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August 16, 2018
California’s housing market retreats for third straight month as affordability crunch dampens demand
- Existing, single-family home sales totaled 406,920 in July on a seasonally adjusted annualized rate, down 0.9 percent from June and down 3.4 percent from July 2017.
- July’s statewide median home price was $591,460, down 1.9 percent from June and up 7.6 percent from July 2017.
- California condominium/townhome median price hit another record high in July at $486,330.
LOS ANGELES (Aug. 16) – California’s housing market backpedaled in July on an annual basis for the third consecutive month as higher interest rates and rising home prices eroded housing affordability and dampened demand, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 406,920 units in July, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2018 if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
July’s sales figure was down 0.9 percent from the revised 410,800 level in June and down 3.4 percent compared with home sales in July 2017 of 421,460.
“In the midst of the peak home-buying season, high home prices and rising interest rates combined to crimp housing affordability, which in turn is subduing home sales,” said C.A.R. President Steve White. “Some of the reluctance by buyers appears to be driven by fears that the market may be peaking. Additionally, the lack of a federal tax incentive for homeownership could be at play given that much of the weakness is in the lower-priced, first-time buyer segment of the market.”
The statewide median home price decreased to $591,460 in July. The July statewide median price was down 1.9 percent from $602,760 in June and up 7.6 percent from a revised $549,470 in July 2017.
“While home sales continued to decline in recent months, the softening of the market is more indicative of a market shift rather than a major market correction,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “Despite the slowdown, there were some silver linings in the market in July. For example, homes priced between $500,000 and $1 million posted modest gains of about 5 percent in July thanks to growing inventory. Additionally, every price segment above $1 million continued to enjoy double-digit sales gains.”
Other key points from C.A.R.’s July 2018 resale housing report include:
Graphics (click links to open):
Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.
*Sales-to-list price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.
**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 50 counties.
Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
# # #
July 2018 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
July 2018 |
Median Sales Price of Existing Single-Family Homes |
Home Sales |
|||||||
State/Region/County |
July 2018 |
June 2018 |
|
July 2017 |
|
Price MTM% Chg |
Price YTY% Chg |
Sales MTM% Chg |
Sales YTY% Chg |
Calif. Single-family home |
$591,460 |
$602,760 |
|
$549,470 |
r |
-1.9% |
7.6% |
-0.9% |
-3.4% |
Calif. Condo/Townhomes |
$486,330 |
$482,930 |
|
$443,160 |
|
0.7% |
9.7% |
-5.6% |
-0.2% |
Los Angeles Metro Area |
$535,000 |
$539,000 |
|
$508,500 |
|
-0.7% |
5.2% |
-11.3% |
-0.1% |
Inland Empire |
$365,000 |
$360,000 |
|
$340,000 |
|
1.4% |
7.4% |
-6.1% |
0.1% |
San Francisco Bay Area |
$980,000 |
$1,045,000 |
|
$890,430 |
|
-6.2% |
10.1% |
-7.1% |
2.0% |
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
Alameda |
$970,000 |
$1,015,000 |
|
$875,500 |
|
-4.4% |
10.8% |
-6.0% |
15.5% |
Contra Costa |
$680,000 |
$702,373 |
|
$633,250 |
|
-3.2% |
7.4% |
-1.6% |
10.6% |
Marin |
$1,325,000 |
$1,415,000 |
|
$1,224,000 |
|
-6.4% |
8.3% |
-17.0% |
-11.6% |
Napa |
$727,000 |
$740,000 |
|
$695,000 |
|
-1.8% |
4.6% |
10.6% |
13.9% |
San Francisco |
$1,650,000 |
$1,620,000 |
|
$1,428,000 |
|
1.9% |
15.5% |
-17.2% |
-6.9% |
San Mateo |
$1,610,000 |
$1,650,500 |
|
$1,500,000 |
|
-2.5% |
7.3% |
-7.0% |
10.9% |
Santa Clara |
$1,351,000 |
$1,400,000 |
|
$1,165,000 |
|
-3.5% |
16.0% |
-14.6% |
-16.7% |
Solano |
$454,000 |
$450,000 |
|
$420,000 |
|
0.9% |
8.1% |
-2.2% |
4.4% |
Sonoma |
$650,000 |
$705,000 |
|
$645,000 |
|
-7.8% |
0.8% |
-4.0% |
-1.8% |
Southern California |
|
|
|
|
|
|
|
|
|
Los Angeles |
$597,520 |
$586,090 |
|
$566,240 |
|
2.0% |
5.5% |
-20.3% |
-0.9% |
Orange |
$829,000 |
$835,500 |
|
$785,000 |
|
-0.8% |
5.6% |
-5.8% |
-1.4% |
Riverside |
$408,000 |
$405,000 |
|
$385,500 |
|
0.7% |
5.8% |
-5.2% |
1.3% |
San Bernardino |
$292,000 |
$293,250 |
|
$266,250 |
|
-0.4% |
9.7% |
-7.4% |
-2.0% |
San Diego |
$650,000 |
$650,000 |
|
$613,000 |
|
0.0% |
6.0% |
-7.8% |
0.7% |
Ventura |
$662,360 |
$675,000 |
|
$648,500 |
|
-1.9% |
2.1% |
4.7% |
9.4% |
Central Coast |
|
|
|
|
|
|
|
|
|
Monterey |
$655,500 |
$632,500 |
|
$629,000 |
|
3.6% |
4.2% |
-13.3% |
2.9% |
San Luis Obispo |
$650,000 |
$612,500 |
|
$590,000 |
|
6.1% |
10.2% |
-20.4% |
1.1% |
Santa Barbara |
$550,000 |
$753,750 |
|
$611,000 |
|
-27.0% |
-10.0% |
-10.8% |
4.4% |
Santa Cruz |
$898,000 |
$925,000 |
|
$815,000 |
|
-2.9% |
10.2% |
5.7% |
30.5% |
Central Valley |
|
|
|
|
|
|
|
|
|
Fresno |
$280,000 |
$275,500 |
|
$259,900 |
|
1.6% |
7.7% |
-12.0% |
-3.1% |
Glenn |
$235,000 |
$227,710 |
|
$205,000 |
|
3.2% |
14.6% |
41.7% |
-19.0% |
Kern |
$250,000 |
$245,000 |
|
$235,000 |
|
2.0% |
6.4% |
-4.3% |
8.0% |
Kings |
$224,975 |
$245,000 |
|
$222,000 |
|
-8.2% |
1.3% |
6.3% |
-2.9% |
Madera |
$250,000 |
$268,000 |
|
$269,000 |
r |
-6.7% |
-7.1% |
-17.1% |
-38.3% |
Merced |
$267,450 |
$275,000 |
|
$260,000 |
|
-2.7% |
2.9% |
-3.8% |
16.8% |
Placer |
$495,000 |
$510,000 |
|
$453,000 |
|
-2.9% |
9.3% |
-18.3% |
-3.7% |
Sacramento |
$370,000 |
$375,000 |
|
$353,000 |
|
-1.3% |
4.8% |
-7.5% |
-1.6% |
San Benito |
$626,500 |
$570,400 |
|
$535,000 |
|
9.8% |
17.1% |
-8.0% |
-11.5% |
San Joaquin |
$370,000 |
$377,150 |
|
$350,000 |
|
-1.9% |
5.7% |
-3.9% |
4.3% |
Stanislaus |
$325,000 |
$320,000 |
|
$297,000 |
|
1.6% |
9.4% |
-8.2% |
-5.1% |
Tulare |
$239,000 |
$234,500 |
|
$219,950 |
|
1.9% |
8.7% |
-4.0% |
13.1% |
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
Amador |
NA |
NA |
|
$320,000 |
|
NA |
NA |
NA |
NA |
Butte |
$315,000 |
$323,000 |
|
$299,900 |
|
-2.5% |
5.0% |
-7.3% |
-9.2% |
Calaveras |
$330,000 |
$313,000 |
|
$324,500 |
r |
5.4% |
1.7% |
2.9% |
16.7% |
Del Norte |
$210,000 |
$312,500 |
|
$204,900 |
|
-32.8% |
2.5% |
4.5% |
21.1% |
El Dorado |
$504,000 |
$525,000 |
|
$480,500 |
|
-4.0% |
4.9% |
8.9% |
20.7% |
Humboldt |
$310,000 |
$331,250 |
|
$307,500 |
|
-6.4% |
0.8% |
-10.4% |
2.6% |
Lake |
$249,950 |
$298,800 |
|
$265,000 |
|
-16.3% |
-5.7% |
-7.3% |
2.7% |
Lassen |
$185,000 |
$212,000 |
|
$171,000 |
|
-12.7% |
8.2% |
50.0% |
32.0% |
Mariposa |
$325,500 |
$311,000 |
|
$262,500 |
|
4.7% |
24.0% |
-38.9% |
10.0% |
Mendocino |
$393,750 |
$449,000 |
|
$370,000 |
|
-12.3% |
6.4% |
-10.1% |
8.8% |
Mono |
$899,500 |
$570,000 |
|
$578,000 |
|
57.8% |
55.6% |
-7.7% |
-36.8% |
Nevada |
$419,500 |
$452,000 |
|
$398,500 |
|
-7.2% |
5.3% |
-14.3% |
9.5% |
Plumas |
$290,000 |
$290,000 |
|
$325,000 |
|
0.0% |
-10.8% |
80.0% |
28.6% |
Shasta |
$280,000 |
$281,500 |
|
$255,000 |
|
-0.5% |
9.8% |
-15.5% |
0.8% |
Siskiyou |
$223,000 |
$187,500 |
|
$215,000 |
|
18.9% |
3.7% |
4.3% |
11.6% |
Sutter |
$294,500 |
$315,000 |
|
$280,300 |
|
-6.5% |
5.1% |
-24.7% |
0.0% |
Tehama |
$223,000 |
$234,900 |
|
$206,750 |
|
-5.1% |
7.9% |
-26.7% |
3.1% |
Tuolumne |
$315,000 |
$318,500 |
|
$292,500 |
|
-1.1% |
7.7% |
-3.3% |
30.9% |
Yolo |
$430,000 |
$450,000 |
|
$426,750 |
|
-4.4% |
0.8% |
-13.5% |
0.0% |
Yuba |
$289,000 |
$292,500 |
|
$266,889 |
|
-1.2% |
8.3% |
18.8% |
13.1% |
r = revised
NA = not available
July 2018 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)
July 2018 |
Unsold Inventory Index |
Median Time on Market |
||||||||
State/Region/County |
July 2018 |
June 2018 |
|
July 2017 |
|
July 2018 |
June 2018 |
|
July 2017 |
|
Calif. Single-family |
3.3 |
3.0 |
|
3.2 |
|
18.0 |
15.0 |
|
16.0 |
r |
Calif. Condo/Townhomes |
2.7 |
2.3 |
|
2.4 |
|
16.0 |
13.0 |
|
14.0 |
r |
Los Angeles Metro Area |
3.7 |
3.3 |
|
3.6 |
|
23.0 |
20.0 |
|
20.0 |
r |
Inland Empire |
3.9 |
3.7 |
|
3.7 |
|
29.0 |
25.0 |
|
23.5 |
r |
San Francisco Bay Area |
2.2 |
2.0 |
|
2.1 |
|
15.0 |
14.0 |
r |
14.0 |
r |
|
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
|
Alameda |
1.7 |
1.5 |
|
1.8 |
|
13.0 |
12.0 |
|
13.0 |
r |
Contra Costa |
2.0 |
2.0 |
|
2.2 |
|
14.0 |
12.0 |
|
12.0 |
r |
Marin |
2.9 |
2.5 |
|
2.3 |
|
24.0 |
28.0 |
|
31.0 |
r |
Napa |
4.4 |
4.8 |
|
4.7 |
|
44.0 |
34.0 |
|
45.0 |
r |
San Francisco |
1.6 |
1.4 |
|
1.4 |
|
15.0 |
13.0 |
|
15.0 |
r |
San Mateo |
1.6 |
1.7 |
|
1.7 |
|
12.0 |
11.5 |
|
