CA. ASSOC. OF REALTORS NEWS

  • For release:
    August 26, 2015

    Homeowners caught in affordability squeeze, are staying put, REALTOR® survey finds

    LOS ANGELES (August 26) – Even with rising home prices over the past few years, many homeowners who have considered selling are deciding not to because they are caught in an affordability squeeze that is compounded by a lack of inventory, according to findings from the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) "2015 Survey of California Homeowners."
    More than one-third (35 percent) of homeowners have considered selling their home in the past year, and of that share, about two-thirds (64 percent) are reluctant to sell because they are finding they can't afford the home they really want, the survey found.

    C.A.R.'s inaugural Survey of California Homeowners also found that more than half (59 percent) of homeowners have not seriously considered selling their home in the past year, with more than half (60 percent) saying their current home will be their retirement residence. For those who have been in their home 15 years or more, that figure rises to 70 percent who indicated they have not considered selling because their current residence will be their retirement home.

    But for others (44 percent), the affordability crunch, higher property taxes, and home prices are keeping them in their current home.

    In first-quarter 2012, when housing in California was at its most affordable, a median income of $56,324 was needed to purchase a median-priced home. In second-quarter 2015, that figure jumped to $96,160, with 99 percent of that required income increase attributable to home price increases.

    Sixty-one percent of all homeowners could be prompted to sell if they got the price they want for their home; 56 percent would sell if they had a gain in their home value; and 53 percent would sell if a better or equivalent house was available.

    Fifty-six percent of homeowners who have considered selling said they desire a larger home; and 48 percent would sell because they desire a smaller home. Those who have owned their home less than 15 years were nearly twice as likely (66 percent) to consider selling due to their desire for a larger home than those who have owned their home over 15 years (34 percent).

    Additional findings from C.A.R.'s "2015 Survey of California Homeowners" include:

    • Forty-five percent of homeowners have considered moving out of state, with Texas (15 percent), Oregon (11 percent), New York (9 percent), and Arizona and Nevada tied (8 percent) as the top five states where homeowners have considered moving.

    • Sixty percent of homeowners bought their home within the past 15 years.

    • The median purchase price for all homeowners was $265,000, with the purchase price being more than twice as high for those who bought less than 15 years ago ($350,000) than those who purchased their home 15 or more years ago ($162,000).

    • All homeowners surveyed have a median home equity amount of $200,000, and those who have owned their home more than 15 years have 60 percent more equity ($300,000) than those who bought within the past 15 years ($179,000).

    • Twenty-four percent of homeowners don't have a mortgage, and those who bought their home 15 or more years ago were more than twice as likely not to have a mortgage as those who bought within the past 15 years. The majority of homeowners with a mortgage (77 percent) have an interest rate below 5 percent.

    • Twenty-seven percent of homeowners have tapped into their equity. Those who bought 15 or more years ago or were more likely to have tapped into their equity (32 percent) than those who bought within the past 15 years (24 percent), indicating a healthy market where homeowners are not overleveraged on their home.

    • Nearly one-third of homeowners (32 percent) indicated a Craftsman-styled bungalow is their dream home, beating those preferring mansions by more than double (14 percent) and Neo-Colonial (19 percent). California is considered the center of the architectural arts and crafts movement and is home to the majority of Craftsman-styled housing.

    • Nearly half of homeowners (45 percent) have children residing with them, with 83 percent of children being minors.

    Survey of California Homeowner Slides (click links to open):

    Homeowners who considered selling but haven't.
    Why homeowners aren't selling.
    Median home equity amount.
    Top 10 states homeowners are considering.
    Homeowners who have tapped into home equity.

    The 2015 Survey of California Homeowners was conducted online in May to more than 1,000 homeowners statewide to determine why homeowners are not selling. Access the full report on the survey findings here: http://www.car.org/marketdata/surveys/other/ and view the webinar presentation here: http://www.car.org/marketdata/videos.

    Leading the way...® in California real estate for 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    Created: 2/10/2016 2:46:34 AM
  • For release:
    October 8, 2015

    C.A.R. releases its 2016 California Housing Market Forecast

    California home sales to increase slightly, while prices post slowest gain in five years

    LOS ANGELES (Oct. 8) – California's housing market will continue to improve into 2016, but a shortage of homes on the market and a crimp in housing affordability also will persist, according to the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) "2016 California Housing Market Forecast," released today.

    The C.A.R. forecast sees an increase in existing home sales of 6.3 percent next year to reach 433,000 units, up from the projected 2015 sales figure of 407,500 homes sold. Sales in 2015 also will be up 6.3 percent from the 383,300 existing, single-family homes sold in 2014.

    "Solid job growth and favorable interest rates will drive a strong demand for housing next year," said C.A.R. President Chris Kutzkey. "However, in regions where inventory is tight, such as the San Francisco Bay Area, sales growth could be limited by stiff market competition and diminishing housing affordability. On the other hand, demand in less expensive areas such as Solano County, the Central Valley, and Riverside/San Bernardino areas will remain strong thanks to solid job growth in warehousing, transportation, logistics, and manufacturing in these areas."

