California

Housing Market Update

Monthly Sales and Price Statistics
June 2023
California Housing Market Snapshot
June 2023

277,490 Existing Home Sales

-19.7% YTY -32.9% YTD % change

Median Unsold Inventory Median

Sales Price Index Days on Market

$838,260 2.2 months 15 days

-2.4% Y2Y -8.3% Y2Y +7.1% Y2Y

page 2
June 2023 Southern California Housing Snapshot
-19.4% YTY Existing Home Sales
-31.0% YTD % change

$815,000 Existing Home Price

-1.8% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.2 months 17 days 100.0%

page 3
June 2023 Central Coast Housing Snapshot
-18.6% YTY Existing Home Sales
-30.1% YTD % change

$984,500 Existing Home Price

+0.5% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.5 months 13 days 100%

page 4
June 2023 Central Valley Housing Snapshot
-22.9% YTY Existing Home Sales
-29.2% YTD % change

$$$4$480,000 Existing Home Price

-4.0% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.2 months 13 days 100.0%

page 5
June 2023 Bay Area Housing Snapshot
-19.2% YTY Existing Home Sales
-30.2% YTD % change

$$$1,323,810 Existing Home Price

-2.7% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

1.6 months 13 days 102.9%

page 6
June 2023 Far North Housing Snapshot
-26.1% YTY Existing Home Sales
-33.9% YTD % change

$389,000 Existing Home Price

-2.8% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.8 months 17 days 98.9%

page 7
Sales

page 8
 Sales struggle to gain momentum as mortgage rates rise again
California, June 2023 Sales: 277,490 Units, -19.7% YTY, -4.1% MTM
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
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
page 9
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Sales continue to underperform compared to last year
100%
Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
80%
60%
40%
20%
0%
-19.7%
-20%
-40%
-60%

SERIES: Sales of Existing Single Family Homes page 10

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 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
Sep-19
Jan-20
6 per. Mov. Avg. (Bay Area)

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

SERIES: Sales of Existing Single Family Homes

May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Bay Area sales growth is down but moving in right direction

Sep-22
Jan-23
Page 11

May-23
-19.2%
 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
May-19
Sep-19
6 per. Mov. Avg. (So CA)

Jan-20
May-20
Southern California sales growth remains subdued

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

SERIES: Sales of Existing Single Family Homes

Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Page 12
-19.4%
 YoY % chg.

0%

-50%
-40%
-30%
-20%
-10%
10%
20%
30%
40%
Jan-10 50%
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
May-20
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes

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

Jan-21
May-21
Central Valley sales growth struggle to gain momentum

Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Page 13
-22.9%
 June 2023 Sales by Region
Home Sales by Region Home Sales Growth by Region
YTY % MTM %
Other 10% 6.5%
Far North
Counties 1.7%
2%
6% 0%
-0.8% -2.4%
-10% -2.6% -6.2%
Central Valley
22% -20% -17.6%
Southern -19.4% -18.6% -19.2%
California -22.9%
45% -30% -26.1%

S.F. Bay
Area
21% Central
Coast Page 14
4%
 Sales at the top end are slowing the fastest

June 2023 Share by Price Segment

(YTY% Chg.)
0% 25%
$0 - $499k
23%
-8%
-20% -15%
-18% -20% 43%
-21% -25% -21% $500 - $999k
44%
-40%

33% 2023
$1M+ 2022
33%

Page 15
SERIES: Sales of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales remain depressed 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%
Feb-19

Feb-20

Feb-21

Feb-22

Feb-23
Jun-19

Jun-20

Jun-21

Jun-22

Jun-23
Dec-18

Aug-19

Dec-19

Aug-20

Dec-20

Aug-21

Dec-21

Aug-22

Dec-22
Oct-19

Oct-20

Oct-21

Oct-22
Apr-19

Apr-20

Apr-21

Apr-22

Apr-23
SERIES: Percent Change in Sales Page 16
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Market share of million-dollar home sales reach
highest level in 12 months
Share Gap $0-$499k $1,000k and up
60%
50%
40% 32.7%
% of Sales

30%
20% 24.8%
10%
0%
-10% COVID-19
-20% Outbreak
Nov-19
Jan-20

Nov-20
Jan-21

Nov-21
Jan-22

Nov-22
Jan-23
Jul-19
Sep-19

Jul-20
Sep-20

Jul-21
Sep-21

Jul-22
Sep-22
Mar-20

Mar-21

Mar-22

Mar-23
May-19

May-20

May-21

May-22

May-23
SERIES: Sales by Price Range Page 17
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales have smallest decline in 19 months

