California Housing Market

Update

Monthly Sales and Price Statistics

December 2017
 Sales Ended 2017 with a Slight Increase
California, Dec. 2017 Sales: 420,960 Units, +1.4% YTD, +1.4% YTY
700,000

600,000
Dec-16: Dec-17:
415,280 420,960
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 Showed Slight Bounce
Back
Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
25%

20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

-25%
Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® *Sales are seasonally adjusted and annualized
 Bay Area Sales Virtually Unchanged
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 Down
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 Down Primarily Due to
Seasonality
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
 Share of Homes Sold In Line with 2016
Dec-17 Dec-16
30%

23% 23%

20%
16% 16% 16% 16%
14% 14%
11% 12%
10% 10%
10%
7% 7%
3% 3%

0%

SERIES: Sales of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales Improve in Mid and High Priced Markets
But Decline in Lower Priced Segments
December 2017 (Year-to-Year)
40%
29.1%
30%
20.2%
20%

10% 1.9%
0.2%
0%

-10%
-7.3% -5.4%
-20% -12.7%

-30%
-30.1%
-40%

SERIES: Sales of Existing Detached Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 CA Median Price Continued to Grow at a
Fast Pace
California, December 2017: $549,560, +0.5% MTM, +7.6% YTY
P: May-07
$700,000 Dec-17:
$594,530
Dec-16: $549,560
$600,000 $510,560

$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 Started
Picking up in 2nd Half of 2017
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 Dipped from Recent
Peak but Remained Elevated
December 2017: $265, Down 4.3% MTM, Up 6.4% YTY
$400

$350 Dec-17:
Dec-16: $265
$300 $249
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 Up YTY
December 2017: 98.7%, Down 0.2% MTM, Up 0.6% YTY
Dec-16: Dec-17:
98.1% 98.7%
100%

98%
Sales-to-List Price Ratio

96%

94%

92%

90%

SERIES: Sales to List Ratio of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory at the Lowest Level since June 2004
December 2016: 2.6 Months; December 2017: 2.5 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®
 Supply Remained on a Downward Trend
December 2016: 2.6 Months; December 2017: 2.5 Months
Year-over-Year % Chg
15%
10%
5%
0%
-5%
-10%
-15% -12.0%

-20%

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 Index Highest in Millions
12 11.0

10

8 7.5

6 5.2
4.1
4 3.7
3.2 3.2
2.7 2.7 2.4 2.4 2.5 2.7 2.7 2.6 2.5 2.6
2.2 2.3 2.2 2.4 2.0
2

Dec-17 Dec-16

SERIES: Unsold Inventory Index of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Supply Constraint Across All Price Ranges
December 2017
Active Listing
0%

-3.0%
-10% -5.7%
-8.6% -10.0%
-10.8% -12.0%
-14.8%
-20%

-30%
-32.9%
-40%

SERIES: Active Listings 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

3.0 2.8
2.4
2.0
1.3
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®
 Housing Supply Declined by Double-Digits
in All Regions
December 2017

Sales Active Listings

0%
0%

-4%
Year-to-Year % Chg

-7%
-10%
-10%

-14%

-20% -19%
San Francisco Bay Area Southern California Central Valley

SERIES: Sales and Listings of Existing Single Family Homes

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®