California Housing Market Update Monthly Sales and Price Statistics February 2019
Sales Highest in 6 Months California, February 2019 Sales: 399,080 Units, -9.0% YTD, -5.6% YTY Feb-18: 422,910 Feb-19: 399,080 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 down 10 Months in a Row 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 Still down but Had the Smallest Decline since Oct 2018 Data from historical file SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® *Sales are not seasonally adjusted and annualized 4
So. California Sales Declined, but Drop Less than 10% for the1st Time in 4 Months 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 Continues to Decline, but Decrease at a Slower Pace 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 All Price Segments February 2019 (YTY% Chg.) Data found in MPPA SERIES: Sales of Existing Detached Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Home Prices Continued to Grow but at a Very Modest Pace California, February 2019: $534,140, -0.6% MTM, +2.2% YTY Feb-19: $534,140 Feb-18: $522,440 SERIES: Median Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Price Growth Remained near Lowest Level since Early 2012 From historical SERIES: Median Price of Existing Condo/Townhomes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Condo/Townhome Median Price Had Its First Year-over Year Dip since April 2012 Feb-18: $454,500 Feb-19: $450,000 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®
List Price Suggests a Bounce Back in Sales Price Growth 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: 33.4%; Median Reduction Amount: -4.0% From Jordan SERIES: Listing Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Price Per Square Inched Up from Last Year and Last Month February 2019: $272, Up 3.0% MTM, Up 2.3% YTY Feb-19: $272 Feb-18: $266 SERIES: Median Price Per Square Feet of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Sales Price -to-List Price Bounced Back after Hitting Lowest Level in Four Years February 2019: 98.0%, +0.7% MTM, -1.2% YTY Feb-18: 99.2% Feb-19: 98.0% 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 Dipped from Prior Month for the First Time since March 2018 California, February 2019: 33.0 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 Highest in Three Years February 2018: 3.9 Months; February 2019: 4.6 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 Had Smallest Growth in Six Months Data from Sales vs Listings SERIES: Active Listing of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Price vs. Price/Sq. Ft Feb 2019 Data from UIPR SERIES: Active Listings of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Housing Supply Improved in All but the Lowest Price Segment Feb 2019 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 Feb 2019 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