California Housing Market Update Monthly Sales and Price Statistics June 2019

Sales

Sales dropped below 400k, lowest in past 5 months California, June 2019 Sales: 389,690 Units, -5.9% YTD, -5.1% YTY *Sales are seasonally adjusted and annualized SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

California home sales slowed faster than what previous month led to believe *Sales are seasonally adjusted and annualized 4 SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Bay Area sales decreased in June but trending upward *Sales are not seasonally adjusted and annualized 5 SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

So. California sales still down but slowly trending up *Sales are not seasonally adjusted and annualized YoY % chg. 6 SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Central Valley sales had biggest decline since Jan 2019 *Sales are not seasonally adjusted and annualized YoY % chg. 7 SERIES: Sales of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Sales down at every price point June 2019 (YTY% Chg.) SERIES: Sales of Existing Detached Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Sales by Region

Pending sales bounced back SERIES: Percent Change in Pending Sales SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Price

California median price set a new high again in June 2019 California, June 2019: $611,420, +0.0% MTM, +1.4% YTY SERIES: Median Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Home prices inched up but the pace of growth slowed again in June SERIES: Median Price of Existing Condo/Townhomes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Condo/Townhome price inched up, highest since last July California, June 2018: $476,500, June 2019: $480,000 SERIES: Median Price of Existing Condos/Townhomes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

CA Median Price (Existing SFH) 15 SERIES: Median Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Price/Square Foot unchanged from last month and inched up from last year June 2019: $292, +0.0% MTM, Up 0.7% YTY SERIES: Median Price Per Square Feet of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Sales Price-to-List Price ratio dipped slightly as market moves through the peak of the season June 2019: 99.2%, -0.1% MTM, -0.8% YTY SERIES: Sales to List Ratio of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Year-over-Year Price Growth by Percentile SERIES: Median Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Mortgage payment continued to drop; rates lowest in 31 months SERIES: Price Growth vs. Mortgage Payment Growth SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Mortgage payment continued to drop; rates lowest in 31 months SERIES: Price Growth vs. Mortgage Payment Growth SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

List price growth vs. sales SERIES: Sales to List Ratio of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

California Market Velocity and Price Growth SERIES: Market Velocity & Price Growth SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Inventory & Active Listings

Inventory index up due primarily to dip in sales June 2018: 3.0 Months; June 2019: 3.4 Months 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 improved in all but the lowest 2 price segments June 2019 SERIES: Active Listings of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Regional inventory levels inched up from last year 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 SERIES: Unsold Inventory Index of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Active listings had smallest growth since Apr 2018 SERIES: Active Listing of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Active listings increased in all regions except Central Valley SERIES: Active Listings of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Active listings in Central Valley dipped for the 1st time in 14 months June 2019 SERIES: Sales and Listings of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Active Listings by Month

Market Competitiveness

Time on Market ticked up in an unexpected rebound California, June 2019: 19.0 Days SERIES: Median Time of Market of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Median Time on Market by Percentile SERIES: Median Time on Market of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Sales-to-List Price Ratio by Percentile SERIES: Sales to List Ratio of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Median sales vs. list price growth $1M+ properties SERIES: Sales to List Ratio of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Reduced-Price Listings Share of Listings with a Reduced Price: 37.5%; Median Reduction Amount: -4.1% SERIES: Listing Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Growth in Reduced-Price Listings Growth in Share of Listings with a Reduced Price: +2.8% Growth in Median Reduction Amount: -0.1% SERIES: Listing Price of Existing Single Family Homes SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

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