100%
YTY % Chg. in Pending Sales

80%
60%
40%
20%
0%
-6.4%
-20%
-40%
-60%
Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22
May-17

May-18

May-19

May-20

May-21

May-22

May-23
SERIES: Percent Change in Pending Sales Page 18
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales trying to crawl out of deep bottom – all types

250% SFH Condo/Townhome

YTY % Chg. in Pending Sales

200%
150%
100%
50%
-6.4%
0%
-14.7%
-50%
-100%
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-18

Jul-19

Jul-22
Apr-18

Oct-18

Apr-19

Oct-19

Jul-20
Apr-20

Oct-20

Jul-21
Apr-21

Oct-21

Apr-22

Oct-22

Apr-23
SERIES: Percent Change in Pending Sales Page 19
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales nearly at last year’s levels
$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%
Jan-20

Nov-20
Jan-21

Nov-21
Jan-22

Nov-22
Jan-23
Jul-20
Sep-20

Jul-21
Sep-21

Jul-22
Sep-22
Mar-20

Mar-21

Mar-22

Mar-23
May-20

May-21

May-22

May-23
Page 20
 Pending sales sensitive to changes in mortgage rates
$0 - $299k $300 - $399k $400 - $499k $500 - $749k

80% $750 - $999k $1,000 - $1,999k $2,000k+

MTM % Chg. in pending Sales

60%
40%
20%
0%
-20%
-40%
-60%

SERIES: Percent Change in Pending Sales Page 21

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Sales expected to improve slightly in the upcoming months

June 2023 (MTM% Chg.)

Sales Pending
20%
11.0%
10% 8.1%
0.6% 2.1% 1.1% 0.6% 0.5% 2.4% 1.2%
0.4%
0%
-1.5% -1.5%
-10% -4.1% -4.4% -6.3%
-6.6%

SERIES: Sales of Existing Detached Homes Page 22

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Price

page 23
 California median home price reaches 10-month high as
competition heats up
California, June 2023: $838,260, +0.3% MTM, -2.3% 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
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
SERIES: Median Price of Existing Single Family Homes Page 24
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Condo/Townhome median price holds nearly steady
California, June 2022: $655,000, June 2023: $650,000
$800,000
$700,000
Median Price

$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$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 of Existing Condos/Townhomes Page 25
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pace of decline for all property types’ median price
moderates
50% Condo Single-Family Homes
40%
30%
YTY% Chg. in Price

20%
10%
0%
-10%
-20%

SERIES: Median Price of Existing SFH & Condo/Townhomes Page 26

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Price/Square foot continues to rise but remains below last
year
June 2023: $414, +1.2% MTM, -2.1% YTY
$500
$450
$400
PRICE PER SQ. FT.

$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 27
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Per sq. ft. prices drop sharply in the Bay Area
Year to Year Change in Existing SFR Prices (May 2023)
Median Price $/Sq. Ft.
1% 0.5%
1%
0%
-1%
-1% -0.8%
-2%
-2% -1.8%
-3% -1.9%
-2.3% -2.1% -2.3%
-1.9%
-3% -2.8% -2.7%
-4% -2.9%
-4%
-5% -4.0%-3.8% -4.0%
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 28
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 The Price/Square foot gap between home types remains wide

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

$700
$600 $554
PRICE PER SQ. FT.

$500 $414
$400
$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 29
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales price-to-list price ratio holds up amidst higher
competitiveness
106% June 2023: 100.0%, 0.0% MTM, -1.3% YTY
104%
Sales-to-List Price Ratio

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 30
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Share of homes sold above asking price jumps above 50% for
first time in 11 months as competitiveness grows
80% Apr-22, 72.9%
% of sales with price above asking

70%
60% 58.8%
51.2%
50%
40%
price

30%
20%
10%
0%
Jan-17

Jan-18
Oct-17

Oct-18
Jan-19

Oct-19
Jan-20

Oct-20
Jan-21

Oct-21
Jan-22

Oct-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

Apr-23
SERIES: Sales with sold price above asking price (Existing SFH) Page 31
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Homes sold above asking price - by county
June 2023: % sold above asking price
90%
80%
70%
60%
50%
50%
40%
30%
20%
10%
0%