11.0 |
r |
Santa Clara |
2.2 |
1.7 |
|
1.5 |
|
11.0 |
9.0 |
|
10.0 |
r |
Solano |
2.8 |
2.6 |
|
2.7 |
|
32.0 |
32.0 |
|
31.5 |
r |
Sonoma |
3.9 |
3.4 |
|
3.3 |
|
36.0 |
34.0 |
|
38.0 |
r |
Southern California |
|
|
|
|
|
|
|
|
|
|
Los Angeles |
3.5 |
3.0 |
|
3.3 |
|
18.0 |
17.0 |
|
17.0 |
r |
Orange |
3.5 |
3.2 |
|
3.4 |
|
19.0 |
15.0 |
|
17.0 |
r |
Riverside |
3.6 |
3.5 |
|
3.5 |
|
28.0 |
26.0 |
|
24.0 |
r |
San Bernardino |
4.3 |
3.9 |
|
4.0 |
r |
29.0 |
25.0 |
|
23.0 |
r |
San Diego |
3.2 |
2.8 |
|
2.9 |
|
14.0 |
13.0 |
|
13.0 |
r |
Ventura |
4.9 |
4.7 |
|
5.0 |
|
43.0 |
40.0 |
|
43.5 |
r |
Central Coast |
|
|
|
|
|
|
|
|
|
|
Monterey |
4.4 |
3.5 |
|
5.0 |
|
24.0 |
15.0 |
|
21.0 |
r |
San Luis Obispo |
4.5 |
3.5 |
|
4.6 |
|
23.5 |
22.0 |
|
16.0 |
r |
Santa Barbara |
4.6 |
4.0 |
|
4.7 |
|
25.0 |
20.0 |
|
25.0 |
r |
Santa Cruz |
3.1 |
3.0 |
|
4.2 |
|
13.0 |
13.0 |
|
14.0 |
r |
Central Valley |
|
|
|
|
|
|
|
|
|
|
Fresno |
3.1 |
2.7 |
|
3.0 |
r |
13.0 |
13.0 |
|
11.0 |
r |
Glenn |
4.3 |
6.3 |
|
3.5 |
|
20.0 |
18.5 |
|
17.0 |
r |
Kern |
3.1 |
3.0 |
|
3.4 |
|
20.0 |
18.0 |
|
18.0 |
r |
Kings |
3.0 |
3.1 |
|
2.9 |
|
22.5 |
19.5 |
|
28.0 |
r |
Madera |
5.1 |
4.0 |
|
3.8 |
r |
27.0 |
27.0 |
|
27.0 |
r |
Merced |
2.9 |
2.8 |
|
3.2 |
|
25.0 |
15.0 |
|
13.0 |
r |
Placer |
2.9 |
2.4 |
|
2.9 |
|
14.5 |
14.0 |
|
11.0 |
r |
Sacramento |
2.6 |
2.3 |
|
2.3 |
|
12.0 |
10.0 |
|
9.0 |
r |
San Benito |
3.3 |
2.7 |
|
3.5 |
|
12.5 |
11.5 |
|
23.5 |
r |
San Joaquin |
2.8 |
2.6 |
|
2.9 |
|
15.0 |
13.0 |
|
13.0 |
r |
Stanislaus |
3.2 |
2.7 |
|
2.8 |
|
16.0 |
12.0 |
|
12.0 |
r |
Tulare |
3.4 |
3.2 |
|
3.8 |
|
23.0 |
23.0 |
|
24.0 |
r |
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
|
Amador |
NA |
NA |
|
5.2 |
|
NA |
NA |
|
32.0 |
r |
Butte |
3.4 |
2.9 |
|
2.7 |
|
18.0 |
16.0 |
|
11.0 |
r |
Calaveras |
5.9 |
6.0 |
|
6.8 |
|
40.0 |
29.0 |
|
38.5 |
r |
Del Norte |
6.1 |
6.4 |
|
9.5 |
|
82.0 |
108.0 |
|
94.0 |
r |
El Dorado |
3.7 |
4.2 |
|
4.7 |
|
28.0 |
21.0 |
|
27.0 |
r |
Humboldt |
5.7 |
5.1 |
|
4.8 |
|
19.0 |
19.0 |
|
14.0 |
r |
Lake |
6.3 |
6.2 |
|
6.5 |
|
38.0 |
40.0 |
|
34.5 |
r |
Lassen |
5.8 |
8.9 |
|
7.5 |
|
93.0 |
69.0 |
|
70.0 |
r |
Mariposa |
6.5 |
4.7 |
|
7.6 |
|
52.0 |
18.5 |
|
32.5 |
r |
Mendocino |
7.8 |
7.1 |
|
6.2 |
|
59.5 |
74.0 |
|
71.0 |
r |
Mono |
9.1 |
7.6 |
|
6.0 |
|
78.5 |
82.0 |
|
93.0 |
r |
Nevada |
4.6 |
3.9 |
|
4.3 |
|
23.0 |
17.0 |
|
18.0 |
r |
Plumas |
8.7 |
11.7 |
|
11.5 |
|
66.0 |
50.0 |
|
99.0 |
r |
Shasta |
4.5 |
4.0 |
|
4.6 |
|
18.0 |
24.0 |
|
21.0 |
r |
Siskiyou |
6.8 |
7.1 |
|
7.2 |
|
32.0 |
24.5 |
|
40.0 |
r |
Sutter |
3.5 |
2.5 |
|
3.6 |
|
15.0 |
19.0 |
|
14.0 |
r |
Tehama |
7.5 |
4.8 |
|
7.4 |
|
38.0 |
61.0 |
|
48.5 |
r |
Tuolumne |
5.1 |
4.8 |
|
7.0 |
|
22.0 |
17.0 |
|
30.5 |
r |
Yolo |
2.7 |
2.3 |
|
2.9 |
|
11.0 |
11.0 |
|
10.0 |
r |
Yuba |
2.6 |
3.3 |
|
2.8 |
|
13.0 |
14.5 |
|
12.5 |
r |
r = revised
NA = not available