1. California Housing Market Update
Monthly Sales and Price Statistics
February 2018

2. Sales Had a Strong Bounce Back in February
California, Feb Sales: 422,910 Units, +1.1% YTD, +5.4% YTY
Feb-17: 401,060
Feb-18: 422,910
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:
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

3. California Home Sales Temporarily Reversing the Downward Trend
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
*Sales are seasonally adjusted and annualized 3

4. Bay Area Sales Surged in February
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
*Sales are not seasonally adjusted and annualized 4

5. Southern California Home Sales Continued to Decline
YoY % chg.
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
*Sales are not seasonally adjusted and annualized 5

6. Central Valley Sales Climbed Further
YoY % chg.
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
*Sales are not seasonally adjusted and annualized 6

7. More Higher-Priced Homes Sold this Year than Last Year
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

8. Sales Declined in Lower Priced Segments
February 2018 (Year-to-Year)
SERIES: Sales of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

9. CA Median Price Continued to Grow at a Fast Pace
California, February 2018: $522,440, -1.0% MTM, +8.8% YTY
Feb-18: $522,440
Feb-17: $480,270
SERIES: Median Price of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

10. Condo Home Prices Increased at the Fastest Pace since April 2014
SERIES: Median Price of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

11. Bay Area: Peak v. Current Price
SERIES: Median Price of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

12. Southern California: Peak vs. Current Price
SERIES: Median Price of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

13. Condo/Townhome Median Price Hit New Peak
SERIES: Median Prices of Existing Condos/Townhomes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

14. CA Median Price (Existing SFH)
SERIES: Median Price of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 14

15. Price Per Square Foot Improved from Prior Month and Surged from Last Year
February 2018: $265, Up 3.1% MTM, Up 8.6% YTY
Feb-18: $265
Feb-17:
$244
SERIES: Median Price Per Square Feet of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

16. Sales Price -to-List Price Up YTY
February 2018: 99.2%, Up 0.5% MTM, Up 0.6% YTY
Feb-18: 99.2%
Feb-17: 98.6%
SERIES: Sales to List Ratio of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

17. Inventory Continued to Decline from 2017
February 2017: 4.0 Months; February 2018: 3.9 Months
Range since 1988:
Low: 1.3 months in April 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®

18. Supply Had the Smallest Decline since Mid 2015
February 2017: 4.0 Months; February 2018: 3.9 Months
Range since 1988:
Low: 1.3 months in April 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®

19. Inventory Index Highest in Millions
SERIES: Unsold Inventory Index of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

20. Housing Supply Improved in Some Price Segments
February 2018
SERIES: Active Listings of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

21. Inventory Improved in February
4.3
3.5
2.6
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®

22. Supply Continued to Shrink in All Regions but not as Fast as Before
February 2018
SERIES: Sales and Listings of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®