    C.A.R.'s forecast projects growth in the U.S. Gross Domestic Product of 2.7 percent in 2016, after a projected gain of 2.4 percent in 2015. With nonfarm job growth of 2.3 percent in California, the state's unemployment rate should decrease to 5.5 percent in 2016 from 6.3 percent in 2015 and 7.5 percent in 2014.

    The average for 30-year, fixed mortgage interest rates will rise only slightly to 4.5 percent but will still remain at historically low levels.

    The California median home price is forecast to increase 3.2 percent to $491,300 in 2016, following a projected 6.5 percent increase in 2015 to $476,300. This is the slowest rate of price appreciation in five years.

    "The foundation for California's housing market remains strong, with moderating home prices, signs of credit easing, and the state continuing to lead the nation in economic and job growth," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "However, the global economic slowdown, financial market volatility, and the anticipation of higher interest rates are some of the challenges that may have an adverse impact on the market's momentum next year. Additionally, as we see more sales shift to inland regions of the state, the change in mix of sales will keep increases in the statewide median price tempered."

    2016 California Housing Market Forecast

    2010 2011 2012 2013 2014 2015p 2016f
    SFH Resales (000s) 416.5 422.6 439.8 414.9 383.3 407.5 433.0
    % Change -12.30% 1.40% 4.10% -5.90% -7.60% 6.30% 6.30%
    Median Price ($000s) $305.0 $286.0 $319.3 $407.2 $447.0 $476.3 $491.3
    % Change 10.9% -6.2% 11.6% 27.5% 9.8% 6.5% 3.2%
    Housing Affordability Index 48% 53% 51% 36% 30% 31% 27%
    30-Yr FRM 4.70% 4.50% 3.70% 4.00% 4.20% 3.90% 4.50%

    p = projected
    f = forecast

    Leading the way ...® in real estate news and information 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: 2/10/2016 2:46:34 AM
  • For release:
    November 12, 2015

    Higher interest rates lower California housing affordability in third quarter

    • Twenty-nine percent of California households could afford to purchase the $487,420 median-priced home in the third quarter, down from 30 percent in second-quarter 2015 and unchanged from 29 percent in third quarter 2014.

    • A minimum annual income of $98,350 was needed to make monthly payments of $2,460, including principal, interest, and taxes on a 30-year, fixed-rate mortgage at 4.16 percent interest rate.

    • Thirty-eight percent of home buyers were able to purchase the $390,740 median-priced condo or townhome. An annual income of $78,840 was required to make a monthly payment of $1,970.

    LOS ANGELES (Nov. 12) – Relatively flat home prices weren't enough to ease housing affordability as higher interest rates reduced the number of Californians who could buy a home in the third quarter, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

    The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in third-quarter 2015 slipped to 29 percent from the 30 percent recorded in the second quarter of 2015 and was flat from the 29 percent in the third quarter a year ago, according to C.A.R.'s Traditional Housing Affordability Index (HAI). California's housing affordability index hit a peak of 56 percent in the third 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 $98,350 to qualify for the purchase of a $487,420 statewide median-priced, existing single-family home in the third quarter of 2015. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,460, assuming a 20 percent down payment and an effective composite interest rate of 4.16 percent.

    The median home price was $485,910 in second-quarter 2015, and an annual income of $96,140 was needed to purchase a home at that price. The effective composite interest rate in second-quarter 2015 was 3.95 percent.

    Key points from the third-quarter 2015 Housing Affordability report include:

    • Affordability of condominiums and townhomes also slipped in the third quarter, but were more affordable than single-family homes, with 38 percent of home buyers able to purchase the $390,740 median-priced condo or townhome. An annual income of $78,840 was required to make a monthly payment of $1,970.

    • Compared to the previous quarter, housing affordability improved in Marin and Santa Barbara counties, due to a combination of plateauing home prices and continuing wage growth.

    • Compared to the previous year, housing affordability declined in all regions except Marin, San Luis Obispo, Santa Barbara, and Santa Cruz, which improved, and held steady in five regions (Napa, Orange, Monterey, Merced, and Placer).

    • The remaining 19 regions (Alameda, Contra Costa, San Francisco, San Mateo, Santa Clara, Solano, Sonoma, Los Angeles, Riverside, San Bernardino, San Diego, Ventura, Fresno, Kings, Madera, Sacramento, San Joaquin, Stanislaus, and Tulare) saw declines in housing affordability from the previous year.

    • In the Bay Area, Marin posted the only year-to-year improvement in affordability mainly due to flat home prices and growth in annual household income. Other Bay Area counties, such as Santa Clara, Solano, and Sonoma, experienced significant affordability drops as homebuyers looking for more affordable homes moved to outlying counties and drove home prices higher.


