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

2. Sales Reached the Lowest Level since Jan 2015
California, December 2018 Sales: 372,260 Units, -5.2% YTD, -11.6% YTY
Dec-17: 420,960
Dec-18: 372,260
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 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

4. Bay Area Sales Had the Largest YOY Decline since Oct 2010
Data from historical file
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 Dip by Double-Digit
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

6. Central Valley Sales Dropped the Most in Nearly Five Years
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

7. Sales Declined in All Price Segments
December 2018 (YTY% Chg.)
Data found in MPPA
SERIES: Sales of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

8. Home Prices Continued to Grow but at a Very Modest Pace
California, December 2018: $557,600, +0.5% MTM, +1.5% YTY
Dec-18: $557,600
Dec-17: $549,550
SERIES: Median Price of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

9. Price Growth Remained near Lowest Level since Early 2012
From historical
SERIES: Median Price of Existing Condo/Townhomes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

10. Condo/Townhome Median Price Leveling off as Markets Move into Off Season
Dec-18: $460,660
Dec-17: $446,840
SERIES: Median Price of Existing Condos/Townhomes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

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

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

13. 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®

14. Reduced-Price Listings
Share of Listings with a Reduced Price: 38.3%; Median Reduction Amount: -4.3%
From Jordan
SERIES: Listing Price of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

15. Price Per Square Inched Up from Last Year, but Declined from November
December 2018: $268, Down 5.0% MTM, Up 1.1% YTY
Dec-18: $268
Dec-17:
$266
SERIES: Median Price Per Square Feet of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

16. Sales Price -to-List Price Hit the Lowest Level since Jan 2015
December 2018: 97.4%, -0.5% MTM, -1.3% YTY
Dec-17: 98.7%
Dec-18: 97.4%
SERIES: Sales to List Ratio of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

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

18. Time on Market Rises as the Market Slows
California, December 2018: 32.0 Days
Range since 1988:
Low 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®

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

20. Inventory Index Down MTM but Up from 2017
December 2017: 2.5 Months; December 2018: 3.5 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®

21. Active Listings Continued to Increase for the 9th Consecutive Month
Data from Sales vs Listings
SERIES: Active Listing of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

22. Housing Supply Improved across the Board
Dec 2018
Data from UIPR
SERIES: Active Listings of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

23. 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®

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

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

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

27. Active Listings by Month
From Jordan