California

Housing Market
Update
Monthly Sales and
Price Statistics
January 2023
California Housing Market Snapshot

January 2023

241,520 Existing Home Sales

-45.7% YTY -45.7% YTD % change

Unsold Median Days

Price Inventory Index on Market

$751,330 3.6 months 33 days

-1.9% Y2Y +100.0% Y2Y +175.0% Y2Y

CALIFORNIA ASSOCIATION OF REALTORS®

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02
January 2023 Southern California Housing Snapshot

-41.1% YTY Existing Home Sales

-41.1% YTD % change

$738,250 Existing Home Price

-0.2% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.6 months 32 days 96.7%

CALIFORNIA ASSOCIATION OF REALTORS®

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3
January 2023 Central Coast Housing Snapshot

-35.1% YTY Existing Home Sales

-35.1% YTD % change

$894,500 Existing Home Price

-2.8% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.5 months 30 days 95.9%

CALIFORNIA ASSOCIATION OF REALTORS®

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4
January 2023 Central Valley Housing Snapshot

-43.3% YTY Existing Home Sales

-43.3% YTD % change

$425,000 Existing Home Price

-6.6% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.7 months 32 days 96.5%

CALIFORNIA ASSOCIATION OF REALTORS®

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5
January 2023 Bay Area Housing Snapshot

-36.9% YTY Existing Home Sales

-36.9% YTD % change

$1,000,000 Existing Home Price

-14.6% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.8 months 32 days 96.8%

CALIFORNIA ASSOCIATION OF REALTORS®

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6
January 2023 Far North Housing Snapshot

-39.6% YTY Existing Home Sales

-39.6% YTD % change

$367,000 Existing Home Price

-3.4% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

5.0 months 49 days 94.8%

CALIFORNIA ASSOCIATION OF REALTORS®

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7
Sales
 Sales inch up but remain near 2007 Great Recession
levels
California, January 2023 Sales: 241,520 Units, -45.7% YTD,
700,000
-45.7% YTY, +0.4% MTM
600,000
500,000
400,000
300,000
200,000
100,000
-
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21
SERIES: Sales of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
9
 Sales remain depressed as affordability nears all-time low

100%
80% Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
60%
40%
20%
0%
-20%
-40%
-45.7%
-60%

SERIES: Sales of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
10
 YoY % chg.

0%

-60%
-40%
-20%
100%
120%

20%
40%
60%
80%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Bay Area

Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Bay Area sales show slight improvement

6 per. Mov. Avg. (Bay Area)

Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes

Jan-23
11
-36.9%

page
 YoY % chg.

0%

-60%
-40%
-20%
100%

20%
40%
60%
80%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
So CA

Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
6 per. Mov. Avg. (So CA)

May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
So. California sales appear to be finding bottom

Sep-21
Jan-22
May-22
Sep-22
Jan-23
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes
-41.1%

12
page
 YoY % chg.

0%

-50%
-40%
-30%
-20%
-10%
10%
20%
30%
40%
50%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Central Valley

Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
Central Valley sales resume downward trend

May-20
6 per. Mov. Avg. (Central Valley)

Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes

Sep-22
Jan-23
13
-43.3%

page
Sales by Region
January 2023 January 2023 Home Sales Growth by
Home Sales by Region Region
Other Far North YTY % MTM %
Counties 0%
3%
6% -10%
-20%
-19.4% -19.0% -18.4%
Central Valley -30%
-30.8% -28.1%
21% Southern -40% -35.1% -36.9%
-38.1% -39.6%
California -41.1% -43.3% -44.8%
-50%
50%

S.F. Bay
Area
16%
Central
Coast
4% CALIFORNIA ASSOCIATION OF REALTORS®
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14
 Sales at every price point are behind last year
by at least 35%
January 2023 Share by Price Segment
(YTY% Chg.)
0%
32%
$0 - $499k
30%
-20%

-40% -38% -35% 44%

-39% -41% $500 - $999k
-42% -43% -46% 45%
-60%

25%
2023
$1M+ 2022
25%

SERIES: Sales of Existing Detached Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
15
 Sales remain suppressed in all price points

$0 - $299k $300 - $399k $400 - $499k $500 - $749k

350% $750 - $999k $1,000 - $1,999k $2,000k+
YTY % Chg. in Sales

300%
250%
200%
150%
100%
50%
0%
-50%
-100%
Jun-19

Oct-19

Jun-20

Oct-20

Jun-21

Oct-21

Jun-22

Oct-22
Apr-19

Apr-20

Apr-21
Dec-18

Aug-19

Dec-19

Aug-20

Dec-20

Aug-21

Apr-22
Dec-21

Aug-22

Dec-22
Feb-19

Feb-20

Feb-21

Feb-22
SERIES: Percent Change in Sales page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
16
Mix of Sales rebalancing to more normal levels

Share Gap $0-$499k $1,000k and up

60%
50%
40%
% of Sales

30% 31.9%
24.5%
20%
10%
0%
-10%
COVID-19
-20% Outbreak
Jul-19

Jul-20
May-19

Mar-20
May-20

Mar-21

Jul-21
May-21

Mar-22

Jul-22
May-22
Sep-19
Nov-19

Sep-20
Nov-20

Sep-21
Nov-21

Sep-22
Nov-22
Jan-20

Jan-21

Jan-22

Jan-23
SERIES: Sales by Price Range page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
17
 YTY % Chg. in Pending Sales

0%

-60%
-40%
-20%
100%

20%
40%
60%
80%
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Pending sales improve as mortgage rates cool

Apr-22
Jul-22
Oct-22
SERIES: Percent Change in Pending Sales
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Jan-23
-34.5%

18
page
 Pending sales – remain sensitive to interest rates

SFH Condo/Townhome
250%
YTY % Chg. in Pending Sales

200%
150%
100%
50%
0%
-34.5%
-50% -40.7%
-100%
Oct-18

Oct-19

Oct-20

Oct-21

Oct-22
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Apr-18

Apr-19

Apr-20

Apr-21

Apr-22
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
SERIES: Percent Change in Pending Sales page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
19
 Pending sales inch up except at top price tier

$0 - $299k $300 - $399k $400 - $499k $500 - $749k $750 - $999k $1,000 - $1,999k $2,000k+

500%
YTY % Chg. in Pending Sales

400%

300%

200%

100%

0%

-100%

SERIES: Percent Change in Pending Sales page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
20
 Pending sales rose sharply from last month due to
seasonal change
$0 - $299k $300 - $399k $400 - $499k $500 - $749k
60% $750 - $999k $1,000 - $1,999k $2,000k+
MTM % Chg. in pending Sales

40%

20%

0%

-20%

-40%

-60%

Oct-21
Jan-21

Jun-21

Jan-22

Jun-22

Oct-22

Jan-23
Apr-21

Nov-21

Nov-22
Mar-21

May-21

Aug-21

Apr-22

Aug-22
Jul-21

Sep-21

Dec-21

Mar-22

May-22

Jul-22

Sep-22

Dec-22
Feb-21

Feb-22
SERIES: Percent Change in Pending Sales page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
21
Pending sales move up in all price ranges due primarily
to seasonality
January 2023 (MTM% Chg.)
Sales Pending
50%
40% 37.1% 35.5%
30.0% 28.7%
30% 23.1%
20% 15.4%
10% 7.1%
0%
-10%
-20%
-30% -20% -20%
-22%
-40% -24% -26% -25% -31%

SERIES: Sales of Existing Detached Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
22
Price
 California median home price softens, growth declines
for third consecutive month
California, January 2023: $751,330, -3.0% MTM, -1.9% YTY
$1,000,000
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21
SERIES: Median Price of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
24
 Condo/Townhome median price moderates

California, January 2022: $600,000, January 2023: $580,000

$800,000
$700,000
Median Price

$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
Oct-08

Oct-15
Jan-07

Jun-13
Jan-14

Jun-20

Oct-22
Jan-21
Aug-07

Apr-12
Nov-12
Mar-08

May-09
Dec-09

Aug-14

Apr-19
Nov-19
Jul-10

Sep-11

Mar-15

May-16
Dec-16

Aug-21
Jul-17

Sep-18

Mar-22
Feb-11

Feb-18
SERIES: Median Price of Existing Condos/Townhomes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
25
 Median price growth for condos and single-family
homes decelerates
50% Condo Single-Family Homes
40%
30%
20%
YTY% Chg. in Price

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

SERIES: Median Price of Existing SFH & Condo/Townhomes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
26
 Price/Square foot continues to soften

January 2023: $371, -1.6% MTM, -0.3% YTY

$500
$450
PRICE PER SQ. FT.