    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 (SAAR) 29 $ 487,420 $ 2,460 $ 98,350
    CA Condo/Townhomes 38 $ 390,740 $ 1,970 $ 78,840
    Los Angeles Metropolitan Area 31 $ 444,470 $ 2,240 $ 89,690
    Inland Empire 45 $ 292,480 $ 1,480 $ 59,020
    S.F. Bay Area 20 $ 809,440 $ 4,080 $ 163,330
    US 56 $ 229,000 $ 1,160 $ 46,210
    S.F. Bay Area
    Alameda 20 $ 750,460 $ 3,790 $ 151,430
    Contra-Costa (Central County) 19 $ 806,680 $ 4,070 $ 162,770
    Marin 19 $ 1,063,180 $ 5,360 $ 214,530
    Napa 21 $ 646,260 $ 3,260 $ 130,400
    San Francisco 10 $ 1,248,790 $ 6,300 $ 251,980
    San Mateo 13 $ 1,250,000 $ 6,310 $ 252,230
    Santa Clara 19 $ 965,000 $ 4,870 $ 194,720
    Solano 44 $ 361,880 $ 1,830 $ 73,020
    Sonoma 24 $ 565,790 $ 2,850 $ 114,170
    Southern California
    Los Angeles 24 $ 506,780 $ 2,560 $ 102,260
    Orange County 20 $ 715,250 $ 3,610 $ 144,320
    Riverside County 39 $ 335,460 $ 1,690 $ 67,690
    San Bernardino 54 $ 230,210 $ 1,160 $ 46,450
    San Diego 24 $ 554,370 $ 2,800 $ 111,860
    Ventura 25 $ 614,700 $ 3,100 $ 124,030
    Central Coast
    Monterey 27 $ 480,000 $ 2,420 $ 96,850
    San Luis Obispo 27 $ 523,240 $ 2,640 $ 105,580
    Santa Barbara 18 $ 686,830 $ 3,460 $ 138,590
    Santa Cruz 19 $ 740,000 $ 3,730 $ 149,320
    Central Valley
    Fresno 49 $ 220,860 $ 1,110 $ 44,570
    Kings County 60 $ 194,410 $ 980 $ 39,230
    Madera 49 $ 215,910 $ 1,090 $ 43,570
    Merced 55 $ 199,510 $ 1,010 $ 40,260
    Placer County 44 $ 395,480 $ 2,000 $ 79,800
    Sacramento 46 $ 291,410 $ 1,470 $ 58,800
    San Joaquin 36 $ 292,250 $ 1,470 $ 58,970
    Stanislaus 40 $ 250,820 $ 1,270 $ 50,610
    Tulare 53 $ 189,790 $ 960 $ 38,300

    CALIFORNIA ASSOCIATION OF REALTORS®
    Traditional Housing Affordability Index

    STATE/REGION/COUNTY Q3 2015 Q2 2015 Q3 2014
    CA SFH (SAAR) 29 30 29 R
    CA Condo/Townhomes 38 39 38 R
    Los Angeles Metropolitan Area 31 32 32
    Inland Empire 45 46 47
    S.F. Bay Area 20 20 22 R
    US 56 57 57
    S.F. Bay Area
    Alameda 20 20 R 21 R
    Contra-Costa (Central County) 19 19 R 20 R
    Marin 19 17 15
    Napa 21 23 21
    San Francisco 10 10 12 R
    San Mateo 13 13 15
    Santa Clara 19 19 21
    Solano 44 46 49
    Sonoma 24 25 29
    Southern California
    Los Angeles 24 30 25
    Orange County 20 21 20
    Riverside County 39 40 41
    San Bernardino 54 56 57
    San Diego 24 25 25
    Ventura 25 25 27
    Central Coast
    Monterey 27 27 27
    San Luis Obispo 27 28 24
    Santa Barbara 18 16 14
    Santa Cruz 19 20 17
    Central Valley
    Fresno 49 50 53
    Kings County 60 62 64
    Madera 49 50 51 R
    Merced 55 55 55
    Placer County 44 44 44
    Sacramento 46 47 48
    San Joaquin 36 37 40
    Stanislaus 40 41 44
    Tulare 53 54 56


    r = revised

    See C.A.R.'s historical housing affordability data.
    See first-time buyer housing affordability data.

    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: 2/10/2016 2:46:34 AM
  • For release:
    July 28, 2015

    C.A.R. Opposes Tax on Home Buyers in Senate Highway Transportation Bill
    Bill would put tax burden on home buyers, hinder future efforts at mortgage finance reform

    LOS ANGELES (July 28) – The CALIFORNIA ASSOCIATION OF REALTORS® is opposing a provision in the highway bill now being considered by the U.S. Senate that taxes home buyers by increasing the fees Fannie Mae and Freddie Mac charge on their loans. This provision would extend a tax on homeowners that Congress implemented in 2011, which C.A.R. opposed at the time.

    "C.A.R. opposes this provision because home buyers are being forced to offset the costs and take on this tax burden," said C.A.R. President Chris Kutzkey. "Not only will it increase the cost of homeownership and make it more difficult for a buyer to purchase a home, it will hinder future efforts at mortgage finance reform."

    Leading the way...® in California real estate for 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
    # # #

    Created: 2/10/2016 2:46:34 AM
  • For release:
    August 20, 2015

    C.A.R. analysis finds significant disparity between home prices and what buyers can truly afford

    Dearth of housing supply at affordable prices exacerbates housing affordability issue.

    - Only seven of 32 reporting counties in California had a home price that a typical median-income household in the counties can afford.

