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July 23, 2018
California home sales stumble in June as median price hits new high for second straight month, C.A.R. reports
- Existing, single-family home sales totaled 410,800 in June on a seasonally adjusted annualized rate, up 0.4 percent from May and down 7.3 percent from June 2017.
- June’s statewide median home price was $602,760, up 0.3 percent from May and 8.5 percent from June 2017, hitting another peak.
- California condominiums/townhomes recorded a 7.0 percent price increase and a 7.1 percent sales decline from June 2017.
LOS ANGELES (July 23) – California’s median home price edged higher to another peak in June as year-over-year home sales lost steam for the second straight month, 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 410,800 units in June, 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 June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
June’s sales figure was up 0.4 percent from the revised 409,270 level in May and down 7.3 percent compared with home sales in June 2017 of 443,120. The year-over-year sales decline was the largest in nearly four years.
“California’s housing market underperformed again, despite an increase in active listings for the third straight month,” said C.A.R. President Steve White. “The lackluster spring homebuying season could be a sign of waning buyer interest as endlessly rising home prices and buyer fatigue adversely affected pent-up demand.”
For the second straight month, the statewide median home price hit another peak price at $602,760 in June. The June statewide median price was up 0.3 percent from $600,860 in May and up 8.5 percent from a revised $555,420 in June 2017. June marked the fifth consecutive month that prices increased by more than 8 percent annually, indicating that price appreciation remains robust and is not showing any signs of leveling off. The median price is now 1.4 percent higher than the pre-recession peak and has been growing on a year-over-year basis for more than six years.
“Although home prices increased year-over-year in virtually every region of the state in June, at the same time, nearly every county experienced a significant contraction in home sales from a year ago,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “With the year-to-date sales tally now in negative territory, the back-to-back sales declines could be an early sign that the market is transitioning, especially since further rate increases are expected to hamper homebuyers’ affordability and put a cap on how much they are willing to pay for their new home.”
Other key points from C.A.R.’s June 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.
# # #
June 2018 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
June 2018 |
Median Sold Price of Existing Single-Family Homes |
Sales |
|||||||
State/Region/County |
June 2018 |
May 2018 |
|