$400
$350
$300
$250
$200
$150
$100
$50
$0
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
SERIES: Median Price Per Square Feet of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
27
 Per sq. ft. prices are down roughly half as much
except SoCal which still show appreciation
Year to Year Change in Existing SFR Prices (January 2023)
Median Price $/Sq. Ft.
4% 2.6%
2%
0%
-2% -0.3% -0.2%
-1.9% -1.4% -2.0%
-4% -3.3% -2.8% -3.4%
-6% -4.4% -4.8%
-8% -6.6%
-10% -8.4%
-12%
-14%
-16% -14.6%
SFR Condo Central Central Far North S.F. Bay Southern
Coast Valley Area California

SERIES: Median Price Per Square Feet of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
28
 The Price/Square foot gap between home types remains
wide

Diff. in Price/Sq. Ft. SFH Condo/Townhome

$700
PRICE PER SQ. FT.

$600
$500 $507
$400
$371
$300
$200
$100
$0
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
SERIES: Median Price Per Square Feet of Existing Single Family Homes
and Condo/Townhomes
page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 29
 Sales price-to-list price ratio bounces back

January 2023: 96.5%, +0.4% MTM, -4.7% YTY

106%
Sales-to-List Price Ratio

104%
102%
100%
98%
96%
94%
92%
90%
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
SERIES: Sales to List Ratio of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
30
 Share of homes sold above asking price about 1/3 of
what they were a year ago
80% 72.8%
% of sales with price above

70%
60% 57.4%
asking price

50%
40%
30%
20.5%
20%
10%
0%
Oct-17

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22
Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Apr-17
Jul-17

Apr-18
Jul-18

Apr-19
Jul-19

Apr-20
Jul-20

Apr-21
Jul-21

Apr-22
Jul-22
SERIES: Sales with sold price above asking price (Existing SFH) page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
31
 Homes sold above asking price - by county

January 2023: % sold above asking price 50%

50%
45% 44%
40%
35%
30%
25%
20%
15%
10%
5% 0%
0%

SERIES: % of homes sold above asking price page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
32
 YTY% Chg. in Price

0%

-30%
-20%
-10%
10%
20%
30%
40%
Jan-10 50%
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
List price vs. sales price

Jul-14
Jan-15
Jul-15
Listing Price

Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Sales Price

Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
SERIES: List price growth and sales price growth
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Jan-22
Jul-22
33

Jan-23
page
 Price growth by percentiles

60% 0-20 20-40 40-60 60-80 80-100

50%

40%
YTY% Chg. in Price

30%

20%

10%

0%

-10%
Oct-18

Oct-19

Oct-20

Oct-21

Oct-22
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Apr-18

Apr-19

Apr-20

Apr-21

Apr-22
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
SERIES: Percent Change in Price page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
34
 California Market Velocity and Price Growth

Price Growth Market Velocity (12 month trailing average)

50% 120.0%
40% 100.0%
Market Velocity

30% 80.0%
60.0%
20%
40.0%
10%
20.0%
0% 0.0%
-10% -20.0%
-20% -40.0%

SERIES: Market Velocity & Price Growth page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
35
 Mortgage payment growth lessens as rates wane down

California Median Price vs. Mortgage Payment

30 Yr. FRM
8%
60%
7% 50%
6.27%
6% 40%
30%

YTY% Chg.
5%
20%
4% 3.45% 10%
3% 0%
-10%
2%
-20%
1%

Oct-17
Jan-16

Jun-22
Jan-23
Aug-16

Nov-21
Mar-17

May-18
Dec-18
Jul-19

Apr-21
Sep-20
Feb-20
0%
Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
May-16

May-17

May-18

May-19

May-20

May-21

May-22
Sep-16

Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22
Price Growth Mortgage Pmt Growth

SERIES: Price Growth vs. Mortgage Payment Growth page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
36
 Mortgage payment growth ebbs as rates and price
moderate
California Median Price vs. Mortgage Payment
60% Price Growth Mortgage Pmt Growth
50%
40%
YTY% Chg.