    - Less than one-third of the state's housing inventory was at or below the home price a typical household earning the median income can afford.

    - San Francisco's second quarter median home price was 225 percent higher than what a typical median-income household in that county can purchase.

    LOS ANGELES (Aug. 20) – Only seven of California's counties are affordable to home buyers who earn the areas' median household income, while homes in 25 counties were out of reach for the typical household, according to analysis by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Furthermore, less than a third of the state's inventory of available single-family homes, condominiums, and townhomes for sale was at or below the home price that a household earning the California median income of $60,244 can afford.

    "The significant disparity between what home buyers can realistically afford and actual home price is discouraging, especially in the San Francisco Bay Area," said C.A.R. President Chris Kutzkey. "While housing is affordable in some regions of the state, California lacks an adequate supply and mix of affordable housing in locations where the majority of the state's workforce resides."

    In the second quarter of 2015, the statewide median price of $446,980 was nearly 50 percent higher than what a California household with the median income of $60,244 could afford to purchase.

    Twenty-five of the 32 reporting California counties had a higher median price than the actual home price that a household earning a median income could afford. As expected, San Francisco was the least affordable county where households earning the median income of $75,910, were only able to afford a $383,670 home – a difference of $863,900 or 225 percent, compared to the actual second quarter 2015 median home price of $1,247,570. San Mateo County was the second least affordable county, with the typical median-income household able to afford a $452,020 home, compared to the actual median-priced home of $1,075,390 – a difference of $623,370 or 138 percent.

    Only seven California counties – primarily in the Central Valley and Northern California – had homes that a median-income household could afford, with Kings County being the most affordable in terms of the price differential. In Kings County, a median-income household could afford to purchase a home priced at $243,730, or $57,400 more than the actual median home price of $186,330. Merced, San Bernardino, Tulare, Shasta, Fresno, and Madera counties rounded out the remaining affordable counties, with median-income buyers able to afford a home more than the actual median home price of those counties.

    Further exacerbating high housing costs is the lack of supply of homes that a household earning the median income can afford. Statewide, less than a third (29 percent) of the available homes, including single-family, condos, and townhomes, were at or below the $304,490 price that a household earning the median income can afford – $142,490 less than the actual California median price of $446,980.

    For the Bay Area, the picture is even bleaker, with San Francisco and San Mateo counties having available, affordable inventory of only 2.1 percent and 3.1 percent, respectively.

    Seven of the 32 counties reported by C.A.R. had an inventory of 10 percent or below the corresponding home price that a median-income household can afford, with two counties (San Francisco and San Mateo) having affordable inventory of less than 4 percent. Only Kings, San Bernardino, and Merced counties had inventory near 50 percent or higher at or below the price that a typical household can afford.

    Methodology:
    By calculating how much home a median-income household can afford, C.A.R. demonstrates whether a typical household earns enough income to qualify for a mortgage loan on a median-priced home at the state and the county levels based on most recent home prices and income data. Median prices were calculated based on sales data on existing single-family homes, condos, and townhomes collected by C.A.R. The typical household is defined as one earning the median household income, estimated based on statistics released by the U.S. Bureau of the Census. The analysis assumes a down payment of 20 percent of the median home price and a 30 year fixed-rate mortgage with a rate set on the prevailing mortgage interest rate. The prevailing mortgage interest rate is the effective rate on loans closed on existing homes from the Federal Housing Finance Board. It is also assumes the monthly PITI (principal, interest, taxes, and insurance) can be no more than 30 percent of a household's income.

    Leading the way...® in California real estate for 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.


    Home Price a Typical Median-income Household Can Afford
    (Includes existing single-family homes, condominiums, and townhomes)

    STATE/REGION/COUNTY Median Income Median Price Price that Median Income Household Can Afford $ Difference % Difference
    CA SFH & Condo/Townhomes $60,240 $446,980 $304,490 $142,490 46.8%
    S.F. Bay Area
    Alameda $72,470 $710,190 $366,260 $343,931 93.9%
    Contra-Costa $76,220 $689,690 $385,230 $304,462 79.0%
    Marin $93,000 $979,380 $470,040 $509,337 108.4%
    Napa $69,720 $593,510 $352,370 $241,140 68.4%
    San Francisco $75,910 $1,247,570 $383,670 $863,899 225.2%
    San Mateo $89,430 $1,075,390 $452,020 $623,365 137.9%
    Santa Clara $93,830 $884,030 $474,230 $409,802 86.4%
    Solano $64,620 $345,450 $326,600 $18,852 5.8%
    Sonoma $64,000 $523,940 $323,450 $200,491 62.0%
    Southern California
    Los Angeles $54,510 $436,010 $275,530 $160,481 58.2%
    Orange County $72,860 $619,970 $368,230 $251,735 68.4%
    Riverside County $53,010 $321,350 $267,940 $53,407 19.9%
    San Bernardino $50,640 $222,310 $255,970 -$33,659 -13.1%
    San Diego $61,770 $475,230 $312,180 $163,047 52.2%
    Ventura $73,040 $538,250 $369,190 $169,065 45.8%
    Central Coast
    Monterey $58,980 $487,220 $298,120 $189,098 63.4%
    San Luis Obispo $62,960 $499,050 $318,210 $180,837 56.8%
    Santa Barbara $64,570 $685,310 $326,360 $358,950 110.0%
    Santa Cruz $70,960 $672,570 $358,650 $313,918 87.5%
    Central Valley
    Fresno $42,920 $216,160 $216,910 -$755 -0.3%
    Kings County $48,220 $186,330 $243,730 -$57,403 -23.6%
    Madera $42,820 $215,710 $216,440 -$730 -0.3%
    Merced $45,580 $203,930 $230,350 -$26,424 -11.5%
    Placer County $69,440 $393,340 $350,960 $42,381 12.1%
    Sacramento $53,880 $282,770 $272,310 $10,460 3.8%
    San Joaquin $51,030 $280,030 $257,910 $22,125 8.6%
    Stanislaus $46,070 $243,710 $232,830 $10,884 4.7%
    Tulare $41,340 $188,740 $208,920 -$20,184 -9.7%
    Other Counties in California
    Butte County $43,610 $253,040 $220,390 $32,648 14.8%
    El Dorado County $69,060 $411,760 $349,050 $62,706 18.0%
    Humboldt $43,920 $260,980 $221,980 $39,001 17.6%
    Shasta $46,870 $231,820 $236,910 -$5,090 -2.1%