June 2017 |
|
Price MTM% Chg |
Price YTY% Chg |
Sales MTM% Chg |
Sales YTY% Chg |
Calif. single-family home |
$602,760 |
$600,860 |
|
$555,420 |
r |
0.3% |
8.5% |
0.4% |
-7.3% |
Calif. Condo/Townhome |
$482,930 |
$474,400 |
|
$451,450 |
|
1.8% |
7.0% |
-0.3% |
-7.1% |
Los Angeles Metro Area |
$539,000 |
$530,000 |
|
$500,000 |
|
1.7% |
7.8% |
0.9% |
-12.4% |
Inland Empire |
$360,000 |
$360,000 |
|
$345,000 |
|
0.0% |
4.3% |
-1.2% |
-14.5% |
San Francisco Bay Area |
$1,045,000 |
$1,050,000 |
r |
$900,000 |
r |
-0.5% |
16.1% |
-0.8% |
-8.2% |
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
Alameda |
$1,015,000 |
$1,025,000 |
|
$900,000 |
|
-1.0% |
12.8% |
8.2% |
3.2% |
Contra Costa |
$702,373 |
$687,500 |
|
$660,000 |
|
2.2% |
6.4% |
0.2% |
-7.5% |
Marin |
$1,415,000 |
$1,415,000 |
|
$1,272,500 |
|
0.0% |
11.2% |
-3.8% |
-7.3% |
Napa |
$740,000 |
$702,500 |
|
$685,000 |
|
5.3% |
8.0% |
0.0% |
-17.5% |
San Francisco |
$1,620,000 |
$1,620,000 |
|
$1,469,000 |
|
0.0% |
10.3% |
-3.8% |
3.2% |
San Mateo |
$1,650,500 |
$1,600,000 |
|
$1,433,750 |
|
3.2% |
15.1% |
-5.3% |
-12.1% |
Santa Clara |
$1,400,000 |
$1,400,000 |
|
$1,182,500 |
|
0.0% |
18.4% |
-7.0% |
-15.4% |
Solano |
$450,000 |
$451,000 |
|
$420,000 |
|
-0.2% |
7.1% |
-3.0% |
-9.4% |
Sonoma |
$705,000 |
$698,500 |
|
$627,250 |
|
0.9% |
12.4% |
1.8% |
-15.5% |
Southern California |
|
|
|
|
|
|
|
|
|
Los Angeles |
$586,090 |
$536,940 |
|
$548,220 |
|
9.2% |
6.9% |
2.1% |
-10.8% |
Orange |
$835,500 |
$838,000 |
|
$795,000 |
|
-0.3% |
5.1% |
1.1% |
-9.9% |
Riverside |
$405,000 |
$409,925 |
|
$385,000 |
|
-1.2% |
5.2% |
-3.0% |
-16.9% |
San Bernardino |
$293,250 |
$285,000 |
|
$270,000 |
|
2.9% |
8.6% |
1.8% |
-10.2% |
San Diego |
$650,000 |
$640,000 |
|
$612,750 |
|
1.6% |
6.1% |
2.9% |
-8.6% |
Ventura |
$675,000 |
$670,000 |
|
$637,500 |
|
0.7% |
5.9% |
6.5% |
-18.0% |
Central Coast |
|
|
|
|
|
|
|
|
|
Monterey |
$632,500 |
$677,000 |
|
$624,500 |
|
-6.6% |
1.3% |
-8.5% |
-10.4% |
San Luis Obispo |
$612,500 |
$638,660 |
|
$556,000 |
|
-4.1% |
10.2% |
5.7% |
9.2% |
Santa Barbara |
$753,750 |
$680,000 |
|
$767,500 |
|
10.8% |
-1.8% |
9.8% |
-8.8% |
Santa Cruz |
$925,000 |
$865,000 |
|
$860,000 |
|
6.9% |
7.6% |
-3.9% |
-12.1% |
Central Valley |
|
|
|
|
|
|
|
|
|
Fresno |
$275,500 |
$279,980 |
|
$260,000 |
|
-1.6% |
6.0% |
2.3% |
-3.6% |
Glenn |
$227,710 |
$230,000 |
|
$210,000 |
|
-1.0% |
8.4% |
-61.3% |
-52.0% |
Kern |
$245,000 |
$247,750 |
|
$229,450 |
|
-1.1% |
6.8% |
-7.1% |
-2.4% |
Kings |
$245,000 |
$235,000 |
|
$230,000 |
|
4.3% |
6.5% |
-7.7% |
-11.1% |
Madera |
$268,000 |
$259,000 |
|
$274,900 |
r |
3.5% |
-2.5% |
-1.1% |
-24.9% |
Merced |
$275,000 |
$262,000 |
|
$250,100 |
|
5.0% |
10.0% |
9.7% |
15.2% |
Placer |
$510,000 |
$499,650 |
|
$472,000 |
|
2.1% |
8.1% |
4.9% |
-3.0% |
Sacramento |
$375,000 |
$375,000 |
|
$347,000 |
|
0.0% |
8.1% |
-0.2% |
-3.3% |
San Benito |
$570,400 |
$579,900 |
|
