California Home Sales and Prices Improve in July, C.A.R. Reports

Business Wire

LOS ANGELES--(BUSINESS WIRE)--

California home sales posted higher for the second straight month, and while the statewide median home price rose from the previous month as well as a year ago, the pace of appreciation continued to slow, 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 398,940 units in July, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. July marked the ninth straight month that sales were below the 400,000 level and a full year that sales have declined on a year-over-year basis. Sales in July increased 1.2 percent from a revised 394,250 in June but were down 10 percent from a revised 443,500 in July 2013. The July 2014 sales rate was the highest since October 2013. The statewide sales figure represents what would be the total number of homes sold during 2014 if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

“It’s encouraging that home sales have risen in the past two months, but low housing affordability and stringent underwriting standards are still holding back sales,” said C.A.R. President Kevin Brown. “However, recent news of changes to how credit scores are determined should make it easier for first-time buyers who are on the cusp of qualifying and others who are having a difficult time getting a loan because their credit scores are less than satisfactory.”

The statewide median price of an existing, single-family detached home edged up 1.6 percent from June’s median price of $457,630 to $464,750 and up 7.1 percent from the revised $433,740 recorded in July 2013. The statewide median home price has increased year over year for the previous 29months, marking more than two full years of consecutive year-over-year price increases. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.

“While the market improved on a month-to-month basis, statewide home sales experienced another double-digit loss on an annual basis and is down 10.2 percent year to date. Last July’s sales level was higher than normal as sales increased in response to rising interest rates as the markets anticipated the Fed’s “tapering” initiative,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Moving forward, improving inventory, recent lower interest rates, and a tempering of home prices should help spur sales in the coming months.”

Other key facts from C.A.R.’s July 2014 resale housing report include:

  • Housing inventory moved slightly higher in July, with the available supply of existing, single-family detached homes for sale increasing from 3.7 months in June to 3.8 months in July. The index was 2.9 months in July 2013. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered typical in a normal market.
  • The median number of days it took to sell a single-family home also rose in July, up from 33.9 days in June to 35.7 days in July and up from a revised 27.9 days in July 2013.
  • Mortgage rates dipped in July, with the 30-year, fixed-mortgage interest rate averaging 4.13 percent, down from 4.16 percent in June and down from 4.37 percent in July 2013, according to Freddie Mac. Adjustable-mortgage interest rates in July averaged 2.39 percent, down from 2.40 percent in June and down from 2.66 percent in July 2013.

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. Due to the low sales volume in some areas, median price changes July exhibit unusual fluctuation. The change in median prices should not be construed as actual price changes in specific homes.

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Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

 
July 2014 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
   
July 2014 Median Sold Price of Existing Single-Family Homes Sales
State/Region/County July

2014

  June

2014

    July

2013

    MTM% Chg   YTY% Chg MTM% Chg   YTY% Chg
CA SFH (SAAR)   $ 464,750   $ 457,630   r   $ 433,740   r   1.6 %   7.1 %   1.2 %   -10.0 %
CA Condo/Townhomes   $ 376,080   $ 372,070       $ 350,930   r   1.1 %   7.2 %   1.8 %   -6.8 %
Los Angeles Metro Area   $ 421,050   $ 416,290       $ 396,260   r   1.1 %   6.3 %   -2.1 %   -7.7 %
Inland Empire   $ 275,990   $ 279,060       $ 250,450       -1.1 %   10.2 %   -0.1 %   -3.2 %
San Francisco Bay Area $ 760,430 $ 771,610 $ 711,410 r -1.4 % 6.9 % 6.0 % -1.6 %
 