35.4%
30%
20%
10%
0% -1.9%
-10%
-20%
Oct-16

Oct-17

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22
Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Apr-16

Apr-17

Apr-18

Apr-19

Apr-20

Apr-21

Apr-22
Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
SERIES: Price Growth vs. Mortgage Payment Growth page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
37
 Inventory &
Active Listings
 Inventory ticks up – as new listings hit the market

January 2022: 1.8 Months; January 2023: 3.6 Months

18.0
16.0
Months of Supply

14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21
SERIES: Unsold Inventory Index of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
39
 Inventory adds up

January 2022: 1.8 Months; January 2023: 3.6 Months

5

4
Months of Supply

0
Mar-19

Jul-19

Jul-21
May-19

Mar-20

Jul-20
May-20

Mar-21
May-21

Mar-22

Jul-22
May-22
Sep-19
Nov-19

Sep-20
Nov-20

Sep-21
Nov-21

Sep-22
Nov-22
Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
SERIES: Unsold Inventory Index of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
40
 Unsold Inventory grows as new listings sales remain
subdued
9.0
8.0 Bay Area So CA Central Valley
7.0
Months of Supply

6.0
5.0
4.0 3.7
3.6
3.0 2.8
2.0
1.0
0.0
Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
SERIES: Unsold Inventory Index of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
41
Active listings remain above levels seen last two years

California Active Listings by Month

70,000
60,000
50,000
40,000
30,000
20,000
10,000
0

2018 2019 2020 2021 2022 2023

CALIFORNIA ASSOCIATION OF REALTORS®

page
42
Active listings following seasonal patterns

California Active Listings by Month

70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Oct-18

Oct-19

Oct-20

Oct-21

Oct-22
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Apr-18

Apr-19

Apr-20

Apr-21

Apr-22
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
CALIFORNIA ASSOCIATION OF REALTORS®
page
43
 0%

-80%
-60%
-40%
-20%
100%

20%
40%
60%
80%
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
year by double-digits

Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Year-over-Year % Chg

Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Active listings continue to increase from last

Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Active Listing of Existing Single Family Homes

Jul-22
Sep-22
Nov-22
Jan-23
44
64.8%

page
 Supply remains tight as fewer new listings than in
previous years were added to the market
New Listings (Existing Single-Family Homes)
35,000 60%

30,000 40%
# of new listings

YTY% chg. in new listings

25,000 22,649 20%
19,893
20,000
16,104 0%
15,000 14,382
12,035
-20% -16.3%
10,000

5,000 -40%

0 -60%
Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Apr-19

Apr-20

Apr-21

Apr-22
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-19

Jul-19
Oct-19
Jan-20

Jul-20
Oct-20
Jan-21

Jul-21
Oct-21
Jan-22

Jul-22
Oct-22
Jan-23
May-18

May-19

May-20

May-21

May-22

SERIES: New Listings (Existing Single-Family Homes) page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
45
 New active listings exceeded sales for the first time in
three months
Sales vs. New Active Listings
35,000
New Active Sales
30,000

25,000 16,243

20,000 14,382
12,035
15,000 9,605
10,000

5,000

0
Mar-18

Sep-18
Jan-18

Jul-18

Mar-19

Sep-19
May-18

Jan-19

Jul-19

Mar-20

Sep-20
Nov-18

May-19

Jan-20

Jul-20

Mar-21

Sep-21
Nov-19

May-20

Mar-22
Nov-20
Jan-21

Jul-21

Sep-22
May-21

Nov-21
Jan-22

Jul-22
May-22

Nov-22
Jan-23
SERIES: New Listings vs. Sales (Existing Single-Family Homes) page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
46
 Overall supply level remains above last year as sales
continue to be depressed
yty% chg. in sales yty% chg. in new active listings yty% chg. in total active listings

100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

page
47
 Active listings by region

Jan-22 Jan-23
14,000
12,000 11,674
Active Listings

10,000
8,000 6,831
6,000 5,206
4,000 2,936 2,989
1,865
2,000 786 1,077
577 892
0
San Francisco Southern Central Valley Central Coast Far North
Bay Area California
SERIES: Active Listings of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
48
 Inventory builds up in all regions as sales remain
muted across the state
January 2023
Sales Active Listings
120%

74.2%
Year-to-Year % Chg

80% 70.9%
57.4% 54.6%
40% 37.0%

0%

-40% -36.9%
-41.1% -35.1% -39.6%
-43.3%
-80%
Central Valley Southern San Francisco Central Coast Far North
California Bay Area
SERIES: Sales and Listings of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
49
 YTY% chg.