$535,000 |
|
-1.6% |
6.6% |
-23.1% |
-12.3% |
San Joaquin |
$377,150 |
$367,855 |
|
$340,000 |
|
2.5% |
10.9% |
0.5% |
-15.2% |
Stanislaus |
$320,000 |
$325,000 |
|
$289,000 |
|
-1.5% |
10.7% |
1.0% |
-6.9% |
Tulare |
$234,500 |
$234,950 |
|
$225,450 |
|
-0.2% |
4.0% |
0.3% |
-5.6% |
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
Amador |
NA |
$331,500 |
|
$337,500 |
|
NA |
NA |
NA |
NA |
Butte |
$323,000 |
$324,100 |
|
$306,500 |
|
-0.3% |
5.4% |
15.1% |
7.3% |
Calaveras |
$313,000 |
$329,000 |
|
$310,000 |
r |
-4.9% |
1.0% |
-21.5% |
-8.1% |
Del Norte |
$312,500 |
$214,000 |
|
$165,000 |
|
46.0% |
89.4% |
15.8% |
69.2% |
El Dorado |
$525,000 |
$552,000 |
|
$499,000 |
|
-4.9% |
5.2% |
9.4% |
-4.7% |
Humboldt |
$331,250 |
$314,900 |
|
$302,500 |
|
5.2% |
9.5% |
18.6% |
24.1% |
Lake |
$298,800 |
$263,400 |
|
$259,500 |
|
13.4% |
15.1% |
1.2% |
-16.3% |
Lassen |
$212,000 |
$215,000 |
|
$195,000 |
|
-1.4% |
8.7% |
-24.1% |
-8.3% |
Mariposa |
$311,000 |
$324,500 |
|
$300,000 |
|
-4.2% |
3.7% |
28.6% |
-5.3% |
Mendocino |
$449,000 |
$420,000 |
|
$445,000 |
|
6.9% |
0.9% |
21.1% |
46.8% |
Mono |
$570,000 |
$852,500 |
|
$482,850 |
|
-33.1% |
18.0% |
30.0% |
30.0% |
Nevada |
$452,000 |
$404,000 |
|
$380,000 |
|
11.9% |
18.9% |
33.1% |
4.5% |
Plumas |
$290,000 |
$310,000 |
|
$297,000 |
|
-6.5% |
-2.4% |
-35.9% |
-51.9% |
Shasta |
$281,500 |
$264,000 |
|
$269,900 |
|
6.6% |
4.3% |
12.2% |
-1.3% |
Siskiyou |
$187,500 |
$210,000 |
|
$235,000 |
|
-10.7% |
-20.2% |
-8.0% |
-2.1% |
Sutter |
$315,000 |
$281,000 |
|
$277,000 |
|
12.1% |
13.7% |
1.1% |
-3.1% |
Tehama |
$234,900 |
$197,500 |
|
$187,500 |
|
18.9% |
25.3% |
28.6% |
-6.3% |
Tuolumne |
$318,500 |
$300,000 |
|
$287,000 |
|
6.2% |
11.0% |
26.0% |
5.7% |
Yolo |
$450,000 |
$476,500 |
|
$445,000 |
|
-5.6% |
1.1% |
-5.0% |
-18.2% |
Yuba |
$292,500 |
$297,500 |
|
$275,470 |
|
-1.7% |
6.2% |
-5.9% |
-27.3% |
r = revised
NA = not available
June 2018 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)
June 2018 |
Unsold Inventory Index |
Median Time on Market |
||||||||
State/Region/County |
June 2018 |
May 2018 |
|
June 2017 |
|
June 2018 |
May 2018 |
|
June 2017 |
|
Calif. Single-family home |
3.0 |
3.0 |
|
2.7 |
|
15.0 |
15.0 |
|
15.0 |
r |
Calif. Condo/Townhome |
2.3 |
2.3 |
|
2.2 |
|
13.0 |
13.0 |
|
14.0 |
r |
Los Angeles Metro Area |
3.3 |
3.4 |
|
2.9 |
|
20.0 |
20.0 |
|
20.0 |
r |
Inland Empire |
3.7 |
3.6 |
|
2.9 |
|
25.0 |
27.0 |
|
23.0 |
r |
San Francisco Bay Area |
2.0 |
2.0 |
|
1.8 |
|
13.0 |
12.0 |
r |
14.0 |
r |
|
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
|
Alameda |
1.5 |
1.6 |
|
1.6 |
|
12.0 |
11.0 |
|
13.0 |
r |
Contra Costa |
2.0 |
2.0 |
|
1.9 |
|
12.0 |
11.0 |
|
12.0 |
r |
Marin |
2.5 |
2.5 |
|
2.4 |
|
28.0 |
21.0 |
|
29.0 |
r |
Napa |
4.8 |
4.5 |
|
3.8 |
|
34.0 |
33.5 |
|
44.0 |
r |
San Francisco |
1.4 |
1.5 |
|
1.7 |
|
13.0 |
14.0 |
|
15.5 |
r |
San Mateo |
1.7 |
1.6 |
|
1.3 |
|