    Created: 2/10/2016 2:46:34 AM
  • For release:
    August 24, 2015

    California REALTORS® welcome HUD/FHA decision to maintain subordinate status of energy efficiency liens

    LOS ANGELES (Aug. 24) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) issued the following statement in response to today's announcement by the U.S. Department of Housing and Urban Development (HUD) that the Federal Housing Administration (FHA) will issue final guidance that will require Property Assessed Clean Energy (PACE) liens to be subordinate to FHA single-family first-mortgage financing:

    "C.A.R. provided input to HUD last week asking that PACE liens remain subordinate to FHA first mortgages, and we are pleased with HUD's announced anticipated guidelines to do so," said C.A.R. President Chris Kutzkey. "In aligning with the Federal Housing Finance Agency's (FHFA) policy that prohibits Fannie Mae and Freddie Mac from buying mortgages or notes with PACE-type "super liens," home buyers can more easily obtain FHA financing while supporting energy efficiency, and mortgage markets can remain secure."

    PACE loans allow homeowners to build the costs for energy-efficiency upgrades, such as adding insulation and installing energy efficient windows or solar panels, into their property tax bills. PACE is available in 31 states, including California.

    Leading the way...® in California real estate for 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    Created: 2/10/2016 2:46:34 AM
  • For release:
    November 17, 2015

    C.A.R. installs 2016 Leadership team

    2016_officersLOS ANGELES (Nov. 17) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today installed its 2016 Leadership Team. Leading the team is C.A.R. President Pat "Ziggy" Zicarelli, a second-generation REALTOR® and broker in Southern California. Serving with Zicarelli are President-elect Geoff McIntosh, Treasurer Jared Martin, and Chief Executive Officer Joel Singer. The 2016 officers begin their official term this week at the close of the NATIONAL ASSOCIATION OF REALTORS® (NAR) Conference and Expo in San Diego.

    Active in organized real estate since 1976, Zicarelli previously served as C.A.R. president-elect and has served in other leadership positions for his local, state, and national associations of REALTORS®.

    At the state level, Zicarelli has served on numerous committees, including C.A.R.'s Strategic Planning and Finance Committee in 2014 and 2015 and 2003-2005 and Executive Committee from 2013-2015 and 1999. Among the numerous committees he has chaired include C.A.R.'s Association Presidents Committee in 2012, Legislative Committee in 2010, and Housing Affordability in 2008. He also was C.A.R. Liaison to Committees in 2006.

    At the national level, Zicarelli serves on the NAR's 2016 Executive Committee. He also chairs NAR's RPAC Participation Council (2015), and has chaired numerous committees, including Forum Programs (2012), Meetings & Conference (2011), and Communications (2008). Zicarelli was inducted into NAR's REALTOR® Political Action Committee Hall of Fame in 2014, and has been a member of Presidents' Circle since 2011, and an NAR Golden "R" member since 2000.

    Geoff McIntosh is broker and co-owner of Main Street REALTORS® in Long Beach, Calif. He previously served as the Association's treasurer in 2014 and 2015. He oversees the activities of his 230-plus REALTORS® and also serves the real estate needs of his own clients. Active in organized real estate, McIntosh previously served as president of the Pacific West Association of REALTORS®, the Greater Long Beach Association of REALTORS®, and the Apartment Association, California Southern Cities. McIntosh is currently a member of the boards of directors of NAR, C.A.R., and the Pacific West Association of REALTORS®. He previously served as an officer and member of the board of directors of the California Regional Multiple Listing Services, Inc. (CRMLS).

    Jared Martin is a Central Valley real estate broker and one of the owners of a real estate franchise, Keller Williams Westland Realty, in Fresno, Calif. As a third-generation REALTOR®, he has worked with his family's business for the past 14 years.

