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A slowdown in floor calls and listings appointments marks the end of homebuying season. Multiple offers decline and paired with price reductions increasing, the market competition have eased. However, REALTORS® are staying positive and expect the market to improve.

Market Conditions
• The floor calls index had the steepest decline since May 2016 and dipped below 50. The index was 44 for August, down from 52 last month and 55 last year.
• Listing appointments and client presentations saw declines as the index was below 50 for the first time this year. The index declined to 47, down from 54 last month and 53 from last year.
• The open house traffic index remained strong and stay above 50. The index was 54 in August, down from last month at 56 but up from last year’s index of 49.
• Lack of inventory continued to be the number one concern among California REALTORS®, reaching 35%. Decline in housing affordability and inflated home prices followed with 22% and 14% respectively.
• REALTOR® optimism about market conditions continued and remained above fifty. The index increased registering a 55 in August, an increase from 55 last month and 51 last year.

Last Transaction
• The percentage of properties selling below asking price remained decreased to 37% from 41% last year. The percentage of properties selling above asking price increased from 29% last year to 31%. The percentage of properties selling at asking price increased to 32%. The net percentage of properties sold above asking price was -6%.
• For the 37% of properties selling below asking price, the average percentage paid below asking price decreased to 12% from 13% last month, but flat from last year.
• For the 31% of properties selling above asking price, the average premium paid over asking increased to 12% from 9% last month and 10% last year.
• The share of properties that received multiple offers was 60%, down from 64% last month and 62% last year.  Also, the proportion of properties with three or more offers decreased to 38%. The average number of offers per property was 2.7 offers.
• Home prices are more in line with the market as the proportion of homes that had listing price reductions decreased annually. The share of reductions was 23%, up from 21% last month and down from 31% last year.

August 2017:   PPT  |  PDF