-50%
100%
150%
200%
300%

0%
50%
Solano

250%242.4%
Yuba
Riverside
Other County
Amador
Placer
Yolo
Tulare
Sutter
Kings
Orange
Butte
Ventura
Fresno
San Joaquin
San Luis Obispo
Kern
Contra-Costa
Merced
Humboldt
Santa Cruz
Monterey
Madera
Stanislaus
Marin
Lassen
San Diego
Sacramento
Los Angeles
San Bernardino
Sonoma
Calaveras
San Benito
San Mateo
Alameda
El Dorado
Santa Clara
Active Listings (Existing Single-Family Homes)

Shasta
San Francisco
Lake
Napa
Housing supply improves in nearly all counties

Tehama
Mendocino
Siskiyou
Glenn
Santa Barbara
Tuolumne
Mariposa
SERIES: Active Listings (Existing Single-Family Homes)
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Nevada
Plumas
Del Norte
Mono
-27.3%

50
page
Market Competitiveness
 Time on market trends up as competitiveness cools

California, January 2022: 12 Days; January 2023: 33 Days

70
Days on Market

60
50
40
30
20
10
0

SERIES: Median Time of Market of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
52
Median time on market by percentile

Median Time on Market

Jan-22 Jan-23
50
45
45
40 36 36 36
34
Days on Market

35 33 33 32 33
31 31
30
25
20 17 17
15 13 12 13 12
11 11 11
10
5
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 page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
53
 Sales-to-list price ratio by percentile

California Sales-to-List Price Ratio by Quintile

102%
101%
100% 99.5% 99.3%
99.0%
99% 98.5% 98.6%
97.6% 97.9% 97.6%
98%
97% 96.5%
96.0%
96%
95%
94%
93%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Jan-22 Jan-23
SERIES: Sales to List Ratio of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
54
 Median sales vs. list price growth $1M+ properties

California Median Sales vs. List Price Growth

20%
15%
YTY% Chg. in Price

10%
5%
0%
-5%
-10%
-15%
-20%
Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
Listing Price Sales Price

SERIES: Sales to List Ratio of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
55
 Reduced-Price Listings

Share of Listings with a Reduced Price: 35.8%; Median Reduction Amount: -5.4%
50% 10%
45% 9%
40% 8%

Median Reduction
(Absolute Value)
35% 7%
30% 6%
% Share

25% 5%
20% 4%
15% 3%
10% 2%
5% 1%
0% 0%
1/1/2010
7/1/2010
1/1/2011
7/1/2011
1/1/2012
7/1/2012
1/1/2013
7/1/2013
1/1/2014
7/1/2014
1/1/2015
7/1/2015
1/1/2016
7/1/2016
1/1/2017
7/1/2017
1/1/2018
7/1/2018
1/1/2019
7/1/2019
1/1/2020
7/1/2020
1/1/2021
7/1/2021
1/1/2022
7/1/2022
1/1/2023
Share Reduced Median Reduction
SERIES: Listing Price of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
56
 Growth in Reduced-Price Listings

Growth in Share of Listings with a Reduced Price: +17.4%

Growth in Median Reduction Amount: +0.3%
25% 1.2%
20% 1.0%
15% 0.8%
YTY % chg.

10% 0.6%
5%
0.4%
0%
-5% 0.2%
-10% 0.0%
-15% -0.2%
-20% -0.4%
1/1/2015
5/1/2015
9/1/2015
1/1/2016
5/1/2016
9/1/2016
1/1/2017
5/1/2017
9/1/2017
1/1/2018
5/1/2018
9/1/2018
1/1/2019
5/1/2019
9/1/2019
1/1/2020
5/1/2020
9/1/2020
1/1/2021
5/1/2021
9/1/2021
1/1/2022
5/1/2022
9/1/2022
1/1/2023
Share Reduced Median Reduction

SERIES: Listing Price of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
57