    In addition to serving his clients, Martin also is active with his local, state, and national Associations of REALTORS®. He was president of the Fresno Association of REALTORS® in 2009, served on its Executive Committee in 2008-2009 and 2014-2015 and was its Treasurer in 2014 and 2015. At the state level, he has served on numerous committees, including Taxation and Government Finance (2014) , Distressed Property Task Force (2012), Strategic Planning and Finance (Vice-chair in 2013), and Federal (Vice-chair in 2014) committees. Also active with NAR, Martin served on NAR's Commercial Leadership Forum, Commercial, Research, and Commercial Economic Issues and Trends committees. Martin has been an NAR Golden "R" member since 2004.

    C.A.R. CEO Joel Singer has held the Association's top staff position since November 1989 after serving as C.A.R.'s chief economist and heading the Association's public affairs department. He was instrumental in developing Real Estate Business Services Inc. (REBS), C.A.R.'s for-profit subsidiary, and serves as its president. He also is president and chief executive officer of zipLogix®. Singer joined C.A.R. in 1978.

    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: 2/10/2016 2:46:34 AM
  • For release:
    January 25, 2016

    California pending home sales register annual increase in December

    LOS ANGELES (Jan. 25) – Pending home sales in California continued to improve from a year ago with solid gains, which will position the market for a modest increase in home sales in 2016, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

    In a separate report, California REALTORS® responding to C.A.R.'s December Market Pulse Survey saw a small decrease in the number of sales with multiple offers compared with November as well as a decrease in the number of offers received. Listing appointments remained stable, while floor calls and open house traffic were down, primarily reflecting seasonal factors. The Market Pulse Survey is a monthly online survey of more than 300 California REALTORS®, which measures data about their last closed transaction and sentiment about business activity in their market area for the previous month and the last year.

    Pending home sales data:

    • Statewide pending home sales remained strong in December on an annual basis, with the Pending Home Sales Index (PHSI)* increasing 8.3 percent from 71.9 in December 2014 to 77.9 in December 2015, based on signed contracts. The annual increase was the smallest since January 2015.

    • On a monthly basis, California pending home sales fell from November, primarily due to seasonal factors. The PHSI decreased 22.4 percent from an index of 100.4 in November to 77.9 in December.

    • At the regional level, pending sales were higher on a year-over-year basis in all areas, with the Central Valley and San Francisco Bay Area regions increasing at a double-digit rate, while Southern California edged up in the low single-digits. All regions experienced a sharp month-to-month decline in pending sales.

    • San Francisco Bay Area pending sales fell 36.4 percent from November to reach an index of 81.7 in December, down from November's 128.4 and up 12.4 percent from December 2014's 72.7 index.

    • Pending home sales in Southern California decreased 19.3 percent from November to reach an index of 69 in December, down from November's index of 85.5 and up 2.5 percent from an index of 67.4 a year ago.

    • Central Valley pending sales fell from November to reach an index of 65.7, down 22.8 percent from November's 85.1 index and up 12.9 percent from December 2014's 58.2 index.

    Equity and distressed housing market data:

    • The share of equity sales – or non-distressed property sales – edged up in December and remained at the highest levels since the fall of 2007. Equity sales now make up 93.6 percent of all sales, up from 90.1 percent a year ago.

    • The combined share of all distressed property sales (REOs and short sales) dipped in December to 6.4 percent of total sales and was down from 9.9 percent a year ago.

    • Eighteen of the 44 counties that C.A.R. reports showed month-to-month decreases in their share of distressed sales, with San Mateo having the smallest share of distressed sales at 1.7 percent, followed by Santa Clara (1.8 percent), and Marin (2.2 percent). Tehama had the highest share of distressed sales at 20.4 percent, followed by Siskiyou (18.8 percent), and Lake (15.6 percent).

    December REALTOR® Market Pulse Survey**:

    • Nearly one in five homes (18 percent) closed above asking price in December, and 57 percent closed below asking price. One-fourth (25 percent) closed at asking price.

    • For the one in five homes that sold above asking price, the premium paid over asking price edged up to an average of 9.2 percent, up from November's 8.9 percent but down from 11 percent in December 2014.

    • The 57 percent of homes that sold below asking price sold for an average of 13 percent below asking price in December, unchanged from November and a year ago.

    • About two-thirds (65 percent) of properties received multiple offers in December, indicating the market remains competitive. Sixty-one percent of properties received multiple offers in December 2014.

    • The average number of offers per property was 2.5 in December, down from 2.7 in November and 2.6 in December 2014.

    • With home prices leveling off in recent months, more sellers are adjusting their listing price to become more in line with buyers' expectations. About one-third (30 percent) of properties had price reductions in December, down from 31 percent a year ago.

    • REALTOR® respondents reported that listing appointments remained stable, while floor calls and open house traffic were down, mostly due to seasonal factors.

    • When asked what REALTORS®' biggest concerns are, one in four (25 percent) said thin housing supplies, while 20 percent indicated declining housing affordability, and 14 percent stated overinflated home prices.

    • REALTORS® were optimistic about next year's housing market, with the vast majority (89 percent) expecting similar or better market conditions in 2016, the highest share since spring 2015.