San Francisco Bay Area
Alameda   $ 722,620   $ 743,810       $ 662,040       -2.8 %   9.2 %   14.8 %   -4.6 %
Contra-Costa (Central Cty.)   $ 792,240   $ 765,960       $ 711,850       3.4 %   11.3 %   8.7 %   4.3 %
Marin   $ 1,029,760   $ 1,060,610       $ 1,000,000       -2.9 %   3.0 %   -17.2 %   -13.9 %
Napa   $ 650,000   $ 556,250       $ 511,900       16.9 %   27.0 %   -8.2 %   -22.2 %
San Francisco   $ 940,620   $ 987,500       $ 842,550       -4.7 %   11.6 %   16.2 %   -10.0 %
San Mateo   $ 1,108,000   $ 1,120,000       $ 919,000       -1.1 %   20.6 %   3.9 %   -1.6 %
Santa Clara   $ 860,500   $ 900,000       $ 840,000       -4.4 %   2.4 %   3.5 %   -1.7 %
Solano   $ 335,870   $ 320,640       $ 279,330       4.7 %   20.2 %   9.9 %   17.8 %
Sonoma   $ 510,110   $ 497,010       $ 473,640       2.6 %   7.7 %   5.3 %   0.6 %
Southern California
Los Angeles   $ 461,290   $ 435,950       $ 421,350       5.8 %   9.5 %   -4.4 %   -7.3 %
Orange County   $ 695,270   $ 696,680       $ 675,000       -0.2 %   3.0 %   -2.1 %   -16.4 %
Riverside County   $ 319,960   $ 321,840       $ 294,300       -0.6 %   8.7 %   -5.5 %   -3.6 %
San Bernardino   $ 216,570   $ 202,420       $ 180,270       7.0 %   20.1 %   10.1 %   -2.5 %
San Diego   $ 523,070   $ 531,350       $ 483,800       -1.6 %   8.1 %   -5.5 %   -18.8 %
Ventura   $ 585,830   $ 571,250       $ 545,720       2.6 %   7.3 %   0.5 %   -8.3 %
Central Coast
Monterey   $ 445,000   $ 485,000       $ 408,800       -8.2 %   8.9 %   6.5 %   -8.0 %
San Luis Obispo   $ 490,540   $ 503,250       $ 491,790       -2.5 %   -0.3 %   9.8 %   -14.9 %
Santa Barbara   $ 685,480   $ 659,480       $ 598,680       3.9 %   14.5 %   -13.4 %   -22.3 %
Santa Cruz   $ 725,000   $ 699,500       $ 601,000       3.6 %   20.6 %   6.6 %   -5.8 %
Central Valley
Fresno   $ 201,530   $ 201,080       $ 183,870       0.2 %   9.6 %   -1.7 %   -12.6 %
Glenn   $ 145,000   $ 175,000       $ 140,000       -17.1 %   3.6 %   -15.8 %   -11.1 %
Kern (Bakersfield)   $ 210,000   $ 215,480       $ 195,500       -2.5 %   7.4 %   11.1 %   1.4 %
Kings County   $ 175,450   $ 194,440       $ 173,330       -9.8 %   1.2 %   -12.7 %   1.5 %
Madera   $ 211,110   $ 206,250       $ 175,710       2.4 %   20.1 %   -15.4 %   -43.6 %
Merced   $ 173,640   $ 158,820       $ 163,080       9.3 %   6.5 %   12.1 %   19.8 %
Placer County   $ 381,040   $ 382,970       $ 372,220       -0.5 %   2.4 %   8.4 %   -5.4 %
Sacramento   $ 276,180   $ 271,630       $ 254,550       1.7 %   8.5 %   5.3 %   -4.5 %
San Benito   $ 415,000   $ 420,000       $ 400,000       -1.2 %   3.8 %   4.4 %   -6.0 %
San Joaquin   $ 259,900   $ 267,020       $ 225,000       -2.7 %   15.5 %   -4.0 %   -12.1 %
Stanislaus   $ 230,040   $ 233,050       $ 193,920       -1.3 %   18.6 %   -2.7 %   -6.5 %
Tulare   $ 174,670   $ 176,520       $ 157,140       -1.0 %   11.2 %   -0.7 %   3.1 %
Other Counties in California
Amador   $ 247,500   $ 238,890       $ 196,670       3.6 %   25.8 %   -2.5 %   -4.9 %
Butte County   $ 276,140   $ 251,250       $ 239,280       9.9 %   15.4 %   6.1 %   -14.7 %
Calaveras   $ 239,500   $ 252,640       $ 227,000       -5.2 %   5.5 %   12.2 %   -10.7 %
Del Norte   $ 165,000   $ 185,580       $ 155,000       -11.1 %   6.5 %   90.0 %   0.0 %
El Dorado County   $ 385,160   $ 372,950       $ 350,760       3.3 %   9.8 %   -6.8 %   -12.2 %
Humboldt   $ 247,000   $ 248,960       $ 267,050       -0.8 %   -7.5 %   12.1 %   -3.5 %
Lake County   $ 174,540   $ 184,440       $ 141,430       -5.4 %   23.4 %   -11.1 %   3.9 %
Tuolumne   $ 238,160   $ 237,500       $ 212,500       0.3 %   12.1 %   22.2 %   -1.3 %
Mendocino   $ 300,000   $ 319,230       $ 286,360       -6.0 %   4.8 %   -2.1 %   -20.7 %
Nevada   $ 308,500   $ 331,000       $ 323,000       -6.8 %   -4.5 %   12.0 %   -8.0 %
Plumas   $ 217,500   $ 230,250       NA       -5.5 %   NA   0.0 %   -52.2 %
Shasta   $ 216,460   $ 226,780       $ 200,000       -4.6 %   8.2 %   10.8 %   1.4 %
Siskiyou County   $ 160,000   $ 163,750       $ 140,000   r   -2.3 %   14.3 %   -11.6 %   -9.5 %
Sutter   $ 220,000   $ 213,500       $ 212,500       3.0 %   3.5 %   2.8 %   37.0 %
Tehama   $ 165,000   $ 182,500       $ 185,000       -9.6 %   -10.8 %   29.0 %   2.6 %
Yolo   $ 340,540   $ 377,420       $ 346,250       -9.8 %   -1.6 %   2.8 %   -11.4 %
Yuba   $ 183,500   $ 207,500       $ 170,500       -11.6 %   7.6 %   25.0 %   6.1 %
 
r = revised
NA = not available
 
 
July 2014 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)
   
July 2014 Unsold Inventory Index Median Time on Market
State/Region/County July 2014   June 2014     July 2013   July 2014   June 2014       July 2013  
 
CA SFH (SAAR)   3.8   3.7       2.9       35.7   33.9       27.9   r
CA Condo/Townhomes   3.3   3.3       2.6       36.3   34.5       27.7    
Los Angeles Metro Area   4.1   4.0       3.0       45.8   44.5       34.2    
Inland Empire   4.3   4.2       3.1       48.9   45.0       32.7    
San Francisco Bay Area 2.4 2.4 2.3 36.0 33.3 36.6 r
 
San Francisco Bay Area
Alameda   2.1   2.3       1.9       48.1   47.9       49.2    
Contra-Costa (Central Cty.)   2.3   2.3       1.9   r   50.1   48.7       49.1   r
Marin   2.7   2.4       2.8       37.3   29.1       40.7    
Napa   4.8   4.3       3.9       54.0   47.5       48.2    
San Francisco   2.7   3.1       2.5       23.3   20.9       24.2    
San Mateo   1.7   1.8       1.9       19.0   18.6       19.4    
Santa Clara   1.9   1.9       2.1       19.2   18.0       18.3    
Solano   2.9   3.2       2.8       37.5   33.7       34.4    
Sonoma   3.0   3.1       3.0       45.0   43.0       47.7    
Southern California
Los Angeles   3.8   3.8       2.9       39.8   39.7       28.7    
Orange County   4.2   4.0       3.0       53.1   52.8       43.2    
Riverside County   4.4   4.1       3.1       52.8   47.5       34.6    
San Bernardino   4.3   4.5       3.1       42.5   40.4       29.5    
San Diego   4.4   4.0       3.3       24.7   24.1       23.5    
Ventura   3.8   3.7       3.5       49.3   47.5       41.6    
Central Coast
Monterey   4.2   4.3       3.6       27.9   27.4       22.7    
San Luis Obispo   5.0   5.5       3.8       28.2   34.3       27.3    
Santa Barbara   4.7   4.0       3.7       36.8   27.4       37.6    
Santa Cruz   3.1   3.3       3.1       24.1   24.3       22.8    
Central Valley
Fresno   4.8   4.5       3.5       27.9   25.7       23.1    
Glenn   6.4   4.5   r   5.1       50.3   28.6       27.1    
Kern (Bakersfield)   3.0   3.3   r   2.2   r   20.0   20.0       14.0    
Kings County   3.8   3.5       3.5       39.9   46.8       26.3    
Madera   4.8   3.9       2.2       50.3   27.9       29.3    
Merced   3.3   3.6       2.5       29.8   28.7       19.9    
Placer County   3.6   3.8       2.5       25.5   23.0       20.0    
Sacramento   3.2   3.2       2.5       22.0   22.3       19.3    
San Benito   3.6   3.5       2.4       26.2   26.1       19.6    
San Joaquin   3.3   3.0       2.5       23.2   23.1       19.2    
Stanislaus   3.2   3.0       2.4       22.6   23.2       18.9    
Tulare   4.1   3.9       3.5       42.0   33.6       24.7    
Other Counties in California
Amador   6.2   5.8       4.6   r   52.8   55.9       29.0   r
Butte County   4.2   4.4       3.2       29.0   31.7       25.4    
Calaveras   6.9   7.6       4.7   r   39.0   35.0       40.0    
Del Norte   9.6   18.7       9.1   r   116.0   148.0       136.0   r
El Dorado County   5.4   5.0       4.2       33.0   35.1       28.2    
Humboldt   5.9   6.4       5.1       44.0   28.1       29.3    
Lake County   6.3   5.4       5.8       57.2   57.9       68.3    
Tuolumne   6.7   8.2       5.9       33.2   43.8       37.7    
Mendocino   8.7   8.0       6.9       61.0   53.8       73.9    
Nevada   6.8   7.0       NA       34.0   28.0       19.0    
Plumas   23.4   22.2       NA       71.0   152.0       NA    
Shasta   5.5   6.0       4.4   r   45.5   29.3       28.8   r
Siskiyou County   11.4   9.7       10.1       53.4   47.3       44.5    
Sutter   3.9   3.4       3.2       38.0   14.0       10.0   r
Tehama   6.0   7.7       5.3       66.8   52.8       47.9    
Yolo   3.0   3.0       2.3       19.8   21.3       19.1    
Yuba   3.9   4.1       3.3       26.0   9.0       13.0    
 
r = revised
NA = not available

Contact:
CALIFORNIA ASSOCIATION OF REALTORS ®
Lotus Lou, (213) 739-8304
lotusl@car.org
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