California Housing Market Update Monthly Sales and Price Statistics October 2018

Sales Had the 2nd Largest Drop in the Last 6 Months California, October 2018 Sales: 397,060 Units, -3.7% YTD, -7.9% YTY Oct-17: 431,070 Oct-18: 397,060 Peak:624,957 units in 2005 Valley:189,345 units in 1982 2012 annual sales up 4.3% from 2011 2011 annual sales up 1.4% from 2010 2010 annual sales down 12.3% from 2009 2009 annual sales up 24.5% from 2008 2008 annual sales up 30.4% from 2007 2007 annual sales down 33.4% from 2006 2006 annual sales down 23.8% from 2005 2005 annual sales up 0.8% from 2004 2004 annual sales up 3.8% from 2003 2003 annual sales up 7.6% from 2002 2002 annual sales up 14.1% from 2001 2001 annual sales down 4.7% from 2000 YTD 2000 annual sales up 1.4 from 1999 1999 sales up 7.3% over 1998 10/93: 41.0 Consumer Confidence 01/00: 148.6 03/03: 63.0 5/07: 128.4 2/09: 23.9 SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® *Sales are seasonally adjusted and annualized

California Home Sales Continued on a Declining Trend Data from historical file SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® *Sales are seasonally adjusted and annualized 3

Bay Area Sales Bounced Back but Still Down from Last Year Data from historical file SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® *Sales are not seasonally adjusted and annualized 4

Southern California Home Sales Continued to Have the Biggest Fall among All Regions YoY % chg. Data from historical file SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® *Sales are not seasonally adjusted and annualized 5

Central Valley Sales Remained on a Declining Trend in October YoY % chg. Data from historical file SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® *Sales are not seasonally adjusted and annualized 6

Sales Declined in Sub-Million Dollar Markets October 2018 (Year-to-Year) Data found in MPPA SERIES: Sales of Existing Detached Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Home Prices Continued to Grow but at a More Moderate Pace California, October 2018: $572,000, -1.2% MTM, +4.7% YTY Oct-18: $572,000 Oct-17: $546,430 SERIES: Median Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Prices Growing at Mid Single-Digit Rate From historical SERIES: Median Price of Existing Condo/Townhomes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Condo/Townhome Median Price Leveling off as Markets Move into Off Season Oct-18: $476,440 Oct-17: $450,880 SERIES: Median Price of Existing Condos/Townhomes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

CA Median Price (Existing SFH) SERIES: Median Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 11

Year-over-Year Price Growth by Percentile From Jordan SERIES: Median Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Slow Growth in List Price Suggests Sales Price Tapering Off in the Near Term SERIES: Sales to List Ratio of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Reduced-Price Listings Share of Listings with a Reduced Price: 43.6%; Median Reduction Amount: -4.4% From Jordan SERIES: Listing Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Price Per Square Increased from Last Year, but Virtually Unchanged from September October 2018: $282, Down 0.0% MTM, Up 4.4% YTY Oct-18: $282 Oct-17: $270 SERIES: Median Price Per Square Feet of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Sales Price -to-List Price Hit the Lowest Level in 21 Months October 2018: 98.1%, -0.4% MTM, -0.8% YTY Oct-17: 98.9% Oct-18: 98.1% SERIES: Sales to List Ratio of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Sales-to-List Price Ratio by Percentile From Jordan SERIES: Sales to List Ratio of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Time on Market Rises as the Market Slows California, October 2018: 26.0 Days Range since 1988: Low - 21.9 days in May 2004 High – 93 days in Feb 1993 SERIES: Median Time of Market of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Median Time on Market by Percentile From Jordan SERIES: Median Time on Market of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Inventory Index Dipped from September as Sales Climbed from Prior Month October 2017: 3.0 Months; October 2018: 3.6 Months Range since 1988: Low: 1.3 months in May 2004 High: 18.8 months in Apr 1991 Long-run average: 6.9 months 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®

Active Listings Continued to Increase for the 7th Consecutive Month Data from Sales vs Listings SERIES: Active Listing of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Housing Supply Improved across the Board, Except for the Sub-$200k Price Segment Oct 2018 Data from UIPR SERIES: Active Listings of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Inventory Improved as Sales Continued to Fall Data from historical 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®

Active Listings Increased in All Regions Data from sales vs listings SERIES: Active Listings of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Active Listings Increased in All Regions Oct 2018 Data from sales vs listings SERIES: Sales and Listings of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Inventory Index Highest in Millions Data from UIPR SERIES: Unsold Inventory Index of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Active Listings by Month From Jordan