California

Housing Market Update

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

272,410 Existing Home Sales

-6.0% YTY +0.0% YTD % change

Median Unsold Inventory Median

Sales Price Index Days on Market

$908,040 2.6 months 16 days

+8.7% Y2Y +23.8% Y2Y -5.9% Y2Y

page 2
May 2024 Southern California Housing Snapshot
-1.0% YTY Existing Home Sales
+1.4% YTD % change

$880,000 Existing Home Price

+10.0% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.7 months 19 days 100.0%

page 3
May 2024 Central Coast Housing Snapshot
+0.6% YTY Existing Home Sales
+10.8% YTD % change

$1,059,000 Existing Home Price

+5.9% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.0 months 15 days 100.0%

page 4
May 2024 Central Valley Housing Snapshot
+0.0% YTY Existing Home Sales
+2.0% YTD % change

$$$4$507,080 Existing Home Price

+4.6% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.5 months 15 days 100.0%

page 5
May 2024 Bay Area Housing Snapshot
+4.3% YTY Existing Home Sales
+8.0% YTD % change

$$$1,455,000 Existing Home Price

+11.9% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

1.9 months 12 days 103.9%

page 6
May 2024 Far North Housing Snapshot
-8.4% YTY Existing Home Sales
+1.6% YTD % change

$400,000 Existing Home Price

+5.3% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

4.3 months 16 days 99.2%

page 7
Sales

page 8
 Sales pulled back as mortgage rates surged to 5-month high
California, May 2024 Sales: 272,410 Units, -6.0% YTY, -1.1% MTM
700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

Sep-23
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22

May-24
page 9
SERIES: Sales of Existing Single-Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Year-over-year sales scaled back
100%
Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
80%
60%
40%
20%
0%
-6.0%
-20%
-40%
-60%

SERIES: Sales of Existing Single-Family Homes page 10

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 YoY % chg.

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

0%
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
Bay Area

Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
Bay Area sales growth pace moderated

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
Jan-24
Page 11

May-24
4.3%
 YoY % chg.

-60%
-40%
-20%
100%

0%
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
May-20
6 per. Mov. Avg. (So CA)
SoCal sales growth slipped back below last year

Sep-20
Jan-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single-Family Homes

May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Jan-24
Page 12

May-24
-1.0%
 YoY % chg.

-50%
-40%
-30%
-20%
-10%
0%
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
Central Valley sales growth on par with last year

Jan-21
May-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single-Family Homes
6 per. Mov. Avg. (Central Valley)

Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Jan-24
May-24
Page 13
0.0%
 May 2024 Sales by Region
Home Sales by Region Home Sales Growth by Region
YTY % MTM %
Other 30%
Far North
Counties 21.9%
2%
6% 20%
10.1% 10.3% 9.7%
10% 8.5%
Central Valley 8.9% 4.3%
0.6% 2.2%
22% 0.0%
Southern 0%
California -1.0%
44% -10%
-8.4%

S.F. Bay
Area
22% Central
Coast SERIES: Sales of Existing Single-Family Homes Page 14
4% SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales at the top end of the market continued to exhibit
faster growth
May 2024 (YTY% Chg.) Share by Price Segment
40%
30%
22%
$0 - $499k
20% 25%
9%
1%
0% 41%
$500 - $999k
-5% 43%
-20% -10%
-17% -13%
37% 2024
$1M+ 2023
32%

Page 15
SERIES: Sales of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales growth at the top price segments moderated
$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%
Mar-19
Jun-19

Mar-20
Jun-20

Mar-21
Jun-21

Mar-22
Jun-22

Mar-23
Jun-23

Mar-24
Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
Dec-18

Dec-19

Dec-20

Dec-21

Dec-22

Dec-23
SERIES: Percent Change in Sales Page 16
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Mix of sales change continued to support median price
growth
Share Gap $0-$499k $1,000k and up
60%
50%
40%
36.6%
% of Sales