    Graphics (click links to open):

    Pending home sales by region.
    More than half of homes sold below asking price.
    Share of properties receiving multiple offers.
    REALTORS®' market condition concerns.

    *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 and the last year.

    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: 2/10/2016 2:46:34 AM
  • President Obama today signed H.R. 22, the Surface Transportation Reauthorization and Reform Act of 2015, which does NOT include an extension of the higher guarantee-fees set to expire in 2021. The bill funds several highway and transit-related projects, with monies coming from a variety of sources. While the Senate version of the long-term transportation bill included this "mortgage tax" to pay for transportation infrastructure, the final version does not. This is a HUGE win for REALTORS® and their clients.

    In November, the House of Representatives approved a long-term-transportation bill with an amendment to exclude the tax. C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® vigorously opposed the "add-on" fee for all new conforming mortgages in order to pay for transportation infrastructure. This "g-fee," which was a disguised tax on home buyers, would have cost average California home buyers more than $8,100 over the life of their mortgage on a new home purchase or refinance.

    C.A.R. thanks its members, local Association Executives and local Association Government Affairs Directors for their support and efforts in successfully beating back this tax and helping to meet its goal of exceeding a 20 percent response rate to the Call-for-Action. Nearly 31,000 California REALTORS® called or emailed Congress to oppose this proposal.

    Dec. 4, 2015

    Created: 2/10/2016 2:46:34 AM
  • Inman: Is Affordability the Unicorn in Los Angeles Real Estate?
    By Jennifer Riner
    Although it may appear so on TV, not all of LA is comprised of multi-million dollar estates. While it may be rare – or downright impossible – to find a comfortable abode below three figures in the Los Angeles metro, some neighborhoods remain accessible. Montecito Heights, Monterey Hills and Pacoima are viable options for buyers searching on more modest budgets.

    Realtor.com: Americans Less Optimistic About Owning a Home
    By Clare Trapasso
    Stagnant wages and climbing housing prices led to a 1.7-point drop last month in consumer optimism toward owning a home, according to Fannie Mae's monthly Home Purchase Sentiment Index.

    Todays_re_news

    Created: 2/10/2016 2:46:34 AM
  • For release:
    November 25, 2015

    California REALTORS® disappointed FHFA did not increase Fannie Mae and Freddie Mac conforming loan limits

    LOS ANGELES (Nov. 25) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to the Federal Housing Finance Agency's (FHFA) announcement to keep the 2016 maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac at $417,000 on one-unit properties and a cap of $625,500 in high-cost areas. Loan limits were increased in Monterey, Napa, San Diego, and Sonoma counties:

    "C.A.R. is disappointed that the FHFA didn't raise the Fannie Mae and Freddie Mac conforming loan limits for next year," said C.A.R. President Ziggy Zicarelli. "Home prices in California have risen sharply over the past four years, yet conforming loan limits haven't changed during that time. Not increasing the loan limits will hurt California's housing market, further exacerbating housing affordability and preventing tens of thousands of California homebuyers from a chance at homeownership."

    C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR) both have long advocated for making higher conforming loan limits permanent. As a result of C.A.R.'s and NAR's efforts, cities with high median home prices have benefited from a loan limit above the national conforming loan limit.

    The conforming loan limit determines the maximum size of a mortgage that government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or "guarantee." Non-conforming or "jumbo loans" typically have tighter underwriting standards and carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.

    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: 2/10/2016 2:46:34 AM
  • 2016_singer_webC.A.R. CEO Joel Singer has been named to Inman's 2015 101 honorees list.

    The list recognizes 101 real estate industry doers whose ingenuity, outspokenness, strength, conviction, power, and persistence are driving change. The 2015 Inman 101 list consists of leading rebels, CEOs, power brokers, misfits, deal-makers, newbies and innovators whose ingenuity, outspokenness, strength, conviction, power and persistence are driving change in the United States.

    In naming Singer to the list, Inman stated that Singer has a 30-year history of challenging the industry to face its threats while working on practical solutions for keeping the agent at the center of the transaction. Singer was one of only three state and local REALTOR® Association leaders named.

    Of the honorees, publisher Brad Inman said, "It is not who you are, it is what you do. It is not about yesterday's achievements but what we expect from them in the future."

    The selection process for the Inman 101 involved nominations and recommendations from Inman's readership, Ambassadors, the editorial team, outside advisors and industry experts.

    View the full list on Inman.

    Created: 2/10/2016 2:46:34 AM
  • For release:
    January 15, 2016

    California home sales bounce back in December after temporary setback in November

    - Existing, single-family home sales totaled 405,530 in December on a seasonally adjusted annualized rate, up 9.6 percent from November and up 10.7 percent from December 2014.

    - December's statewide median home price was $489,310, up 2.6 percent from November and up 8.0 percent from December 2014.

    - Sales of condos and townhomes were up 25.1 percent from November and were 10.2 percent higher than a year ago.

    LOS ANGELES (Jan. 15) – California existing home sales rebounded in December after new loan disclosure rules delayed closings in November, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

    Home sales exceeded the 400,000-unit level in December after falling short in November. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 405,530 units in December, 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 2015 if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

    For 2015 as a whole, a preliminary figure of 407,060 single-family homes closed escrow in California, up 6.4 percent from a revised 382,720 in 2014.