11.5 |
11.0 |
|
11.0 |
r |
Santa Clara |
1.7 |
1.6 |
|
1.4 |
|
9.0 |
8.0 |
|
9.0 |
r |
Solano |
2.6 |
2.5 |
|
2.3 |
|
32.0 |
27.0 |
|
32.0 |
r |
Sonoma |
3.4 |
3.1 |
|
2.7 |
|
34.0 |
31.0 |
|
35.5 |
r |
Southern California |
|
|
|
|
|
|
|
|
|
|
Los Angeles |
2.6 |
3.1 |
|
2.7 |
|
17.0 |
15.0 |
|
16.0 |
r |
Orange |
3.2 |
3.3 |
|
3.0 |
|
15.0 |
15.0 |
|
18.0 |
r |
Riverside |
3.5 |
3.4 |
|
2.8 |
|
26.0 |
27.0 |
|
23.0 |
r |
San Bernardino |
3.9 |
3.8 |
|
2.9 |
r |
25.0 |
26.0 |
|
22.0 |
r |
San Diego |
2.8 |
2.9 |
|
2.5 |
|
13.0 |
13.0 |
|
11.0 |
r |
Ventura |
1.5 |
5.2 |
|
4.1 |
|
40.0 |
42.0 |
|
42.0 |
r |
Central Coast |
|
|
|
|
|
|
|
|
|
|
Monterey |
3.5 |
3.3 |
|
3.5 |
|
15.0 |
16.0 |
|
19.0 |
r |
San Luis Obispo |
3.5 |
3.7 |
|
3.8 |
|
22.0 |
20.0 |
|
16.0 |
r |
Santa Barbara |
4.0 |
4.6 |
|
3.7 |
|
20.0 |
17.0 |
|
21.5 |
r |
Santa Cruz |
3.0 |
2.8 |
|
2.9 |
|
13.0 |
12.0 |
|
16.0 |
r |
Central Valley |
|
|
|
|
|
|
|
|
|
|
Fresno |
2.7 |
2.7 |
|
2.6 |
r |
13.0 |
11.0 |
|
13.0 |
r |
Glenn |
6.3 |
2.7 |
|
3.6 |
|
18.5 |
21.0 |
|
21.0 |
r |
Kern |
3.0 |
2.8 |
|
2.9 |
|
18.0 |
21.0 |
|
19.0 |
r |
Kings |
3.1 |
2.9 |
|
2.7 |
|
19.5 |
13.5 |
|
21.5 |
r |
Madera |
4.0 |
3.8 |
|
3.8 |
r |
27.0 |
24.0 |
|
17.0 |
r |
Merced |
2.8 |
3.0 |
|
3.0 |
|
15.0 |
23.0 |
|
15.0 |
r |
Placer |
2.4 |
2.5 |
|
2.3 |
|
14.0 |
10.0 |
|
12.0 |
r |
Sacramento |
2.3 |
2.2 |
|
2.0 |
|
10.0 |
9.0 |
|
9.0 |
r |
San Benito |
2.7 |
2.2 |
|
3.1 |
|
11.5 |
15.0 |
|
18.0 |
r |
San Joaquin |
2.6 |
2.6 |
|
2.2 |
|
13.0 |
12.0 |
|
13.0 |
r |
Stanislaus |
2.7 |
2.6 |
|
2.5 |
|
12.0 |
12.0 |
|
12.0 |
r |
Tulare |
3.2 |
3.2 |
|
3.1 |
|
23.0 |
26.0 |
|
23.0 |
r |
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
|
Amador |
NA |
5.2 |
|
5.6 |
|
NA |
31.0 |
|
21.0 |
r |
Butte |
2.9 |
3.4 |
|
3.0 |
|
16.0 |
11.0 |
|
12.0 |
r |
Calaveras |
6.0 |
4.6 |
|
5.4 |
|
29.0 |
30.0 |
|
29.0 |
r |
Del Norte |
6.4 |
7.3 |
|
13.0 |
|
108.0 |
99.0 |
|
215.0 |
r |
El Dorado |
4.2 |
4.1 |
|
4.1 |
|
21.0 |
25.0 |
|
20.0 |
r |
Humboldt |
5.1 |
5.9 |
|
5.1 |
|
19.0 |
22.0 |
|
12.0 |
r |
Lake |
6.2 |
6.1 |
|
4.9 |
|
40.0 |
35.0 |
|
22.0 |
r |
Lassen |
8.9 |
6.1 |
|
7.2 |
|
69.0 |
97.0 |
|
68.0 |
r |
Mariposa |
4.7 |
6.7 |
|
4.2 |
|
18.5 |
45.0 |
|
33.0 |
r |
Mendocino |
7.1 |
8.4 |
|
7.1 |
|
74.0 |
74.0 |
|
54.0 |
r |
Mono |
7.6 |
8.3 |
|
11.7 |
|
82.0 |
81.5 |
|
122.0 |
r |
Nevada |
3.9 |
4.9 |
|
3.5 |
|
17.0 |
16.0 |
|
13.0 |
r |
Plumas |
11.7 |
8.4 |
|
7.3 |
|
50.0 |
129.0 |
|
88.5 |
r |
Shasta |
4.0 |
4.4 |
|
3.8 |
|
24.0 |
17.0 |
|
15.0 |
r |
Siskiyou |
7.1 |
6.0 |
|
6.2 |
|
24.5 |
16.0 |
|
31.0 |
r |
Sutter |
2.5 |
2.2 |
|
2.5 |
|
19.0 |
11.0 |
|
12.0 |
r |
Tehama |
4.8 |
6.0 |
|
4.8 |
|
61.0 |
43.0 |
|
42.0 |
r |
Tuolumne |
4.8 |
5.2 |
|
5.3 |
|
17.0 |
24.0 |
|
31.0 |
r |
Yolo |
2.3 |
2.0 |
|
2.0 |
|
11.0 |
9.0 |
|
11.0 |
r |
Yuba |
3.3 |
2.8 |
|
2.0 |
|
14.5 |
10.0 |
|
12.0 |
r |
r = revised
NA = not available