SERIES: % of homes sold above asking price Page 32

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

10%
20%
30%
40%
50%

-30%
-20%
-10%
0%
Jan-10
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
Jan-16
Listing Price

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

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

Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Page 33
 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%
-20%
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Oct-18

Oct-19

Oct-20

Oct-21

Oct-22
Apr-18
Jul-18

Apr-19
Jul-19

Apr-20
Jul-20

Apr-21
Jul-21

Apr-22
Jul-22

Apr-23
SERIES: Percent Change in Price Page 34
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 California Market Velocity and Price Growth
Price Growth Market Velocity (12 month trailing average)
50% 120.0%

40% 100.0%
80.0%
30%
Market Velocity

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

SERIES: Market Velocity & Price Growth Page 35

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Mortgage payment growth ticks back up as rates rise

30 Yr. FRM California Median Price vs. Mortgage Payment

8%
60%
7% 6.71%
50%
6% 5.52% 40%
5% 30%

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

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
0%
Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
May-17
Sep-17

May-18
Sep-18

May-19
Sep-19

May-20
Sep-20

May-21
Sep-21

May-22
Sep-22

May-23
Price Growth Mortgage Pmt Growth

SERIES: Price Growth vs. Mortgage Payment Growth Page 36

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Mortgage payment growth rebounds as rates climb to
the highest level since November 2021
California Median Price vs. Mortgage Payment
60% Price Growth Mortgage Pmt Growth
50%
40%
YTY% Chg.

30%
20%
10.7%
10%
0% -2.4%
-10%
-20%
May-16

May-17

May-18

May-19

May-20

May-21

May-22

May-23
Sep-16

Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22
Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
SERIES: Price Growth vs. Mortgage Payment Growth Page 37
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory &
Active Listings

page 38
 Inventory remains constrained giving fewer options to buyers

18.0
June 2022: 2.4 Months; June 2023: 2.2 Months
16.0
14.0
Months of Supply

12.0
10.0
8.0
6.0
4.0
2.0
0.0
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
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 39
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory inches up but remains below last year’s level
June 2022: 2.4 Months; June 2023: 2.2 Months
5

4
Months of Supply

0
May-19

May-20

May-21

May-22

May-23
Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Mar-19

Nov-19

Nov-21

Nov-22
Jul-19
Sep-19

Mar-20

Nov-20
Jul-20
Sep-20

Mar-21

Jul-21
Sep-21

Mar-22

Jul-22
Sep-22

Mar-23
SERIES: Unsold Inventory Index of Existing Single Family Homes Page 40
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Unsold Inventory upticks slightly in all regions
9.0
8.0 Bay Area So CA Central Valley
7.0
Months of Supply

6.0
5.0
4.0
3.0
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 41
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings below last year’s level

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

Page 42
 Active listings struggle to grow due to lock-in effect
California Active Listings by Month
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Apr-18

Apr-19

Apr-20

Apr-21

Apr-22

Apr-23
Jan-18

Oct-18
Jan-19

Oct-19
Jan-20

Oct-20
Jan-21

Oct-21
Jan-22

Oct-22
Jan-23
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
Page 43
 100%

20%
40%
60%
80%

-80%
-60%
-40%
-20%
0%
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
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
Year-over-Year % Chg

May-20
Jul-20
Sep-20
Nov-20
Jan-21
Active listings have the biggest decline since May ‘21

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

Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Page 44
-34.0%
 Supply remains tight as new listings remain limited
New Listings (Existing Single-Family Homes)
40,000 60%
35,000 31,497 30,564 40%
30,000 28,584
# of new listings

27,326

YTY% chg. in new listings

24,894 20%
25,000
20,168
20,000 0%
15,000
-20%
10,000
-40% -29.4%
5,000
0 -60%
Jan-18
Jun-18

Aug-22

Jun-23

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Nov-18
Apr-19

Jan-23
Mar-22

May-19
Sep-19

May-20
Sep-20

May-21
Sep-21

May-22
Sep-22

May-23
Sep-19

Jul-20
Feb-20

Dec-20
May-21
Oct-21

SERIES: New Listings (Existing Single-Family Homes) Page 45

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 New active listings barely replenish closed sales

Sales vs. New Active Listings

35,000
New Active Sales 26,880
30,000 20,168
22,716
25,000
17,612
20,000
15,000
10,000
5,000
0

Jan-23
Mar-23
Jan-22
Mar-22

Nov-22
Jan-21
Mar-21

Nov-21
Jan-20
Mar-20

Nov-20

Jul-22

May-23
Jan-19
Mar-19

Nov-19

Jul-21

May-22

Sep-22
Jan-18
Mar-18

Nov-18

Jul-20

May-21

Sep-21
Jul-19

May-20

Sep-20
Jul-18

May-19

Sep-19
May-18

Sep-18

SERIES: New Listings vs. Sales (Existing Single-Family Homes) Page 46

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Overall supply level drops below last year’s level as new
listings fail to replenish inventory
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%

Page 47
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings by region

Jun-22 Jun-23
20,000
17,861
18,000
16,000
Active Listings

14,000
12,000 10,862
10,000 8,228
8,000 6,067
6,000 5,273
4,000 3,673
2,000 1,389
1,120 1,5111,370
0
San Francisco Southern Central Valley Central Coast Far North
Bay Area California

SERIES: Active Listings of Existing Single Family Homes Page 48

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings shrink in all regions
June 2023
0% Sales Active Listings

-9.3%
Year-to-Year % Chg

-18.6%-19.4% -19.4% -19.2%

-26.1% -22.9%
-40% -35.9% -39.2% -39.5%

-80%
Central Coast Far North Central Valley Southern San Francisco
California Bay Area

SERIES: Sales and Listings of Existing Single Family Homes Page 49

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 YTY% chg.

20%
40%

-80%
-60%
-40%
-20%
0%
Mariposa
Napa
28.3%

Siskiyou
Mendocino
Glenn
Plumas
Sonoma
Humboldt
Del Norte
Lake
Lassen
Amador
Madera
Santa Cruz
Marin
Shasta
Tuolumne
San Francisco
Other County
Solano
El Dorado
Monterey
Nevada
Tulare
Calaveras
San Mateo
San Luis Obispo
Yolo
Kings
Butte
Santa Barbara
San Benito
Placer
Tehama
San Bernardino
Active Listings (Existing Single-Family Homes)

Fresno
Riverside
Yuba
Merced
Housing supply drops in more than half the State

Kern
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Active Listings (Existing Single-Family Homes)

Stanislaus
Sutter
Ventura
Orange
Los Angeles
San Diego
San Joaquin
Sacramento
Santa Clara
Mono
Contra-Costa
Page 50

Alameda
-64.2%
 Market
Competitiveness

page 51
 Time on market drops to the lowest in 10 months as
competition heats up
70 California, June 2022: 14 Days; June 2023: 15 Days
60
Days on Market

50
40
30
20
10
0

SERIES: Median Time of Market of Existing Single Family Homes Page 52

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

Median Time on Market

Jun-22 Jun-23
30
26
25
Days on Market

19 20
20 17 17
15
15 14 14 15
13 1415
12 11 11 11 11 11
10 10
10

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 53

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales-to-list price ratio by percentile
California Sales-to-List Price Ratio by Quintile
102%
101.1%
101% 100.6%
100.0% 100.1% 100.0% 100.0% 100.0% 100.0% 100.0%
100%

99%
97.9%
98%

97%

96%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Jun-22 Jun-23

SERIES: Sales to List Ratio of Existing Single Family Homes Page 54

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 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%
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
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
Listing Price Sales Price
SERIES: Sales to List Ratio of Existing Single Family Homes Page 55
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Reduced-Price Listings
Share of Listings with a Reduced Price: 30.2%; Median Reduction Amount: 5.1%
50% 10%
45% 9%
40% 8%

Median Reduction
35% 7%

(Absolute Value)
30% 6%
% Share

25% 5%
20% 4%
15% 3%
10% 2%
5% 1%
0% 0%

Share Reduced Median Reduction

SERIES: Listing Price of Existing Single Family Homes Page 56
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Growth in Reduced-Price Listings
Growth in Share of Listings with a Reduced Price: -5.3%
Growth in Median Reduction Amount: -0.1%
25% 1.2%
20% 1.0%
15% 0.8%
10%
YTY % chg.

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
5/1/2023
Share Reduced Median Reduction

SERIES: Listing Price of Existing Single Family Homes Page 57

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®