California Housing Market

Update

Monthly Sales and Price Statistics

April 2018
 Sales Continued to Improve for the Third
Consecutive Month
California, April 2018 Sales: 416,790 Units, +1.5% YTD, +2.2% YTY
700,000

600,000
Apr-17: Apr-18:
407,960 416,790
500,000

400,000

300,000

200,000

100,000

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® *Sales are seasonally adjusted and annualized
 California Home Sales Up Again after Slow
Start
Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
25%

20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

-25%
Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® *Sales are seasonally adjusted and annualized
 Bay Area Sales Increased for the 3rd
Consecutive Month
Bay Area 6 per. Mov. Avg. (Bay Area)
30%

20%

10%
YoY % chg.

0%

-10%

-20%

-30%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® *Sales are not seasonally adjusted and annualized
 Southern California Home Sales Improved
After 5 Months of Declines
So CA 6 per. Mov. Avg. (So CA)
YoY % chg.
40%

30%

20%

10%

0%

-10%

-20%

-30%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® *Sales are not seasonally adjusted and annualized
 Central Valley Sales Climbed Further
YoY % chg. Central Valley 6 per. Mov. Avg. (Central Valley)
30%

20%

10%

0%

-10%

-20%

-30%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® *Sales are not seasonally adjusted and annualized
 More Higher-Priced Homes Sold this Year
than Last Year
Apr-17 Apr-18
30%

23%
22%
20%
16% 16% 15%
14% 14% 13% 13%
11% 11% 11%
10%
8%
6%
4%
3%

0%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales Declined in Lower Priced Segments
April 2018 (Year-to-Year)
40%
30.9%
30%
23.0%
20%
10.5%
10% 4.4%
0%

-10% -0.4% 0.0%

-6.7%
-20%

-30%
-28.9%
-40%

SERIES: Sales of Existing Detached Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 CA Median Price Continued its Fast Pace
Growth
California, April 2018: $584,460, +3.5% MTM, +8.6% YTY
P: May-07 Apr-18:
$700,000
$594,530 Apr-17: $584,460
$537,950
$600,000

$500,000
T: Feb-09
$245,230
$400,000 -59% from
peak
$300,000

$200,000

$100,000

$-

SERIES: Median Price of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Year-over-Year Price Growth by Percentile

Year-over-Year Price Growth

14% 13.0%
11.8%
12% 11.1% 11.4%

10% 9.3% 9.0% 8.6%

8.2% 8.2%
8%

6%

4%

2%

0%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100
Percentile

SERIES: Median Price of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Price Growth Remain Strong for both Homes
and Condos
50% Condo Single-Family Homes
40%
30%
20%
YTY% Chg. in Price

10%
0%
-10%
-20%
-30%
-40%
-50%

SERIES: Median Price of Existing Condo/Townhomes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Condo/Townhome Median Price Continued
to Trend up
$500,000 Condo
$450,000
$400,000
$350,000 Apr-18:
Apr-17: $476,010
Median Price

$300,000 $436,390
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Jan-05
Jun-05
Nov-05
Apr-06
Sep-06
Feb-07
Jul-07
Dec-07

Mar-09
Aug-09
Jan-10
Jun-10
Nov-10
Apr-11
Sep-11
Feb-12
Jul-12
Dec-12

Mar-14
Aug-14
Jan-15
Jun-15
Nov-15
Apr-16
Sep-16
Feb-17
Jul-17
Dec-17
May-08
Oct-08

May-13
Oct-13
SERIES: Median Prices of Existing Condos/Townhomes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 CA Median Price (Existing SFH)
Month-to-Month % Chg
15%

10%

5%

0%

-5%

-10%

-15%

SERIES: Median Price of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Price Per Square Foot Improved from Prior
Month and Surged from Last Year
April 2018: $281, Up 1.8% MTM, Up 7.7% YTY
$400

$350 Apr-18:
Apr-17: $281
$300 $261
PRICE PER SQ. FT.

$250

$200

$150

$100

$50

$0

SERIES: Median Price Per Square Feet of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales Price -to-List Price Unchanged
April 2018: 100.0%, 0% MTM, 0% YTY
Apr-17: Apr-18:
100.0% 100.0%

100%

98%
Sales-to-List Price Ratio

96%

94%

92%

90%

SERIES: Sales to List Ratio of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales-to-List Price Ratio by Percentile
Apr-17 Apr-18
102.0%
101.4%
101.5%

101.0% 100.9%

100.5%
100.2% 100.1%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
100.0%

99.5%

99.0%

98.5%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Percentile

SERIES: Sales to List Ratio of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Median Time on the Market
California, April 2018: 16.0 Days

80

70

60
DAYS ON MARKET

50

40

30

20

10

0
Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18
SERIES: Median Time of Market of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Median Time on Market by Percentile
Apr-17 Apr-18
20
18 18 18
18 17
16 16 16
16 15 15
14 14 14 14 14 14
14 13 13 13
12 12
12
10
8
6
4
2
0
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Percentile

SERIES: Median Time on Market of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Reduced-Price Listings
Share of Listings with a Reduced Price: 30.0%; Median Reduction Amount: -4.0%

Share Reduced Median Reduction

50% 0.0%
45% -1.0%
40% -2.0%

Median Reduction
Shared Reduced

35% -3.0%
30% -4.0%
25% -5.0%
20% -6.0%
15% -7.0%
10% -8.0%
5% -9.0%
0% -10.0%
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

SERIES: Listing Price of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory Index Dipped Slightly Year Over
Year
April 2017: 3.3 Months; April 2018: 3.2 Months
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0

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 Supply Increased for the First Time in
Three Years
Year-over-Year % Chg
15%
10%
5% 1.9%
0%
-5%
-10%
-15%
-20%

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: Active Listing of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory Index Highest in Millions
12
10.6
10
8.4
8

6 5.5
4.2 4.3 4.4
4 3.5 3.5 3.3 3.0 3.5 3.6 3.3 3.1
2.9 3.0 2.8 2.7 2.9 2.9 3.1 2.9

Apr-17 Apr-18

SERIES: Unsold Inventory Index of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Housing Supply Improved in Some Price
Segments
April 2018
Active Listing
10%
5.8% 5.9%
3.0% 1.9% 2.0%
0%

-5.0% -5.4%
-10%

-20%

-30% -28.3%

SERIES: Active Listings of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory Increased as Buying Season is
Underway
9.0 Bay Area So CA Central Valley

8.0

7.0

6.0

5.0

4.0 3.5
3.0 2.9
2.0 2.1
1.0

0.0

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 by Month
2017 2018
60,000

50,000

40,000

30,000

20,000

10,000

0
 Active Listings Vary by Region, with SoCal
Leading
April 2018

Sales Active Listings

10%

6%
4%
Year-to-Year % Chg

3%
2%
0%
0%

-4%

-10%
San Francisco Bay Area Southern California Central Valley

SERIES: Sales and Listings of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®