8.8%
10% 9.3%
8.6%
8% 6.8%7.0% 7.0%
6% 5.0% 4.3% 5.6%

4% 3.5% 2.9%
2%
0%
-2% -1.3%
-2.0%
-4%
SFR Condo Central Central Far North S.F. Bay Southern
Coast Valley Area California
SERIES: Median Price Per Square Feet of Existing Single Family Homes Page 28
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 The Price/Square foot gap between home types widened

Diff. in Price/Sq. Ft. SFH Condo/Townhome

$700
$600 $553
PRICE PER SQ. FT.

$500
$400
$386
$300
$200
$100
$0
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
SERIES: Median Price Per Square Feet of Existing Single Family Homes and Condo/Townhomes Page 29
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales price-to-list price ratio inches down from previous
month, but remains stronger than a year ago
106% January 2024: 98.9%, -0.1% MTM, +2.4% YTY
104%
Sales-to-List Price Ratio

102%
100%
98%
96%
94%
92%
90%
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
SERIES: Sales to List Ratio of Existing Single Family Homes Page 30
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Share of homes sold above asking price continues downward
trend, but remains above last year due to competition
80% Apr-22, 72.9%
% of sales with price above asking

70%
60%
50% 33.3%
40% 20.5%
price

30%
20%
10%
0%
Jan-17

Jan-18

Jan-20
Oct-17

Oct-18
Jan-19

Oct-19

Oct-20
Jan-21

Oct-21
Jan-22

Oct-22
Jan-23

Oct-23
Jan-24
Apr-17
Jul-17

Apr-18
Jul-18

Apr-19
Jul-19

Apr-20
Jul-20

Apr-21
Jul-21

Apr-22
Jul-22

Apr-23
Jul-23
SERIES: Sales with sold price above asking price (Existing SFH) Page 31
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Homes sold above asking price - by county
January 2024: % sold above asking price
70%

60%

50%
50%
40%

30%

20%

10%

0%

SERIES: % of homes sold above asking price Page 32

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 YTY% Chg. in Price

10%
20%
30%
40%
50%

-30%
-20%
-10%
0%
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
List price vs. sales price

Jul-14
Jan-15
Jul-15
Jan-16
Listing Price

Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Sales Price

Jan-19
Jul-19
Jan-20
Jul-20
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: List price growth and sales price growth

Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Page 33

Jan-24
 YTY% Chg. in Price

10%
20%
30%
40%
50%
60%

-20%
-10%
0%
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
0-20

Oct-19
Jan-20
20-40
Price growth by percentiles

Apr-20
Jul-20
Oct-20
40-60

Jan-21
Apr-21
60-80

Jul-21
Oct-21
Jan-22
80-100

Apr-22
Jul-22
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Percent Change in Price

Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Page 34

Jan-24
 California Market Velocity and Price Growth
Price Growth Market Velocity (12 month trailing average)
50% 120.0%

40% 100.0%
80.0%
30%
Market Velocity

60.0%
20%
40.0%
10%
20.0%
0%
0.0%
-10% -20.0%
-20% -40.0%

SERIES: Market Velocity & Price Growth Page 35

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Mortgage rates retreat from 2-decade high but remain
elevated
30 Yr. FRM California Median Price vs. Mortgage Payment
9%
60%
8% 6.64%
50%
7% 6.27%
40%
6% 30%

YTY% Chg.
5% 20%
4% 10%
0%
3%
-10%
2% -20%
1%

Jul-21

May-22
Jan-19

Oct-22
Mar-23

Jan-24
Sep-20
Feb-21
Jun-19
Nov-19

Dec-21
Apr-20

Aug-23
0%
Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
May-19
Sep-19

May-20
Sep-20

May-21
Sep-21

May-22
Sep-22

May-23
Sep-23

Price Growth Mortgage Pmt Growth

SERIES: Price Growth vs. Mortgage Payment Growth Page 36

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Mortgage payment growth remains high, continues to
hinder affordability
California Median Price vs. Mortgage Payment
60% Price Growth Mortgage Pmt Growth
50%
40%
YTY% Chg.

