Pending Home Sales Index

July 21, 2017

 Decline in Pending Sales Suggests Softening in Closed Sales in
Upcoming Months
California: June 2017
Jun-16:
123.0 Jun-17:
140 117.9

120

100

80

60

40

20

SERIES: Pending Home Sales Index, Seasonally Adjusted

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Pending Sales vs. Closed Sales
(Year-to-Year Percent Change)
California: June 2017
140% YTY% Chg. in Pending Sales YTY% Chg. in Closed Sales

120%

100%

80%

60%

40%

20%
C: +2.2%
0%
P: -0.9%
-20%

-40%

SERIES: Pending Home Sales Index

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Bay Area Dropped for the 8th Consecutive Month YTY

June 2017: San Francisco Bay = 148.0

300

250

200

150

100

50

SERIES: Pending Home Sales Index

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 So CA Increased for the Second Month

June 2017: Southern California = 116.4

160

140

120

100

80

60

40

20

SERIES: Pending Home Sales Index

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Central Valley Region Increased Most

June 2017: Central Valley = 106.2

140

120

100

80

60

40

20

SERIES: Pending Home Sales Index

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Pending Home Sales By Region

June 2017
6%
5.2%
5%
Year-to-Year % Chg.

4%

3% 2.5%

2%

1%

0%

-1% -0.6%
SF Bay Area Southern California Central Valley

SERIES: Pending Home Sales Index

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Regional Pending Sales
(Year-to-Year Percent Change)

June 2017: SF Bay = -0.6% So CA = +2.5% Central Valley = +2.1%

80%
SF Bay Area So CA Central Valley

60%

40%

20%

0%

-20%

-40%

-60%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 County Pending Sales

Yearly %
County/Region/State Jun-17 Jun-16
Change
Kern 79.5 75.2 5.7%
Los Angeles 92.4 94.0 -1.7%
Orange 82.6 76.3 8.3%
Riverside 55.7 59.8 -6.9%
San Diego 140.9 146.2 -3.6%
San Bernardino 84.3 76.4 10.3%
Monterey 58.2 62.6 -7.0%
Sacramento 76.8 82.1 -6.5%
San Francisco 137.2 112.3 22.2%
San Mateo 99.0 110.0 -10.1%
Santa Clara 101.5 101.9 -0.4%
Santa Cruz 107.6 127.6 -15.7%
SF Bay Area 148.0 148.9 -0.6%
So. CA 116.4 113.6 2.5%
Central Valley 106.2 101.0 5.2%
California (SA) 117.9 119.0 -0.9%

SERIES: Pending Home Sales Index

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 California Market Velocity Increases

40% Price Growth Market Velocity 150.0%

30% Jun-17:
71.0%
20% 100.0%

10%
50.0%
0%

-10%
0.0%
-20%
Jun-16:
14.4%
-30% -50.0%
-40%

-50% -100.0%

SERIES: Market Velocity Index

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS