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As we enter the summer months, overall the housing market continues to do well. Multiple offers continue to climb but the premiums paid over listing have slowed down. Furthermore, REALTORS® are cautious due to the growing inventory and affordability problem causing their expectations over the next year continue to decline.

Market Conditions
• After second month in a row, the floor calls index declined. The index was 54 for June, down from 58 last month and from 55 last year.
• The listing appointments and client presentations index has been above 50 since the beginning of the year. How the index declined again to 57, down from 64 last month and 61 from last year.
• Even though the open house traffic index continued to dip last month, the index saw year over year growth for the fourth straight month. The index was 63 in June, down from last month at 68 but up from last year’s index at 53.
• Lack of inventory continued to be the number one concern among California REALTORS®, reaching 38%. Decline in housing affordability and inflated home prices followed with 23% and 16% respectively.
• REALTOR optimism about market conditions continued and remained above fifty. The index, however, declined for the fourth straight month registering a 52 in June, a decline from 58 last month and flat from last year.

Last Transaction
• The percentage of properties selling below asking price decreased from last year at 37% to 36%. The percentage of properties selling above asking price increased from 35% last year to 39%. The percentage of properties selling at asking price decreased to 25%. The net percentage of properties sold above asking price was 3%.
• For the 39% of properties selling above asking price, the average premium paid over asking decreased to 6.8% from 11% last month and last year.
• For the 36% of properties selling below asking price, the average percentage paid below asking price decreased to 9.8% from 18% last month and 11% last year.
• The share of properties that received multiple offers was 74%, up from 70% last month and 72% last year.  Also, the proportion of properties with three or more offers increased to 55%. The average number of offers per property increased to 3.5 offers.
• Home prices are less in line with the market as the proportion of homes that had listing price reductions increased.  Up from 16% last month and 22% last year to 24% in June.

June 2017:   PPT  |  PDF