30%
20%
10% 9.2%
0% 5.0%
-10%
-20%
May-16

May-17

May-18

May-19

May-20

May-21

May-22

May-23
Sep-16

Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
SERIES: Price Growth vs. Mortgage Payment Growth Page 37
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory &
Active Listings

page 38
 Inventory constraints remain biggest challenge in the market

18.0
January 2023: 3.5 Months; January 2024: 3.2 Months
16.0
14.0
Months of Supply

12.0
10.0
8.0
6.0
4.0
2.0
0.0
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

Sep-23
SERIES: Unsold Inventory Index of Existing Single Family Homes Page 39
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory inches up month-to-month as new listings add up
December 2023: 2.5 Months; January 2024: 3.2 Months
5

4
Months of Supply

0
Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
Oct-19

Oct-20

Oct-21

Oct-22

Oct-23
Apr-19

Jul-19

Apr-20

Jul-20

Apr-21

Jul-21

Apr-22

Jul-22

Apr-23

Jul-23
SERIES: Unsold Inventory Index of Existing Single Family Homes Page 40
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Unsold Inventory improved slightly across all regions
9.0
8.0 Bay Area So CA Central Valley
7.0
Months of Supply

6.0
5.0
4.0
3.0
2.0
1.0
0.0
Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
SERIES: Unsold Inventory Index of Existing Single Family Homes Page 41
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Total active listings remains below last year

California Active Listings by Month

70,000
60,000
50,000
40,000
30,000
20,000
10,000
0

2018 2019 2020 2021 2022 2023 2024

Page 42
 10,000
20,000
30,000
40,000
50,000
60,000
70,000

0
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
California Active Listings by Month

Jan-22
Apr-22
Jul-22
Active listings muted likely due to seasonal factors

Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Page 43

Jan-24
 100%

20%
40%
60%
80%

-80%
-60%
-40%
-20%
0%
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
smallest drop in the last 10 months

May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Year-over-Year % Chg

Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Active Listing of Existing Single Family Homes

Mar-22
May-22
Jul-22
Sep-22
Active listings continued to decline year-over-year but had the

Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Page 44

Jan-24
-8.0%
 New listings grow above last year’s level by double-digits
New Listings (Existing Single-Family Homes)
35,000 60%
22,649
30,000 19,893 40%
16,104
# of new listings

YTY% chg. in new listings

25,000 14,382
14,431 20% 14.2%
20,000 12,639
0%
15,000
-20%
10,000
5,000 -40%

0 -60%
Jan-18
Jun-18

Aug-22

Jan-19
Jun-19

Aug-23
Nov-18
Apr-19

Nov-19
Apr-20
Jan-23
Jun-23

Jan-24
Mar-22

Nov-23

Mar-23
Sep-19

Jul-20

Sep-20

Jul-21
Feb-20

Dec-20
May-21

Feb-21

Dec-21
May-22
Oct-21

Oct-22
SERIES: New Listings (Existing Single-Family Homes) Page 45
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 New active listings grow solidly

Sales* vs. New Active Listings

35,000
New Active Sales
30,000
25,000 14,431
12,639
20,000 9,605 10,482
15,000
10,000
5,000
0
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
Apr-18

Apr-19

Apr-20

Apr-21

Apr-22

Apr-23
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
Oct-18

Oct-19

Oct-20

Oct-21

Oct-22

Oct-23
*Sales data reflects raw data that is not seasonally adjusted and not annualized.