30%
20% 22.2%
10%
0%
-10% COVID-19
-20% Outbreak
Aug-19

Aug-20

Aug-23
May-19

Nov-19
Feb-20
May-20

Nov-20
Feb-21

Aug-21
May-21

Nov-21
Feb-22

Aug-22
May-22

Nov-22
Feb-23
May-23

Nov-23
Feb-24
May-24
SERIES: Sales by Price Range Page 17
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales remained subdued as buyers remain sensitive
to changes in rates
100%
YTY % Chg. in Pending Sales

80%
60%
40%
20%
0% -0.6%
-20%
-40%
-60%
Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
May-17

May-18

May-19

May-20

May-21

May-22

May-23

May-24
SERIES: Percent Change in Pending Sales Page 18
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales dipped as rates continue to fluctuate

250% SFH Condo/Townhome

200%
YTY % Chg. in Pending Sales

150%
100%
50%
0%
-50%
-100%
Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
May-18

May-19

May-20

May-21

May-22

May-23

May-24
SERIES: Percent Change in Pending Sales Page 19
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales still growing in top price segments – albeit at
slower pace
$0 - $299k $300 - $399k $400 - $499k $500 - $749k $750 - $999k $1,000 - $1,999k $2,000k+
500%
YTY % Chg. in Pending Sales

400%

300%

200%

100%

0%

-100%

SERIES: Percent Change in Pending Sales Page 20

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales lost momentum as market moved into the spring
homebuying season
$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%
Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24
Jan-21

Jul-21

Jan-22

Jul-22
May-21

Nov-21

May-22

Nov-22
Jan-23

Jul-23
May-23

Nov-23
Jan-24

May-24
SERIES: Percent Change in Pending Sales Page 21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Price

page 22
 California median home price reached a new all-time high
California, May 2024: $908,040, +0.4% MTM, +8.7% YTY
$1,000,000
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

Sep-23
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22

May-24
SERIES: Median Price of Existing Single-Family Homes Page 23
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Condo/Townhome median price recorded modest gain
California, May 2023: $635,000, May 2024: $690,000
$800,000
$700,000
Median Price

$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
May-09

May-16

May-23
Mar-08

Mar-22
Jan-07

Dec-09

Dec-23
Aug-07

Apr-12

Jun-13

Mar-15

Dec-16
Oct-08

Feb-11

Nov-12

Jan-14
Aug-14

Oct-15

Feb-18

Apr-19

Jun-20
Nov-19

Jan-21
Aug-21

Oct-22
Jul-10

Sep-11

Jul-17

Sep-18
SERIES: Median Price of Existing Condos/Townhomes Page 24
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Price growth advanced 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
16.0%
14.7%
14.0% 13.5%
12.9%
Year-over-Year % Change

12.0%
10.5%
9.7%
10.0% 8.8%
8.4%
7.4% 7.7%
8.0%

6.0%

4.0%

2.0%

0.0%

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

Percentile

SERIES: Median Price of Existing Single-Family Homes Page 26

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Price/Square foot surged to new all-time high

May 2024: $446, +1.4% MTM, +9.6% YTY

$500
$450
$400
PRICE PER SQ. FT.

$350
$300
$250
$200
$150
$100
$50
$0
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
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
SERIES: Median Price Per Square Feet of Existing Single-Family Homes Page 27
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Price per sq./ft. growth holding up modestly – partly explains
solid median price gains
Year to Year Change in Existing SFR Prices (May 2024)
Median Price $/Sq. Ft.
14% 11.7%
11.9% 10.3%
12%
9.6% 10.0%
10% 8.7% 8.7%
8%
5.9%
6% 5.3% 4.6% 5.3%
4.6% 4.3%
4%
2% 1.6%

0%
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 narrowed
further
Diff. in Price/Sq. Ft. SFH Condo/Townhome
$700
$580
$600
PRICE PER SQ. FT.

