California Housing Market

Update

Monthly Sales and Price Statistics

July 2017
 Sales Highest since July 2013
California, July 2017 Sales: 421,460 Units, +2.9% YTD, +0.9% YTY
700,000

600,000
Jul-16: Jul-17:
417,680 421,460
500,000

400,000

300,000

200,000

100,000

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS *Sales are seasonally adjusted and annualized
 California Home Sales Increased in July
Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

-25%
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS *Sales are seasonally adjusted and annualized
 Bay Area Sales Flat YTY
Bay Area 6 per. Mov. Avg. (Bay Area)
30%

20%

10%
YoY % chg.

0%

-10%

-20%

-30%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS *Sales are not seasonally adjusted and annualized
 Southern California Home Sales Dips
So CA 6 per. Mov. Avg. (So CA)
YoY % chg.
40%

30%

20%

10%

0%

-10%

-20%

-30%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS *Sales are not seasonally adjusted and annualized
 Central Valley Sales Remained Positive
Central Valley 6 per. Mov. Avg. (Central Valley)
YoY % chg.
30%

20%

10%

0%

-10%

-20%

-30%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS *Sales are not seasonally adjusted and annualized
 More Homes Were Being Sold Above the Half-
Million Mark When Compared to 2016
Jul-17 Jul-16
30%

23%
22%
20%
17% 16% 16%
15%
14% 14%
11% 12%
10% 10%
10% 9%
7%
3% 3%

0%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Sales Improved in Mid and High Priced Markets But
Continued to Decline in Lower-Priced Segments
Jun 2017 (Year-to-Year)
30%
21.0%
18.9%
20%

10% 7.8%
3.1%

0%

-2.1%
-10% -4.8%
-12.7%
-20%

-30% -27.6%

SERIES: Sales of Existing Detached Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 CA Median Price Continues to Grow YTY
California, July 2017: $549,460, -1.1% MTM, +7.4% YTY
P: May-07
$700,000
$594,530 Jul-17:
Jul-16: $549,460
$600,000 $511,420

$500,000
T: Feb-09
$245,230
$400,000 -59% from
peak
$300,000

$200,000

$100,000

$-

SERIES: Median Price of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Home Price Appreciations Have
Moderated Since Mid 2013
50% Condo Single-Family Homes
40%
30%
20%
YTY% Chg. in Price

10%
0%
-10%
-20%
-30%
-40%
-50%

SERIES: Median Price of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 CA Median Price (Existing SFH)
Month-to-Month % Chg
15%

10%

5%

0%

-5%

-10%

-15%

SERIES: Median Price of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Price Per Square Foot Highest Since the
End of 2007
July 2017: $270, Up 0.2% MTM, Up 7.4% YTY
$400

$350 Jul-17:
Jul-16:
$270
$300 $251
PRICE PER SQ. FT.

$250

$200

$150

$100

$50

$0

SERIES: Median Price Per Square Feet of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Sales Price -to-List Price Remained at
100% for the 4th Consecutive Month
July 2017: 100.0%, Up 0% MTM, Up 0.8% YTY
Jul-16: Jul-17:
99.2% 100%

100%

98%
Sales-to-List Price Ratio

96%

94%

92%

90%

88%

86%

SERIES: Sales to List Ratio of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Inventory Declines Annually for the 12th
Consecutive Month
July 2016: 3.6 Months; July 2017: 3.2 Months

18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0

Note: Unsold Inventory Index represents the number of months it would take to sell the remaining inventory for the month in question. The remaining inventory for the month is defined
as the number of properties that were Active, Pending, and Contingent (when available) and divide the sum by the number of Sold properties for the month in question.

SERIES: Unsold Inventory Index of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Inventory Continued to Drop Across All
Regions
9.0 Bay Area So CA Central Valley

8.0

7.0

6.0

5.0

4.0
3.5
3.0 3.1
2.0 2.1
1.0

0.0

Note: Unsold Inventory Index represents the number of months it would take to sell the remaining inventory for the month in question. The remaining inventory for the month is defined
as the number of properties that were Active, Pending, and Contingent (when available) and divide the sum by the number of Sold properties for the month in question.

SERIES: Unsold Inventory Index of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS
 Supply Saw Double Digit Declines
July 2017

Sales Active Listings

10%

1%
0%
0%
Year-to-Year % Chg

-2%
-10%
-10%

-15%
-20%

-30%
-29%

-40%
San Francisco Bay Area Southern California Central Valley

SERIES: Sales and Listings of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS