CA. ASSOC. OF REALTORS NEWS

  • For release:
    June 21, 2016

    C.A.R. analysis finds presidential elections have little impact on California housing market

    Prospective home buyers want current presidential candidates to address housing affordability

    LOS ANGELES (June 21) – Presidential elections have historically had little or no negative impact on the California housing market, according to findings by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

    "Transitory political events such as presidential elections don't drive the housing market," said C.A.R. President Pat "Ziggy" Zicarelli. "Market fundamentals such as housing inventory, affordability, interest rates, job growth, and consumer confidence are the real factors that influence the housing market."

    In an analysis of home sales dating back to 1990, the average growth in home sales during an election year is usually either slightly higher or lower each month than in non-presidential election years. Notably, sales growth is rarely negative during an election year, and there is no evidence of a systematic negative impact on home sales or prices stemming from election season. In fact, C.A.R. found that growth in home sales at the end of an election year actually outperforms non-election years by 7.1 percentage points.

    On a monthly basis since 1990, California home sales contracted by roughly 2 percent during the last four months of the year. However, during the past five election cycles, sales in the final months of the year picked up, rising by 5.3 percent on average compared with -1.8 percent during non-election years. With the exception of December 2004, every single month of the final quarter saw robust growth in home sales during election years.

    The pattern for California home prices is similar. C.A.R. also found little evidence of a negative effect on home prices during an election year. In fact, home price growth in California during the past five election cycles was slightly better than the long-run average of 5.6 percent. Again, the effects were most pronounced during the final months of the year when demand – and therefore, upward pressure on prices – were boosted by roughly 5.6 percentage points following the elections.

    Slides (Click to open):

    Home sales growth election vs. non-election years
    Home price growth election vs. non-election years

    Presidential candidates and housing policy

    In a separate poll* by leading think tank The Futures Company commissioned by C.A.R., nearly three-fourths (70 percent) of survey respondents who plan to buy a home agreed that they would like the current presidential candidates to address how to make housing more affordable in their campaigns.

    And, across all incomes, generations, and races/ethnicities, consumers were strongly in agreement that housing affordability should be a top priority on the presidential campaign trail as candidates make their pitches for ballots in the lead-up to the November contest.

    However, housing affordability and solutions to reduce the cost of living have received noticeably little attention this campaign season. Other than releasing plans to increase the five-decades-low homeownership rate, the presumptive nominees, Democrat Hillary Clinton and Republican Donald Trump, have not issued comprehensive housing policies, including action items to address the significant housing affordability crisis.

    *The poll was conducted by The Futures Company in partnership with the Center for California Real Estate, an institute dedicated to the advancement of advancing real estate knowledge from C.A.R.

    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 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
    # # #

    Created: 7/31/2016 2:42:35 AM
  • For release:
    July 11, 2016

    C.A.R. sues PDFfiller.com for $136 million for willfully and unlawfully selling C.A.R. Forms

    LOS ANGELES (July 11) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) has sued PDFfiller.com for approximately $136 million in statutory damages arising from PDFfiller.com's unauthorized use and publication and sale of C.A.R.'s suite of copyrighted real estate forms. PDFfiller.com has advertised its platform as one that may be used to create and obtain blank and fillable C.A.R. forms without authorization or permission from C.A.R. Members of the general public may purchase subscriptions to PDFfiller.com in order to gain access to the C.A.R. forms and PDFfiller.com's various editing functions. The lawsuit charges misappropriation and copying of dozens of the association's most popular and valuable forms, including selling access to and advertising the ability to create reusable and fillable forms. According to PDFfiller.com's own site, PDFfiller has sold and granted access to the C.A.R. forms to hundreds of thousands of users, in violation of C.A.R.'s copyrights and trademarks.

    The complaint alleges willful infringement of both C.A.R.'s copyrighted forms and its registered trademarks. The suit further alleges that PDFfiller.com has purchased search terms intended to lead the public to its site when they search for C.A.R. documents, and then sells access to its website. PDFfiller.com has charged users for access to counterfeit C.A.R. documents bearing C.A.R.'s registered tradename and logo which they have no right to do.

    C.A.R.'s lawsuit seeks a permanent injunction to prohibit future infringing activity and also over $136 million in monetary compensation, including statutory penalties, and attorneys' fees.

    "C.A.R. forms are copyrighted and are the gold standard in the industry," said C.A.R. President Pat "Ziggy" Zicarelli. "REALTORS® use C.A.R.'s original forms because they are heavily vetted and kept up to date with current laws and best practices. We unapologetically protect our work from unauthorized copying and tampering to protect the reliability, quality, and security of our work. This protects the integrity of the real estate transaction with the most up-to-date documentation."

    C.A.R.'s copyrighted forms are created through extensive vetting by real estate lawyers and many members. This results in forms for its members that are the most accurate, creative and useful real estate forms for use in real estate transactions. It is important that C.A.R. members know that when they see a C.A.R. logo, the content has been through C.A.R.'s deliberative process.

    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 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    # # #

    Created: 7/31/2016 2:42:35 AM
  • For release:
    June 17, 2016

    California housing market maintains momentum in May despite tight inventory supply

    Statewide median home price continues to climb; above $500,000 for second straight month

    - Existing, single-family home sales totaled 410,090 in May on a seasonally adjusted annualized rate, up 0.6 percent from April and down 3.2 percent from May 2015.

    - May's statewide median home price was $518,760, up 1.8 percent from April and 6.3 percent from May 2015.

    - Year-to-date home sales are 2.2 percent higher than a year ago.

    LOS ANGELES (June 17) – California existing home sales edged up in May, rising above the 400,000 benchmark level for the third straight month, while strained housing supply continued to push prices higher, 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 410,090 units in May, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2016 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

    The May figure was up a slight 0.6 percent from the revised 407,560 level in April and down 3.2 percent compared with home sales in May 2015 of a revised 423,700. The year-to-year decline was the first back-to-back sales decline since November 2014.

    "While May home sales edged up slightly, we are seeing a moderation, driven by tight housing inventory and reduced affordability," said C.A.R. President Pat "Ziggy" Zicarelli. "Affordable areas, such as the Inland Empire and Central Valley, where housing supply is relatively more abundant, are outperforming the San Francisco Bay Area, where thin housing availability is hampering home sales. In fact, eight of that region's nine counties experienced a sales decline from the previous year."

    A change in the mix of sales and a continued mismatch between supply and demand pushed the median price of an existing, single-family detached California home 1.8 percent higher in May to $518,760 from $509,590 in April. May's median price was 6.3 percent higher than the revised $487,960 recorded in May 2015. 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. May marked the second consecutive month that the median price was above $500,000; it is still below the pre-recession peak of $594,530 reached in May 2007.

    "The California housing market is growing modestly so far this year, with home sales running 2 percent higher year to date," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "Fundamental drivers, such as household formation and economic growth will continue to move housing demand forward. However, constrained inventory, low affordability, and regional disparities will be a drag on this year's market outlook, which is forecast to see a 1.3 percent growth in sales and a 5 percent increase in the median home price."

    Other key points from C.A.R.'s May 2016 resale housing report include:

    • C.A.R.'s Unsold Inventory Index, which indicates the number of months needed to sell the supply of homes on the market at the current sales rate, dipped slightly to 3.4 months in May from 3.5 months in April. The index stood at 3.5 months in May 2015. The year-over-year dip was due primarily to a drop in inventory as overall active listings increased 5.8 percent from April 2016. The long-run average home supply is 6.1 months, indicating inventory levels are running at roughly 60 percent of normal.

    • The median number of days it took to sell a single-family home slipped in May to 27.3 days, compared with 27.7 days in April and 27.9 days in May 2015.

    • According to C.A.R.'s sales-to-list price ratio*, tight inventories also appear to be driving final sales prices closer to listing prices, with sales prices rising to 99.7 percent of listing prices statewide in May from 99.3 percent in April.

    • The average price per square foot** for an existing, single-family home statewide was $249 in May 2016, up from $244 in April and $238 in May 2015.

    • San Francisco County had the highest price per square foot in May at $856/sq. ft., followed by San Mateo ($826/sq. ft.), and Santa Clara counties ($638/sq. ft.). The counties with the lowest price per square foot in May include Siskiyou ($121/sq. ft.), Madera ($123/sq. ft.), and Plumas ($125/sq. ft.).

    • Mortgage rates were essentially flat in May, with the 30-year, fixed-mortgage interest rate averaging 3.60 percent, compared with 3.61 percent in April and 3.84 percent in May 2015, according to Freddie Mac. Adjustable-mortgage interest rates slipped, averaging 2.81 percent in May, down from 2.83 percent in April and 2.89 percent in May 2015.

    Graphics (click links to open):

    • May sales at-a-glance infographic.
    Calif. existing home sales historical.
    Share of sales by price range.
    Historical condo sales.
    CA sales to list price ratio.
    CA price per square foot.

    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 38 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 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.


    May 2016 County Sales and Price Activity
    (Regional and condo sales data not seasonally adjusted)

    May-16 Median Sold Price of Existing Single-Family Homes Sales
    State/Region/County May-16 Apr-16 May-15 MTM% Chg YTY% Chg MTM% Chg YTY% Chg
    CA SFH (SAAR) $518,760 $509,590 r $487,960 r 1.8% 6.3% 0.6% -3.2%
    CA Condo/Townhomes $410,680 $408,880 r $389,880 r 0.4% 5.3% 4.9% 0.8%
    Los Angeles Metro Area $469,890 $459,110 $440,050 2.3% 6.8% 5.0% 1.9%
    Inland Empire $315,980 $310,830 r $288,960 1.7% 9.4% 5.3% 4.5%
    S.F. Bay Area $848,583 $831,182 r $772,558 r 2.1% 9.8% 11.2% -5.1%
    S.F. Bay Area
    Alameda $843,360 $820,080 $763,740 r 2.8% 10.4% 13.2% -8.2%
    Contra-Costa $633,620 $590,410 $557,060 r 7.3% 13.7% 14.2% -9.6%
    Marin $1,243,590 $1,195,830 r $1,148,650 r 4.0% 8.3% 5.2% -3.4%
    Napa $666,670 $651,960 r $610,800 r 2.3% 9.1% 2.0% -12.6%
    San Francisco $1,409,370 $1,408,330 $1,375,000 0.1% 2.5% -3.5% -4.5%
    San Mateo $1,385,000 $1,309,000 r $1,330,000 5.8% 4.1% 21.1% 1.0%
    Santa Clara $1,100,000 $1,085,000 $993,000 1.4% 10.8% 8.8% -1.3%
    Solano $382,080 $384,470 r $360,140 r -0.6% 6.1% 9.9% -2.8%
    Sonoma $620,810 $595,730 r $567,880 r 4.2% 9.3% 11.7% -5.4%
    Southern California
    Los Angeles $467,040 $457,720 $432,570 2.0% 8.0% 7.9% -1.2%
    Orange $735,910 $734,650 $717,850 0.2% 2.5% 9.7% 4.3%
    Riverside $353,900 $354,020 $332,490 0.0% 6.4% 9.4% 6.0%
    San Bernardino $245,080 $236,850 $220,890 3.5% 11.0% -1.6% 1.9%
    San Diego $591,800 $583,490 $538,660 1.4% 9.9% 3.9% 4.2%
    Ventura $631,140 $630,100 $620,460 0.2% 1.7% 11.2% 1.9%
    Central Coast
    Monterey $540,000 $529,900 $530,000 1.9% 1.9% -3.4% -2.2%
    San Luis Obispo $558,750 $552,835 $498,147 1.1% 12.2% -0.7% 11.4%
    Santa Barbara $655,170 $709,820 $820,120 r -7.7% -20.1% 11.7% -5.2%
    Santa Cruz $800,000 $775,500 $684,500 3.2% 16.9% 3.1% -11.2%
    Central Valley
    Fresno $231,370 $230,590 $216,110 0.3% 7.1% 2.7% 7.5%
    Glenn $176,670 $225,000 $170,000 -21.5% 3.9% -38.9% -45.0%
    Kern $226,800 $218,220 $228,600 r 3.9% -0.8% 4.0% -6.9%
    Kings $216,410 $208,750 $183,330 3.7% 18.0% 21.2% 35.5%
    Madera $214,280 $215,480 $222,060 -0.6% -3.5% -11.1% 30.9%
    Merced $220,690 $208,330 $203,570 5.9% 8.4% 22.8% 7.8%
    Placer $433,140 $435,800 $403,420 -0.6% 7.4% 4.8% 0.4%
    Sacramento $323,000 $313,360 $293,480 3.1% 10.1% 3.4% 4.5%
    San Benito $479,000 $479,000 $444,990 0.0% 7.6% -4.1% -4.1%
    San Joaquin $319,190 $307,880 $280,000 3.7% 14.0% 9.6% -2.3%
    Stanislaus $267,000 $267,420 $245,570 -0.2% 8.7% 1.3% -11.9%
    Tulare $205,260 $205,740 $188,790 -0.2% 8.7% 24.0% 18.8%
    Other Counties in California
    Amador $277,270 $241,670 $233,330 14.7% 18.8% -8.3% -4.3%
    Butte $275,000 $272,220 $261,110 1.0% 5.3% 30.1% 11.5%
    Calaveras $290,380 $280,550 $296,870 3.5% -2.2% 18.2% 8.3%
    Del Norte $190,000 $307,140 $170,000 -38.1% 11.8% 69.2% 15.8%
    El Dorado $437,880 $426,410 $436,510 2.7% 0.3% 13.4% 3.2%
    Humboldt $270,590 $288,890 $250,000 -6.3% 8.2% -3.8% -3.8%
    Lake $244,230 $243,180 $217,190 0.4% 12.4% 3.0% -8.0%
    Mariposa $275,000 $250,000 $250,000 10.0% 10.0% 41.7% -22.7%
    Mendocino $342,100 $364,290 r $317,860 r -6.1% 7.6% 42.9% 17.6%
    Nevada $358,140 $325,000 $340,620 10.2% 5.1% 21.3% -6.6%
    Plumas $225,000 $258,330 $205,000 r -12.9% 9.8% 155.6% -25.8%
    Shasta $230,500 $232,090 $231,030 -0.7% -0.2% -3.4% 7.9%
    Siskiyou $174,000 $166,670 $145,000 4.4% 20.0% 2.5% 13.9%
    Sutter $240,520 $235,420 $218,060 2.2% 10.3% -20.6% 8.5%
    Tehama $175,710 $185,000 $186,000 -5.0% -5.5% 32.3% -4.7%
    Tuolumne $246,660 $261,540 $241,670 -5.7% 2.1% 13.8% 10.0%
    Yolo $392,860 $415,280 $393,180 -5.4% -0.1% 16.3% 3.0%
    Yuba $216,250 $233,820 $219,440 -7.5% -1.5% 10.1% 13.0%

    r = revised?


    May 2016 County Unsold Inventory and Time on Market
    (Regional and condo sales data not seasonally adjusted)

    May-16 Unsold Inventory Index Median Time on Market
    State/Region/County May-16 Apr-16 May-15 May-16 Apr-16 May-15
    CA SFH (SAAR) 3.4 3.5 3.5 27.3 27.7 27.9 r
    CA Condo/Townhomes 2.8 2.8 2.8 27.3 26.7 29.0 r
    Los Angeles Metropolitan Area 4.1 4.0 3.0 r 45.8 44.5 34.2
    Inland Empire 4.3 4.2 r 3.1 r 48.9 45.0 32.7
    S.F. Bay Area 2.4 2.4 r 2.3 36.0 33.3 36.6 r
    S.F. Bay Area
    Alameda 2.2 2.3 1.9 17.5 17.3 17.6
    Contra-Costa 2.4 2.5 1.2 r 18.0 18.1 18.6
    Marin 2.8 2.8 2.4 r 25.2 26.5 r 27.3 r
    Napa 5.0 4.9 r 4.4 42.0 47.8 r 46.7 r
    San Francisco 2.5 2.3 1.8 21.1 22.9 19.2
    San Mateo 2.0 2.3 1.7 17.8 17.6 17.1
    Santa Clara 2.1 2.1 1.8 17.9 17.8 17.5
    Solano 2.7 2.8 r 3.3 r 34.3 37.5 r 37.2 r
    Sonoma 3.2 3.2 3.2 r 40.8 41.1 41.4 r
    Southern California
    Los Angeles 3.6 3.5 3.6 40.5 39.7 40.1
    Orange 3.6 3.8 3.6 49.0 48.2 48.5
    Riverside 4.1 4.6 4.3 50.7 53.3 55.0
    San Bernardino 4.2 4.0 4.4 38.2 45.7 43.0
    San Diego 3.1 3.2 3.3 22.1 21.8 23.2
    Ventura 3.8 4.1 r 4.0 51.4 53.0 51.7
    Central Coast
    Monterey 3.9 3.9 3.9 24.8 28.5 26.2
    San Luis Obispo 4.4 4.3 5.2 25.9 29.3 27.5
    Santa Barbara 4.4 4.6 3.4 28.8 28.8 27.2 r
    Santa Cruz 3.0 2.7 3.0 22.4 20.9 21.7
    Central Valley
    Fresno 3.8 3.8 4.3 25.8 27.1 25.6
    Glenn 6.8 4.1 3.8 20.9 31.0 25.2
    Kern 3.7 3.9 3.6 r 26.4 26.3 26.4 r
    Kings 2.9 3.2 4.5 25.5 23.4 27.9
    Madera 5.3 4.7 7.9 57.1 92.5 42.9
    Merced 3.5 4.2 4.0 39.0 31.8 38.3
    Placer 3.0 3.0 3.1 21.1 21.1 22.3
    Sacramento 2.5 2.4 2.9 18.9 19.7 20.6
    San Benito 3.8 3.3 2.6 19.9 24.7 19.8
    San Joaquin 2.6 2.9 2.8 20.9 22.6 23.9
    Stanislaus 2.9 2.8 2.9 22.0 22.4 23.9
    Tulare 3.6 4.5 4.3 28.6 28.7 25.9
    Other Counties in California
    Amador 5.8 5.1 5.4 28.7 41.2 28.8
    Butte 2.6 3.6 r 3.5 r 24.1 23.3 24.6
    Calaveras 5.8 6.2 7.2 33.8 48.4 50.3
    Del Norte 6.9 10.3 8.3 91.0 105.5 105.5
    El Dorado 4.1 4.3 4.5 29.0 29.2 27.2
    Humboldt 4.2 3.8 5.0 25.2 26.6 27.5
    Lake 7.2 6.6 6.8 75.5 58.2 66.6
    Mariposa 6.1 8.5 6.0 86.4 75.5 82.8
    Mendocino 6.8 9.5 r 7.4 r 50.8 75.5 r 72.3 r
    Nevada 4.8 5.6 4.8 29.5 25.8 33.8
    Plumas 17.7 37.3 14.4 r 71.9 85.2 116.4 r
    Shasta 4.7 4.5 5.5 36.4 37.1 29.3
    Siskiyou 7.1 6.6 10.8 48.7 115.9 86.4
    Sutter 2.8 2.4 3.5 27.0 29.7 32.0
    Tehama 5.6 6.7 5.4 58.6 75.5 48.1 r
    Tuolumne 7.0 6.8 7.2 25.7 25.9 36.8
    Yolo 2.5 3.0 2.4 19.0 20.9 19.8
    Yuba 2.5 2.7 3.5 22.4 23.5 21.7


    r = revised

    Created: 7/31/2016 2:42:35 AM
  • For release:
    May 9, 2016

    Strong wage growth and level home prices buoy California housing affordability

    Twenty-two regions see improvement, with eight of nine Bay Area counties posting higher

    • Thirty-four percent of California households could afford to purchase the $465,280 median-priced home in the first quarter, up from 30 percent in fourth-quarter 2015 and unchanged from 34 percent in first-quarter 2015.

    • A minimum annual income of $92,571 was needed to make monthly payments of $2,314, including principal, interest, and taxes on a 30-year fixed-rate mortgage at 4.01 percent interest rate.

    • Forty-one percent of home buyers were able to purchase the $389,910 median-priced condo or townhome. An annual income of $77,575 was required to make a monthly payment of $1,939.

    LOS ANGELES (May 9) – Higher wages and lower seasonal home prices combined to push California housing affordability higher in the first quarter of 2016, compared to the previous quarter, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. Affordability was flat when compared to the previous year as rising home price offset income gains.

    The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in first-quarter 2016 rose to 34 percent from the 30 percent recorded in the fourth quarter of 2015 and was unchanged from first-quarter 2015, according to C.A.R.'s Traditional Housing Affordability Index (HAI). This is the 12th consecutive quarter that the index has been below 40 percent and is near the mid-2008 low level of 29 percent. California's housing affordability index hit a peak of 56 percent in the first quarter of 2012.

    C.A.R.'s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The Index is considered the most fundamental measure of housing well-being for home buyers in the state.

    Home buyers needed to earn a minimum annual income of $92,571 to qualify for the purchase of a $465,280 statewide median-priced, existing single-family home in the first quarter of 2016. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,314, assuming a 20 percent down payment and an effective composite interest rate of 4.01 percent. The effective composite interest rate in fourth-quarter 2015 was 4.07 percent and 3.97 percent in the first quarter of 2015.

    The median home price was $483,810 in fourth-quarter 2015, and an annual income of $96,790 was needed to purchase a home at that price.

    Condominiums and townhomes were also more affordable compared to the previous quarter. Forty-one percent of California households earned the minimum income to qualify for the purchase of a condominium or townhome in the first quarter of 2016, up from 39 percent from the last quarter of 2015. An annual income of $77,575 was required to make monthly payments of $1,939.

    Key points from the first-quarter 2016 Housing Affordability report include:

    • Compared to affordability in fourth-quarter 2015, 22 of 29 counties tracked saw an improvement in housing affordability, three experienced declines, and four were unchanged.

    • Affordability improved greatly in the Bay Area, with eight of nine counties seeing an improvement. Southern California, Central Coast, and the Central Valley also saw higher affordability, compared to the previous quarter.

    • Housing affordability in Southern California improved from the previous quarter in every county, with Los Angeles, Ventura, and San Diego counties leading the way.

    • During the first quarter of 2016, the five most affordable counties in California were Kings (58 percent), San Bernardino (57 percent), Merced (55 percent), and Kern (55 percent).

    • San Francisco (13 percent), San Mateo (16 percent), and Santa Cruz (18 percent) counties were the least affordable areas of the state.

    Housing Affordability slides (click link to open)

    Affordability peak versus current*
    Annual income peak versus current*
    PITI peak versus current*


    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 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    # # #

    CALIFORNIA ASSOCIATION OF REALTORS®
    Traditional Housing Affordability Index

    C.A.R. Region Housing
    Affordability Index
    Median Home
    Price
    Monthly Payment Including Taxes & Insurance Minimum
    Qualifying Income
    CA SFH 34 $ 465,280 $ 2,314 $ 92,571
    CA Condo/Townhomes 41 $ 389,910 $ 1,939 $ 77,575
    Los Angeles Metropolitan Area 35 $ 436,850 $ 2,173 $ 86,915
    Inland Empire 48 $ 297,850 $ 1,481 $ 59,259
    S.F. Bay Area 27 $ 723,060 $ 3,596 $ 143,858
    US 60 $ 217,600 $ 1,082 $ 43,293
    S.F. Bay Area
    Alameda 23 $ 731,640 $ 3,639 $ 145,565
    Contra-Costa 38 $ 543,570 $ 2,704 $ 108,147
    Marin 20 $ 1,093,750 $ 5,440 $ 217,610
    Napa 24 $ 646,960 $ 3,218 $ 128,718
    San Francisco 13 $ 1,332,500 $ 6,628 $ 265,111
    San Mateo 16 $ 1,170,000 $ 5,820 $ 232,780
    Santa Clara 22 $ 970,000 $ 4,825 $ 192,989
    Solano 47 $ 368,610 $ 1,833 $ 73,338
    Sonoma 26 $ 583,210 $ 2,901 $ 116,034
    Southern California
    Los Angeles 31 $ 458,900 $ 2,283 $ 91,302
    Orange County 23 $ 713,680 $ 3,550 $ 141,992
    Riverside County 42 $ 342,930 $ 1,706 $ 68,228
    San Bernardino 57 $ 233,490 $ 1,161 $ 46,455
    San Diego 28 $ 554,320 $ 2,757 $ 110,286
    Ventura 30 $ 622,520 $ 3,096 $ 123,855
    Central Coast
    Monterey 27 $ 500,000 $ 2,487 $ 99,479
    San Luis Obispo 26 $ 540,830 $ 2,690 $ 107,602
    Santa Barbara 21 $ 680,920 $ 3,387 $ 135,474
    Santa Cruz 18 $ 746,500 $ 3,713 $ 148,522
    Central Valley
    Fresno 52 $ 219,590 $ 1,092 $ 43,689
    Kern (Bakersfield) 55 $ 220,270 $ 1,096 $ 43,824
    Kings County 58 $ 201,340 $ 1,001 $ 40,058
    Madera 50 $ 217,050 $ 1,080 $ 43,184
    Merced 55 $ 192,060 $ 955 $ 38,212
    Placer County 48 $ 411,640 $ 2,047 $ 81,899
    Sacramento 48 $ 297,620 $ 1,480 $ 59,214
    San Joaquin 47 $ 295,000 $ 1,467 $ 58,692
    Stanislaus 50 $ 254,440 $ 1,266 $ 50,623
    Tulare 52 $ 193,900 $ 964 $ 38,578

    CALIFORNIA ASSOCIATION OF REALTORS®
    Traditional Housing Affordability Index

    STATE/REGION/COUNTY Q1 2016 Q4 2015 Q1 2015
    CA SFH 34 30 34
    CA Condo/Townhomes 41 39 41
    Los Angeles Metropolitan Area 35 32 35
    Inland Empire 48 45 47
    S.F. Bay Area 27 24 27 R
    US 60 58 61
    S.F. Bay Area
    Alameda 23 22 25 R
    Contra-Costa 38 37 42 R
    Marin 20 17 19
    Napa 24 21 29 R
    San Francisco 13 11 12
    San Mateo 16 14 14
    Santa Clara 22 20 22
    Solano 47 45 48
    Sonoma 26 26 31
    Southern California
    Los Angeles 31 27 31
    Orange County 23 21 22
    Riverside County 42 39 42
    San Bernardino 57 53 58
    San Diego 28 25 28
    Ventura 30 26 28
    Central Coast
    Monterey 27 25 29
    San Luis Obispo 26 26 30
    Santa Barbara 21 20 R 16 R
    Santa Cruz 18 21 22
    Central Valley
    Fresno 52 49 51
    Kern (Bakersfield) 55 55 57
    Kings County 58 61 62
    Madera 50 48 51
    Merced 55 55 60
    Placer County 48 44 46
    Sacramento 48 46 49
    San Joaquin 47 38 39
    Stanislaus 50 40 43
    Tulare 52 54 57

    r = revised



    Created: 7/31/2016 2:42:35 AM
  • For release:
    June 8, 2016

    Renters value homeownership but face affordability challenges when it comes to buying a home, C.A.R. survey finds

    LOS ANGELES (June 8) – Current renters value homeownership and want to buy a home but many are encountering affordability and financial obstacles that prevent them from buying, according to the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) "2016 Renter Survey."

    Nearly half of renters (48 percent) plan to buy a home in the future, with 10 percent saying that they plan to buy within a year. For those not planning to buy, an improvement in finances, lower housing prices, and saving enough for a downpayment would motivate them to buy now.

    Of the 28 percent of renters who don't plan to buy in the future, 50 percent said they can't afford to buy, 20 percent will not buy because they prefer to rent, 19 percent said they can't qualify for a mortgage, and 15 percent lack a downpayment. Job uncertainty (9 percent), economic uncertainty (12 percent), and housing market uncertainty (6 percent) were among other reasons renters cited for not buying a home.

    Homeownership remains important to renters, with nearly half (45 percent) rating it 8 or higher in importance on a scale of 1-10, with 10 being extremely important. The average was 6.8. Nearly all renters (95 percent) see advantages to homeownership; freedom to do what you want with your home, building equity, and having permanence and stability were the top benefits mentioned by renters.

    One of the surprising findings of this survey is that more than one in four millennial renters said they plan to purchase a home that will accommodate their parents, and about one in five millennials indicated they plan to pool funds with family members to buy a home.

    Primarily reflecting cultural values, Hispanic renters were more likely to buy a home that will accommodate their parents and/or adult children than any other ethnic group, with 46 percent indicating so, compared with 35 percent of blacks, 32 percent of Asians, and 29 percent of whites. Hispanics and Asians place a strong value on family, and tend to live with multi-generations under one roof more so than other ethnic groups.

    Other key findings from C.A.R.'s "2016 Renter Survey" include:

    • Forty-six percent of renters claimed they currently rent because they can't afford to buy, and 13 percent said they have poor credit and can't qualify for a loan. The remaining renters choose to rent because they like the flexibility, freedom and ease of renting, are concerned about the maintenance costs of owning a home, or are not interested or aren't ready to buy.
    • Nearly four in 10 renters (39 percent) indicated they plan to purchase a home in the same county where they currently reside, and 23 percent plan to buy in the same neighborhood.
    • Fifteen percent of renters plan to buy a home out of their current area, with 7 percent planning to move to another state, 7 percent to another county in California, and 1 percent to another country.
    • Of the renters who are planning to leave the area where they currently reside, 27 percent are moving to find lower housing prices, 24 percent are moving for a better neighborhood, 14 percent want to be closer to family, 9 percent want a shorter commute, and 7 percent are moving for a better school district.
    • Two in three renters have made some kind of preparation to buy a home: 25 percent have searched for homes, 16 percent have searched online for information about the homebuying process, and 12 percent have spoken to a REALTOR®.
    • Thirty-one percent of renters previously owned a primary residence, and 9 percent currently own real estate. Of those who previously owned a home, the reasons for selling included family reasons (37 percent), financial difficulties (28 percent), and work (13 percent).

    Renter Survey slides:

    The survey was conducted online to 1,000 renters statewide in March 2016, with a sample error rate of 3.1 percent at 95 percent confidence interval. Sample weighted by ethnicity and age/generations according to 2014 U.S. Census Bureau data.

    For complete survey results, visit http://www.car.org/marketdata/surveys

    Follow us on Twitter @CAR Media and @CAREALTORS®

    Like us on Facebook.

    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 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    # # #

    Created: 7/31/2016 2:42:35 AM
  • For release:
    July 14, 2016

    Racial disparities in roadblocks to achieving American Dream

    Prospective home buyers want current presidential candidates to address housing affordability

    LOS ANGELES (July 14) – Prospective home buyers face numerous challenges when it comes to achieving the American Dream, and homeownership obstacles vary among ethnic groups, according to a poll conducted by leading think tank the Futures Company in partnership with the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) Center for California Real Estate.

    For all respondents, saving enough for a down payment is the biggest barrier to becoming a homeowner, cited by nearly one in three (29 percent) prospective home buyers, followed by housing supply constraints (27 percent), access to credit and financing (22 percent), and personal debt (19 percent).

    These hurdles diverged across race and ethnicity. Thirty-one percent of non-Hispanic whites said constrained housing supply was the most likely deterrent to becoming a homeowner, while a third of Hispanics cited access to credit and financing as their primary challenge in buying a home.

    African-Americans (33 percent) and Asians (32 percent) both cited a lack of down payment or savings as the main prohibitive factor in purchasing a home.

    "With record high rents and only about a third of the state's households able to afford to buy a median-priced home, the dream of owning a home in California is evaporating," said C.A.R. President Pat "Ziggy" Zicarelli. "It's even more discouraging for prospective ethnic home buyers who must face greater obstacles to scrape together a down payment or obtain credit and financing."

    Homeownership and sense of well-being

    The poll also found that the vast majority (84 percent) of respondents agree that owning their own home gives them a greater sense of well-being and control over their environment. Across all incomes, races/ethnicities, and generations, respondents overwhelmingly agreed on the positive impact of homeownership on their personal satisfaction and health from having greater control over their environment.

    Housing and retirement strategy

    In connecting housing to opportunity, nearly three in four (72 percent) agree that owning a home is part of their retirement strategy, believing that homeownership is a tool for long-term financial security among those who plan to buy a home or currently own one.

    Presidential candidates and housing policy

    Lastly, nearly three-fourths (70 percent) of survey respondents who plan to buy a home agreed that they would like the current presidential candidates to address how to make housing more affordable in their campaigns.

    And, across all incomes, generations, and races/ethnicities, consumers were strongly in agreement that housing affordability should be a top priority on the presidential campaign trail as candidates make their pitches for ballots in the lead-up to the November contest.

    However, housing affordability and solutions to reduce the cost of living have received noticeably little attention this campaign season. Other than releasing plans to increase the five-decades-low homeownership rate, the presumptive nominees, Democrat Hillary Clinton and Republican Donald Trump, have not issued comprehensive housing policies, including action items to address the significant housing affordability crisis.

    The Center for California Real Estate (CCRE) (centerforcaliforniarealestate.org) is an institute from the California Association of REALTORS® dedicated to advancing real estate knowledge. The goal of the center is to arm C.A.R.'s 185,000 members with ideas that help them become more knowledgeable, professional, and insightful in their work as practitioners and stakeholders in the future of real estate. To fulfill this goal, CCRE regularly enlists the foremost experts on topics of pertinent interest to the industry.

    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 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
    # # #

    Created: 7/31/2016 2:42:35 AM
  • For release:
    July 26, 2016

    C.A.R. Launches Innovators Workshop

    New initiative to drive innovative real estate products, services, and solutions

    Los Angeles (July 26) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) this month launched the C.A.R. Innovators Workshop, seeking to drive further innovation of products, services, and solutions that will create efficiencies, improve productivity, and help REALTORS®, brokerages, and other real estate professionals to do their jobs and serve their clients better, smarter, and more efficiently.

    C.A.R. wants to hear from innovative REALTORS®, brokers, real estate industry gurus, engineers, software developers, and entrepreneurs alike about their ideas for transforming the way the real estate industry conducts business. Applicants do not need to be REALTORS®, but ideas should be creative and innovative; fill an unmet need in the marketplace; and have a value proposition that is easy to understand.

    C.A.R. will partner with applicants with the best ideas and provide the support, including financial, technical, strategic, and/or intellectual assets needed to turn these visions into reality.

    "C.A.R. could not be more excited about launching the Innovators Workshop to help find the next best idea in real estate," said C.A.R. President Pat "Ziggy" Zicarelli. "Our world is constantly changing and so is the way we do business as REALTORS®. This is a forward-looking program that will to keep our industry on the cutting-edge, while ensuring that improving the experience of REALTORS® and their clients remains the central objective."

    C.A.R. is also assembling a team of industry, technology and market experts to evaluate submissions to the C.A.R. Innovators Workshop. All experts from a relevant field are invited to help discover the next big idea for the real estate industry by becoming part of our Innovators Workshop Advisory Group (IWAG).

    New ideas and applications for the IWAG can be found at innovators.car.org.

    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 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    Created: 7/31/2016 2:42:35 AM
  • HousingWire: California's Single-Family Rental Investors Struggle To Make Money
    By Kelsey Ramirez
    Rising home prices, low inventory and high demand are all working together in California to create seven of the top 10 worst markets to invest in single-family rentals.

    ABC News: Middle-Income Take on More Housing Debt When Their Neighbors Are Richer
    By Paul Blake
    In a recently published paper, Jeffrey Thompson, principal economist for the Federal Reserve Board of Governors, said that average-income or moderately affluent people take on more housing debt when they have very rich neighbors.

    Wall Street Journal: How Disputes Over Hedges Can Become Costly For Homeowners
    By Katy McLaughlin
    Collateral damage to neighbors can include legal costs, a soured neighborhood feeling and more difficulty in selling homes.

    Todays_re_news

    Created: 7/31/2016 2:42:35 AM
  • For release:
    July 25, 2016

    California pending home sales post third straight annual increase in June

    LOS ANGELES (July 25) – Led by the San Francisco Bay Area, California pending home sales continued their upward momentum in June to post three straight months of annual increases, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

    The California housing market remained very competitive, as C.A.R.'s June Market Pulse Survey** reflected a slight increase in sales with three or more offers over the previous year, particularly in homes priced $300,000-$399,000, which climbed from 8 percent in June 2015 to 18 percent this year.

    Pending home sales data:

    • Statewide pending home sales rose in June on an annual basis, with the Pending Home Sales Index (PHSI)* increasing 3.2 percent from 123.4 in June 2015 to 127.3 in June 2016, based on signed contracts. With pending sales on a rising trend in the past couple of months, June's increase should portend for higher closed transactions in July and August.

    • California pending home sales declined 7.0 percent on a monthly basis compared to May, primarily due to seasonal factors. When adjusting pending sales for typical seasonal patterns, pending sales were down 3.2 percent from May and up 3.0 percent from June 2015.

    • After trailing behind Southern California and the Central Valley since the beginning of this year, the San Francisco Bay Area led the regions, with pending sales increasing on an annual basis across the state.

    • For the Bay Area as a whole, pending sales were up 5.1 percent from June 2015 and down 16.3 percent from May. The June increase in Bay Area pending sales suggests a brighter outlook for the region, which had been trailing behind 2015 in closed sales, primarily due to low affordability and tight inventory. An improvement in housing supply during recent months – especially in Alameda, San Francisco, San Mateo, and Santa Clara counties – should alleviate low housing stock in the upcoming months.

    • Pending home sales in Southern California as a whole rose 3.2 percent from June 2015 and 1.3 percent from May, thanks to year-over-year gains of 5.5 percent in Los Angeles County, 4.1 percent in San Bernardino County, and 1.3 percent in San Diego County. Orange County experienced a 6.0 percent decrease from the previous year.

    • Pending sales in Central Valley posted a gain of 2.6 percent from the previous year and were down 9.3 percent on a month-to-month basis.

    Year-to-Year Change in Pending Sales by County/Region

    County/Region/State Jun-16 Jun-15 Yearly % Change
    Kern 75.2 101.3 -25.8%
    Los Angeles 94.0 89.1 5.5%
    Monterey 62.6 77.9 -19.5%
    Orange 76.3 81.1 -6.0%
    Sacramento 82.1 76.2 7.7%
    San Bernardino 76.4 73.4 4.1%
    San Diego 146.2 144.3 1.3%
    San Francisco 112.3 92.5 21.3%
    San Mateo 110.0 107.8 2.1%
    Santa Clara 101.9 98.5 3.4%
    SF Bay Area 148.9 141.7 5.1%
    So. CA 113.6 110.0 3.2%
    Central Valley 101.0 98.4 2.6%
    California 127.3 123.4 3.2%


    June REALTOR® Market Pulse Survey**:

    In a separate study, California REALTORS® responding to C.A.R.'s June Market Pulse Survey reported slower growth in floor calls, listing appointments, and open house traffic, indicating slowing market activity. In a reflection of a slowing market, the proportion of homes selling above asking price declined in June.

    • After reaching an all-time high of 38 percent in May, the share of homes selling above asking price in June dropped to 35 percent, but was up from 33 percent a year ago. Conversely, the share of properties selling below asking price rose to 37 percent from 34 percent in May. The remainder (28 percent) sold at asking price.

    • For the homes that sold above asking price, the premium paid over asking price rose for the first time in three months to an average of 11 percent, up from 9.4 percent in May but was unchanged from a year ago.

    • The 37 percent of homes that sold below asking price sold for an average of 11 percent below asking price in June, which was up from 10 percent in May but unchanged from a year ago.

    • More than seven of 10 properties (72 percent) for sale received multiple offers in June, indicating the market remains competitive. Sixty-five percent of properties received multiple offers in June 2015.

    • The average number of offers per property dipped slightly to 3.0 in June, compared with 3.1 in May and 2.9 in June 2015. Nearly one-half (47 percent) of properties received three or more offers in June. Homes priced between 300,000-$399,000 and $500,000-$999,000 saw the greatest increase in three or more offers compared to a year ago.

    • More than one in five (22 percent) properties had price reductions in June, down from 23 percent in May. Twenty-one percent of properties had price reductions in June 2015.

    • Low inventory, declining housing affordability, and high home prices were the top concerns for about two-thirds (68 percent) of REALTORS®.

    • While still in positive territory, REALTORS®' optimism of market conditions over the next year has been waning over the past few months, with the index decreasing to 52, down from 54 in May and 64 in June 2015.

    Graphics (click links to open):

    Pending home sales by region.
    Homes selling at/above listing price.
    Nearly three-fourths of homes received multiple offers.
    Price range of homes receiving 3+ offers.

    *Note: C.A.R.'s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state. Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market. A sale is listed as pending after a seller has accepted a sales contract on a property. The majority of pending home sales usually becomes closed sales transactions one to two months later. The year 2008 was used as the benchmark for the Pending Homes Sales Index. An index of 100 is equal to the average level of contract activity during 2008.

    **C.A.R.'s Market Pulse Survey is a monthly online survey of more than 300 California REALTORS® to measure data about their last closed transaction and sentiment about business activity in their market area for the previous month.

    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 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
    # # #


    Created: 7/31/2016 2:42:35 AM
  • For release:
    July 18, 2016

    California home sales up double-digits monthly for first time since 2011

    LOS ANGELES (July 18) – After a couple months of lackluster growth in transaction volume, California existing home sales rose to their highest level in nearly four years in June, as sales surpassed the 400,000 mark for the fourth consecutive 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 450,960 units in June, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2016 if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

    The June figure was up 10 percent from the revised 409,840 level in May and up 2.2 percent compared with home sales in June 2015 of 441,450 (revised). The month-to-month increase was the first double-digit monthly gain since January 2011 when sales of existing homes rose 11.3 percent from December 2010.

    "Market conditions suggest that demand for housing will remain steady through the rest of the summer," said C.A.R. President Pat "Ziggy" Zicarelli. "However, inventory is still tight, especially at the low end of the market, and this keeps competition for those homes at an extremely high level. The recent march of mortgage rates to ever lower levels will also add to the strong demand for entry-level homes."

    Rising demand combined with tight supply kept upward pressure on prices in June. The median price of an existing, single-family detached California home increased 5.5 percent in June to $519,440 from $492,320 in June 2015. June's median price was 0.1 percent lower than the revised $519,750 recorded in May 2016. 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.

    "The annual gain in the median home price is being driven by more sales at the mid-segment housing market, which comprise at least half of the overall demand," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "Price growth appears to be cooling somewhat in San Francisco, where the 3.2 percent increase was less than the statewide gain of 5.5 percent."

    Other key points from C.A.R.'s June 2016 resale housing report include:

    • C.A.R.'s Unsold Inventory Index, which indicates the number of months needed to sell the supply of homes on the market at the current sales rate, dipped slightly to 3.2 months in June from 3.4 months in May. The index stood at 3.2 months in June 2015. At the state level, there were 2.6 percent fewer homes available for sale in June compared with a year earlier. The long-run average home supply is 6.1 months, indicating inventory levels are running at roughly 60 percent of normal.
    • The median number of days it took to sell a single-family home dipped slightly in June to 27.1 days, compared with 27.3 days in May and 28 days in June 2015.
    • According to C.A.R.'s sales-to-list price ratio*, tight inventories also appear to be driving final sales prices closer to listing prices, with sales prices slightly decreasing to 99.6 percent of listing prices statewide in June from 99.7 percent in May.
    • The average price per square foot** for an existing, single-family home statewide was $247 in June 2016, down from $248 in May but up from $237 in June 2015.
    • San Francisco County had the highest price per square foot in June at $837/sq. ft., followed by San Mateo ($793/sq. ft.), and Marin ($633/sq. ft.). Counties with the lowest price per square foot in June include Siskiyou ($122/sq. ft.), Tulare ($126/sq. ft.), and Kern and Kings ($131/sq. ft.).
    • Mortgage rates are expected to remain low in the foreseeable future due to global economic uncertainty. Mortgage rates declined in June, with the 30-year, fixed-mortgage interest rate averaging 3.57 percent, compared with 3.60 percent in May and 3.98 percent in June 2015, according to Freddie Mac. Adjustable-rate mortgage interest rates slipped in June to an average of 2.78 percent, a decline from 2.81 percent in May and 2.99 percent in June 2015.

    Graphics (click links to open):
    June sales at-a-glance infographic.
    Calif. existing home sales historical.
    Share of sales by price range.
    Historical condo sales.
    CA sales to list price ratio.
    CA price per square foot.

    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 38 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 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    June 2016 County Sales and Price Activity
    Regional and condo sales data not seasonally adjusted

    June-16 Median Sold Price of Existing Single-Family Homes Sales
    State/Region/County Jun-16 May-16 Jun-15 MTM% Chg YTY% Chg MTM% Chg YTY% Chg
    CA SFH (SAAR) $519,440 $519,750 r $492,320 r -0.1% 5.5% 10.0% 2.2%
    CA Condo/Townhomes $413,110 $411,340 r $393,900 r 0.4% 4.9% 7.7% -0.1%
    Los Angeles Metropolitan Area $477,230 $471,860 r $449,530 r 1.1% 6.2% 7.7% 1.9%
    Inland Empire $319,100 $315,980 $297,230 1.0% 7.4% 8.3% 2.5%
    S.F. Bay Area $841,960 $848,580 $748,340 -0.8% 12.5% 9.2% -6.9%
    S.F. Bay Area
    Alameda $803,000 $828,000 r $750,000 r -3.0% 7.1% 9.6% -11.8%
    Contra-Costa $625,000 $595,000 r $555,000 r 5.0% 12.6% 9.6% -10.9%
    Marin $1,218,500 $1,237,500 r $1,105,000 r -1.5% 10.3% 4.5% 10.9%
    Napa $619,000 $645,771 r $609,000 r -4.1% 1.6% 31.7% 9.6%
    San Francisco $1,350,000 $1,360,000 r $1,308,500 r -0.7% 3.2% 22.0% 11.0%
    San Mateo $1,306,250 $1,392,500 r $1,300,000 -6.2% 0.5% 9.3% 2.1%
    Santa Clara $1,050,000 $1,100,000 $990,000 -4.5% 6.1% 4.7% -4.0%
    Solano $390,000 $385,500 r $353,000 r 1.2% 10.5% 13.1% -14.5%
    Sonoma $608,000 $580,000 r $545,000 r 4.8% 11.6% 5.7% -10.7%
    Southern California
    Los Angeles $502,190 $467,290 r $473,290 r 7.5% 6.1% 6.9% 1.2%
    Orange $759,490 $735,910 $716,730 3.2% 6.0% 4.3% -0.5%
    Riverside $357,810 $353,900 $337,380 1.1% 6.1% 8.1% 4.4%
    San Bernardino $245,220 $245,080 $231,300 0.1% 6.0% 8.6% -0.7%
    San Diego $594,430 $591,800 $569,530 0.4% 4.4% 3.7% -4.4%
    Ventura $674,310 $631,140 $634,190 6.8% 6.3% 17.8% 9.0%
    Central Coast
    Monterey $537,000 $540,000 $485,000 -0.6% 10.7% 20.9% 7.5%
    San Luis Obispo $529,480 $558,750 $534,650 -5.2% -1.0% 17.0% 8.9%
    Santa Barbara $742,000 $689,000 r $735,000 r 7.7% 1.0% -4.2% 2.2%
    Santa Cruz $800,000 $800,000 $726,000 0.0% 10.2% -1.2% -27.0%
    Central Valley
    Fresno $242,240 $231,370 $223,150 4.7% 8.6% 14.0% 10.1%
    Glenn $205,560 $176,670 $253,120 16.4% -18.8% 136.4% 73.3%
    Kern $238,400 $226,800 $219,330 r 5.1% 8.7% 9.2% -1.7%
    Kings $211,110 $216,410 $195,380 -2.4% 8.1% -16.5% -20.4%
    Madera $234,720 $214,290 $199,000 9.5% 17.9% 12.5% 52.8%
    Merced $207,580 $220,690 $206,080 -5.9% 0.7% 22.6% 12.6%
    Placer $444,590 $433,140 $402,870 2.6% 10.4% 16.8% 0.5%
    Sacramento $332,580 $323,000 $295,310 3.0% 12.6% 12.6% 1.0%
    San Benito $511,500 $479,000 $479,000 6.8% 6.8% 40.4% 24.5%
    San Joaquin $313,810 $319,190 $296,030 -1.7% 6.0% 7.2% -1.9%
    Stanislaus $279,170 $267,000 $249,670 4.6% 11.8% 16.7% 0.5%
    Tulare $211,820 $205,260 $194,170 3.2% 9.1% 2.3% 8.9%
    Other Counties in California
    Amador $320,590 $277,270 $256,250 15.6% 25.1% 15.9% 2.0%
    Butte $277,980 $275,000 $253,660 1.1% 9.6% -4.9% -3.5%
    Calaveras $325,760 $290,380 $256,580 12.2% 27.0% 10.6% 11.7%
    Del Norte $200,000 $190,000 $212,500 5.3% -5.9% 18.2% 18.2%
    El Dorado $468,380 $437,880 $410,320 7.0% 14.1% 10.2% 18.7%
    Humboldt $285,580 $270,590 $273,280 5.5% 4.5% 14.7% 13.6%
    Lake $259,720 $244,230 $211,670 6.3% 22.7% 20.3% -25.2%
    Mariposa $268,750 $275,000 $281,250 -2.3% -4.4% 11.8% 26.7%
    Mendocino $350,000 $330,000 r $305,100 r 6.1% 14.7% 20.0% 20.0%
    Nevada $355,740 $358,140 $341,300 -0.7% 4.2% 40.4% 15.9%
    Plumas $278,120 $225,000 $300,000 23.6% -7.3% 52.2% -7.9%
    Shasta $243,670 $230,500 $235,170 5.7% 3.6% 13.1% 20.6%
    Siskiyou $215,620 $174,000 $152,860 23.9% 41.1% -4.9% 11.4%
    Sutter $253,570 $240,520 $236,000 5.4% 7.4% 39.0% 30.5%
    Tehama $237,500 $175,710 $200,000 35.2% 18.8% 4.9% 13.2%
    Tuolumne $245,240 $246,670 $248,610 -0.6% -1.4% 9.1% -4.0%
    Yolo $398,980 $392,860 $393,590 1.6% 1.4% 5.8% 19.9%
    Yuba $256,250 $216,250 $226,320 18.5% 13.2% 2.3% 6.0%

    r = revised


    June 2016 County Unsold Inventory and Time on Market
    (Regional and condo sales data not seasonally adjusted)

    June-16 Unsold Inventory Index Median Time on Market
    State/Region/County Jun-16 May-16 Jun-15 Jun-16 May-16 Jun-15
    CA SFH (SAAR) 3.2 3.4 3.2 r 27.1 27.3 28.0 r
    CA Condo/Townhomes 2.6 2.8 2.6 r 27.3 27.3 27.6 r
    Los Angeles Metropolitan Area 3.5 3.8 r 3.6 44.1 45.1 r 45.6 r
    Inland Empire 3.7 4.2 r 3.8 45.2 46.7 r 50.1
    S.F. Bay Area 2.3 2.4 1.7 21.1 20.2 r 21.0 r
    S.F. Bay Area
    Alameda 2.1 2.2 1.4 r 17.7 17.5 17.5 r
    Contra-Costa 2.2 2.4 0.9 r 19.0 18.0 19.1 r
    Marin 2.5 2.8 2.6 r 27.7 25.2 29.6 r
    Napa 3.9 5.0 4.2 47.5 42.0 46.4 r
    San Francisco 2.0 2.5 1.7 24.3 21.1 20.8
    San Mateo 1.9 2.0 1.5 18.3 17.8 18.2
    Santa Clara 2.0 2.1 1.7 18.6 17.9 17.9
    Solano 2.7 2.9 r 2.4 r 34.1 34.3 42.7 r
    Sonoma 3.1 3.2 2.8 r 41.5 40.8 42.0 r
    Southern California
    Los Angeles 3.3 3.6 3.4 38.8 40.5 39.9
    Orange 3.6 3.6 3.4 50.5 49.0 48.2
    Riverside 3.6 4.1 3.7 48.9 50.7 53.8
    San Bernardino 3.9 4.2 4.1 37.1 38.2 43.3
    San Diego 3.1 3.1 3.2 21.4 22.1 22.7
    Ventura 3.8 3.8 3.7 50.4 51.4 51.2
    Central Coast
    Monterey 3.6 3.9 3.7 24.9 24.8 26.2
    San Luis Obispo 3.9 4.4 4.4 27.7 25.9 25.8
    Santa Barbara 4.5 4.4 3.9 r 32.5 28.8 24.3 r
    Santa Cruz 3.4 3.0 2.5 20.5 22.4 21.1
    Central Valley
    Fresno 3.3 3.8 4.0 25.1 25.8 25.6
    Glenn 3.2 6.8 5.3 41.9 20.9 28.2
    Kern 3.3 3.7 3.6 r 26.1 26.4 24.0 r
    Kings 3.2 2.9 3.1 25.9 25.5 29.0
    Madera 4.9 5.3 8.8 62.0 57.1 70.3
    Merced 2.7 3.5 3.8 25.2 39.0 32.4
    Placer 2.6 3.0 2.7 20.8 21.1 22.3
    Sacramento 2.4 2.5 2.5 18.7 18.9 20.0
    San Benito 2.5 3.8 2.2 25.5 19.9 31.0
    San Joaquin 2.7 2.6 2.7 21.3 20.9 23.2
    Stanislaus 2.6 2.9 2.8 20.3 22.0 23.1
    Tulare 3.3 3.6 3.9 28.2 28.6 28.8
    Other Counties in California
    Amador 5.0 5.8 4.9 24.1 28.7 39.7
    Butte 3.4 3.0 r 3.5 27.4 25.3 r 31.0
    Calaveras 5.3 5.8 6.9 44.0 33.8 48.0
    Del Norte 5.8 6.9 7.6 100.7 91.0 105.5
    El Dorado 3.9 4.1 5.1 27.8 29.0 33.4
    Humboldt 3.9 4.2 5.5 23.3 25.2 39.2
    Lake 6.0 7.2 4.7 66.6 75.5 65.6
    Mariposa 5.1 6.1 8.4 115.2 86.4 115.2
    Mendocino 5.6 6.8 6.6 r 56.1 50.8 61.0 r
    Nevada 3.5 4.8 4.3 22.9 29.5 25.4
    Plumas 12.7 17.7 12.4 75.5 71.9 123.8
    Shasta 4.1 4.7 5.3 28.2 36.4 29.2 r
    Siskiyou 8.2 7.1 11.7 45.5 48.7 53.8
    Sutter 2.0 2.8 2.8 24.5 27.0 27.4
    Tehama 5.3 5.6 6.6 55.7 58.6 47.1 r
    Tuolumne 6.6 7.0 5.9 38.3 25.7 22.4
    Yolo 2.5 2.5 2.8 20.3 19.0 22.1
    Yuba 2.6 2.5 3.2 19.4 22.4 24.9

    r = revised

    Created: 7/31/2016 2:42:35 AM
  • For Release:
    July 19, 2016

    CALIFORNIA ASSOCIATION OF REALTORS® Disappointed in HUD Decision to Insure FHA Mortgages with PACE Loans

    LOS ANGELES (July 19, 2016) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to the U.S. Department of Housing and Urban Development's new policy that the Federal Housing Administration (FHA) will begin insuring mortgages on certain properties with Property Assessed Clean Energy (PACE) loans.

    "Although C.A.R. supports voluntary consumer-friendly energy improvement programs for homeowners, C.A.R. believes that HUD was ill advised to approve placing PACE loans in a senior position to FHA first mortgages," said C.A.R. President Pat "Ziggy" Zicarelli. "Doing so places FHA homebuyers and taxpayers at risk and does homeowners a disservice by approving a loan product without consumer protections and which is aggressively sold to homeowners who rely on FHA financing for safe and affordable mortgages."

    PACE loans are unfairly expensive, and often are sold by high pressure door-to-door sales people. Although PACE loans are in a senior position, they carry interest rates higher than the first-mortgage or a home equity loan. C.A.R. feels that the FHA has failed to justify why it supports a program whose interest rates border on predatory and do not follow even basic lending guidelines for consumers.

    "This loan product has no minimum disclosures, no underwriting of the borrower, no proof that the borrower has the ability to repay, no three-day right to rescind, no marketing limitations, no interest rate or fee caps, no kickback prohibitions; nothing," added Zicarelli. "If the housing market of the last decade has taught us anything, it's that first-time homeowners, and low- and moderate-income homeowners are the most vulnerable and will be taken advantage of. Sadly, it is they who the FHA is inviting unregulated PACE lenders to target."

    For the last six years, HUD has stayed silent while California's housing market has operated under the guidelines of the Federal Housing Finance Agency (FHFA); the conservator of Fannie Mae and Freddie Mac. The FHFA prohibits PACE loans to be placed in a senior position to the mortgage. HUD's announcement today of a contrary policy to accept PACE loans in a senior position to the first mortgage will only cause confusion and uncertainty for homeowners, home buyers, REALTORS®, lenders, escrow, title, and the housing market overall. The confusion is particularly unfortunate because the FHA only accounts for approximately 20 percent of mortgages.

    Both the FHA and Fannie Mae currently offer mortgage financing that allows borrowers to finance energy efficiency improvements at lower rates than PACE loans.

    Now, more than ever, the California legislature must pass C.A.R. sponsored AB 2693 (Dababneh) to ensure consumers are aware of the consequences of PACE loans and have the opportunity to rescind after a three-day cooling off period.

    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 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.


    # # #

    Created: 7/31/2016 2:42:35 AM