$500
$400 $446
$300
$200
$100
$0
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
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
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 unchanged at 100% as market
stays relatively competitive
106% May 2024: 100.0%, +0.0% MTM, +0.0% YTY
104%
Sales-to-List Price Ratio

102%
100%
98%
96%
94%
92%
90%
Feb-07
Aug-07
Feb-08
Aug-08
Feb-09
Aug-09
Feb-10
Aug-10
Feb-11
Aug-11
Feb-12
Aug-12
Feb-13
Aug-13
Feb-14
Aug-14
Feb-15
Aug-15
Feb-16
Aug-16
Feb-17
Aug-17
Feb-18
Aug-18
Feb-19
Aug-19
Feb-20
Aug-20
Feb-21
Aug-21
Feb-22
Aug-22
Feb-23
Aug-23
Feb-24
SERIES: Sales to List Ratio of Existing Single-Family Homes Page 30
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Share of homes sold above asking price jumped to 11-month
high as market remains competitive
80% Apr-22, 72.9%
% of sales with price above asking

70%
60%
48.3% 51.0%
50%
40%
price

30%
20%
10%
0%
Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
Jan-17
May-17

Jan-18
May-18

Jan-19
May-19

Jan-20
May-20

Jan-21
May-21

Jan-22
May-22

Jan-23
May-23

Jan-24
May-24
SERIES: Sales with sold price above asking price (Existing SFH) Page 31
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Homes sold above asking price - by county
May 2024: % sold above asking price
90%
80%
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

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

-30%
-20%
-10%
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
Jul-16
Listing Price

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
Jan-24
Page 33
 YTY% Chg. in Price

-20%
-10%
0%
10%
20%
30%
40%
50%
60%
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
0-20

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

Jul-20
Oct-20
40-60

Jan-21
Apr-21
Jul-21
60-80

Oct-21
Jan-22
Apr-22
80-100

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

Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Page 34
 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 rose, pushing cost of borrowing higher

30 Yr. FRM California Median Price vs. Mortgage Payment

9%
60%
8%
7.06% 50%
7% 6.43% 40%
6% 30%

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

Mar-19
Aug-19
Jan-20

Oct-23
Mar-24
Nov-20

Sep-21
Feb-22
Jun-20

Apr-21

Jul-22
Dec-22
May-23
0%
May-19

May-20

May-21

May-22

May-23

May-24
Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
Sep-19

Sep-20

Sep-21

Sep-22

Sep-23

Price Growth Mortgage Pmt Growth

SERIES: Price Growth vs. Mortgage Payment Growth Page 36

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

30%
20%
16.0%
10% 8.7%
0%
-10%
-20%
Sep-16

Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
Jan-16
May-16

Jan-17
May-17

Jan-18
May-18

Jan-19
May-19

Jan-20
May-20

Jan-21
May-21

Jan-22
May-22

Jan-23
May-23

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

page 38
 Inventory constraints remain the biggest challenge
in the market
18.0
May 2023: 2.1 Months; May 2024: 2.6 Months
16.0
14.0
Months of Supply

12.0
10.0
8.0
6.0
4.0
2.0
0.0
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

Sep-23
Jan-05

May-06
Jan-07

May-08
Jan-09

May-10
Jan-11

May-12
Jan-13

May-14
Jan-15

May-16
Jan-17

May-18
Jan-19

May-20
Jan-21

May-22
Jan-23

May-24
SERIES: Unsold Inventory Index of Existing Single-Family Homes Page 39
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Unsold Inventory Index improved from a year ago, but
unchanged from prior month
May 2024: 2.1 Months; May 2024: 2.6 Months
5