SERIES: New Listings vs. Sales (Existing Single-Family Homes) Page 46

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Overall supply level remains tight despite new listings adding
more inventory
yty% chg. in sales yty% chg. in new active listings yty% chg. in total active listings

100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
May-19
Jul-19
Sep-19
Nov-19

May-20
Jul-20
Sep-20
Nov-20

May-21
Jul-21
Sep-21
Nov-21

May-22
Jul-22
Sep-22
Nov-22

May-23
Jul-23
Sep-23
Nov-23
Mar-19

Mar-20

Mar-21

Mar-22

Mar-23
Page 47
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings by region

Jan-23 Jan-24
14,000
12,000 11,667
10,189
Active Listings

10,000
8,000
6,000 5,206 4,961

4,000 2,936
2,481
2,000 892 927 1,072 960
0
San Francisco Southern Central Valley Central Coast Far North
Bay Area California

SERIES: Active Listings of Existing Single Family Homes Page 48

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings decline in all regions except Central Coast
January 2024
40% Sales Active Listings
Year-to-Year % Chg

12.5%
6.8% 6.2% 5.2% 3.9% 2.2%
0%
-4.7%
-10.4% -12.7%
-15.5%

-40%
Central Valley Far North San Francisco Central Coast Southern
Bay Area California

SERIES: Sales and Listings of Existing Single Family Homes Page 49

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Housing supply drops in more than half the State
40%
31.6% Active Listings (Existing Single-Family Homes)
30%

20%

10%
YTY% chg.

0%

-10%

-20%

-30%

-40% -36.0%

SERIES: Active Listings (Existing Single-Family Homes) Page 50

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Market
Competitiveness

page 51
 Time on market increased from last month, but homes still
selling a week faster than last year
70 California, January 2023: 39 Days; January 2024: 32 Days
60
Days on Market

50
40
30
20
10
0

SERIES: Median Time of Market of Existing Single Family Homes Page 52

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Median time on market by percentile

Median Time on Market

Jan-23 Jan-24
50 46
41 42
40 39
40 38 38 36 37
Days on Market

34 34 33 35
33 33 32 32
31
29
30 27

20

10

0
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Percentile

SERIES: Median Time on Market of Existing Single Family Homes Page 53

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales-to-list price ratio by percentile
California Sales-to-List Price Ratio by Quintile
101%
100.0% 100.0% 100.0% 100.0%
100% 99.4%
99.1% 98.9%
99% 98.8% 98.6%

98% 97.5%
97%

96%

95%

94%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Jan-23 Jan-24

SERIES: Sales to List Ratio of Existing Single Family Homes Page 54

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Median sales vs. list price growth $1M+ properties
California Median Sales vs. List Price Growth
20%
15%
YTY% Chg. in Price

10%
5%
0%
-5%
-10%
-15%
-20%
Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
Listing Price Sales Price
SERIES: Sales to List Ratio of Existing Single Family Homes Page 55
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Reduced-Price Listings
Share of Listings with a Reduced Price: 30.4%; Median Reduction Amount: 4.8%
50% 10%
45% 9%
40% 8%

Median Reduction
35% 7%

(Absolute Value)
30% 6%
% Share

25% 5%
20% 4%
15% 3%
10% 2%
5% 1%
0% 0%

Share Reduced Median Reduction

SERIES: Listing Price of Existing Single Family Homes Page 56
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Growth in Reduced-Price Listings
Growth in Share of Listings with a Reduced Price: -5.4%
Growth in Median Reduction Amount: -0.6%
25% 1.4%
20% 1.2%
15% 1.0%
0.8%
10%
YTY % chg.

0.6%
5% 0.4%
0% 0.2%
-5% 0.0%
-0.2%
-10% -0.4%
-15% -0.6%
-20% -0.8%
1/1/2015
5/1/2015
9/1/2015
1/1/2016
5/1/2016
9/1/2016
1/1/2017
5/1/2017
9/1/2017
1/1/2018
5/1/2018
9/1/2018
1/1/2019
5/1/2019
9/1/2019
1/1/2020
5/1/2020
9/1/2020
1/1/2021
5/1/2021
9/1/2021
1/1/2022
5/1/2022
9/1/2022
1/1/2023
5/1/2023
9/1/2023
1/1/2024
Share Reduced Median Reduction

SERIES: Listing Price of Existing Single Family Homes Page 57

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®