4
Months of Supply

0
Apr-19
Jul-19

Apr-20
Jul-20

Apr-21
Jul-21

Apr-22
Jul-22

Apr-23
Jul-23

Apr-24
Jan-19

Oct-19
Jan-20

Oct-20
Jan-21

Oct-21
Jan-22

Oct-22
Jan-23

Oct-23
Jan-24
SERIES: Unsold Inventory Index of Existing Single-Family Homes Page 40
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Unsold Inventory remains constrained 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
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
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
SERIES: Unsold Inventory Index of Existing Single-Family Homes Page 41
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Total active listings rose above last year’s level

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

SERIES: Active Listing of Existing Single-Family Homes Page 42
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings growing in the right direction
California Active Listings by Month
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Jul-18
Oct-18

Jul-19
Oct-19

Jul-20
Oct-20

Jul-21
Oct-21

Jul-22
Oct-22

Jul-23
Oct-23
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

Apr-24
SERIES: Active Listing of Existing Single-Family Homes Page 43
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 -80%
-60%
-40%
-20%
0%
100%

20%
40%
60%
80%
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
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Year-over-Year % Chg

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

May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
Active listings had the highest growth rate in 15 months

May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
Page 44

May-24
38.0%
 New listings recorded strong double-digit gain
New Listings (Existing Single-Family Homes)
35,000 32,102 32,554 60%
30,000 27,418 40%
22,691 23,219
# of new listings

23,421

YTY% chg. in new listings

25,000 18.6%
20%
19,752
20,000
0%
15,000
-20%
10,000
5,000 -40%

0 -60%

May-22
Dec-21

Mar-23

Jan-24
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24

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

Feb-21

Oct-22

Aug-23
Sep-20

Jul-21
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23

SERIES: New Listings (Existing Single-Family Homes) Page 45

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 New active listings replenished a tad more inventory

Sales* vs. New Active Listings

35,000
New Active Sales
30,000
25,000
20,000
15,000
10,000
5,000
0
Jan-18
Apr-18

Jan-19
Apr-19

Jan-20
Apr-20

Jan-21
Apr-21

Jan-22
Apr-22

Jan-23
Apr-23

Jan-24
Apr-24
Oct-18

Oct-19

Oct-20

Oct-21

Oct-22

Oct-23
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-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 remained tight but new listings
moving in the right direction
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%
Nov-19

Nov-20

Nov-21

Nov-22

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

Jan-20
Mar-20
May-20
Jul-20
Sep-20

Jan-21
Mar-21
May-21
Jul-21
Sep-21

Jan-22
Mar-22
May-22
Jul-22
Sep-22

Jan-23
Mar-23
May-23
Jul-23
Sep-23

Jan-24
Mar-24
May-24
Page 47
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings by region

May-23 May-24
16,000
14,418
14,000
12,000
Active Listings

10,234
10,000
8,000 6,620
6,000 5,064 4,830
4,000 3,574
1,396 1,259 1,495
2,000 996
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 increased in all regions
May 2024
80% Sales Active Listings
Year-to-Year % Chg

41.7% 40.2% 40.9%

40% 37.1%
18.7%
4.3% 0.6% 0.0%
0%
-1.0%
-8.4%

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

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

Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Housing supply increased in all but 3 counties in the State
100%
Active Listings (Existing Single-Family Homes)
80%

60%

40%
YTY% chg.

20%

0%

-20%

-40%
-37.7%
-60%

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

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Market
Competitiveness

page 51
 Time on market shrunk into the mid-teens

70 California, May 2023: 17 Days; May 2024: 16 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

May-23 May-24
30
26
25
25
Days on Market

20 20 19
20 1717 17 17 17 17 1716
1516 16
14 15 15 15
15

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% 100.7% 100.6%
101%
100.0% 100.1% 100.0% 100.1% 100.0% 100.0% 100.0%
100%
100%
99%
99% 98.3%
98%
98%
97%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
May-23 May-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%
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-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
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: 32.9%; 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: +4.1%
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
5/1/2024
Share Reduced Median Reduction

SERIES: Listing Price of Existing Single-Family Homes Page 57

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®