    The December figure was up 9.6 percent from the revised 370,070 level in November and up 10.7 percent compared with home sales in December 2014 of a revised 366,460. The month-to-month increase in sales was the largest since January 2011, and the year-to-year increase was the largest since July 2015.

    "As we speculated, sales that were delayed in November because of The Consumer Financial Protection Bureau's new loan disclosure rules closed in December instead, which led to the greatest monthly sales increase in nearly five years," said C.A.R. President Ziggy Zicarelli. "Sales increased across the board in all price segments in December, but improvement in the sub-$500,000 market was more pronounced as many homes affected by the new loan disclosures were priced under the conforming loan limit."

    The median price of an existing, single-family detached California home rose 2.6 percent in December to $489,310 from $477,060 in November. December's median price was 8.0 percent higher than the revised $453,270 recorded in December 2014. 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 year-to-year price gain was the largest since August 2014.

    "In line with our forecast, California's housing market experienced strong sales and price growth throughout last year, with the median price increasing 6.2 percent for the year as a whole to reach $474,420 in 2015," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "Looking forward, we expect the foundation for the housing market to remain strong throughout the year, with moderate increases in home sales and prices, but headwinds of tight housing supply and low affordability will remain a challenge."

    Other key points from C.A.R.'s December 2015 resale housing report include:

    • While more sales closed in December, the number of active listings continued to drop from both the previous month and year. Active listings at the statewide level dropped 11.7 percent from November and decreased 7.9 percent from December 2014. At the regional level, total active listings continued to decline from the previous year in Southern California, Central Valley, and the San Francisco Bay Area, dropping 9.6 percent, 7.6 percent, and 5.2 percent, respectively.

    • The sharp increase in sales in December and fewer listings combined to tighten the available supply of homes on the market. C.A.R.'s Unsold Inventory Index fell to 2.8 months in December from 4.2 months in November. The index stood at 3.2 months in December 2014. 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 increased in December to 39.5 days, compared with 37.5 days in November and 44.1 days in December 2014.

    • According to C.A.R.'s newest housing market indicator, which measures the sales-to-list price ratio*, properties are generally selling below the list price, except in the San Francisco Bay Area, where a lack of homes for sale is pushing sales prices higher than original asking prices. The statewide measure suggests that homes sold at a median of 97.9 percent of the list price in December, up from 97.2 percent at the same time last year. The Bay Area is the only region where homes are selling above original list prices due to constrained supply with a ratio of 100.7 percent in December, up from 100 percent a year ago.

    • The average price per square foot** for an existing, single-family home was $230 in December 2015, up from $222 in December 2014.

    • San Francisco continued to have the highest price per square foot in December at $749/sq. ft., followed by San Mateo ($715/sq. ft.), and Santa Clara ($568/sq. ft.). The three counties with the lowest price per square foot in December were Siskiyou ($107/sq. ft.), Tulare ($123/sq. ft.), and Merced ($124/sq. ft.).

    • Mortgage rates inched up in December, with the 30-year, fixed-mortgage interest rate averaging 3.96 percent, up from 3.94 percent in November and up from 3.86 percent in December 2014, according to Freddie Mac. Adjustable-mortgage interest rates also edged up, averaging 2.66 percent in December, up from 2.63 percent in November and up from 2.40 percent in December 2014.

    Graphics (click links to open):

    December sales at-a-glance infographic.
    Calif. existing home sales historical.
    Share of sales by price range.
    Sales to active listings ratio.
    Sales to list price ratio.
    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.
    # # #

    December 2015 County Sales and Price Activity
    (Regional and condo sales data not seasonally adjusted)

    December-15 Median Sold Price of Existing Single-Family Homes Sales
    State/Region/County Dec-15 Nov-15 Dec-14 MTM% Chg YTY% Chg MTM% Chg YTY% Chg
    CA SFH (SAAR) $489,310 $477,060 r $453,270 r 2.6% 8.0% 9.6% 10.7%
    CA Condo/Townhomes $394,110 $396,740 r $364,310 r -0.7% 8.2% 25.1% 10.2%
    Los Angeles Metropolitan Area $446,660 $439,730 $413,150 1.6% 8.1% 33.3% 8.3%
    Inland Empire $300,130 $293,220 $281,660 2.4% 6.6% 29.0% 6.7%
    S.F. Bay Area $728,950 $744,750 r $660,200 r -2.1% 10.4% 18.0% 13.5%
    S.F. Bay Area
    Alameda $738,790 $736,870 $645,680 r 0.3% 14.4% 19.3% 8.0%
    Contra-Costa $507,180 $570,440 r $483,330 r -11.1% 4.9% 21.1% 8.6%
    Marin $1,120,690 $1,180,000 $990,130 -5.0% 13.2% 6.6% 25.6%
    Napa $628,120 $678,570 $516,670 -7.4% 21.6% 1.0% 23.2%
    San Francisco $1,215,620 $1,323,860 $1,058,820 r -8.2% 14.8% 10.1% 2.6%
    San Mateo $1,194,000 $1,195,000 $980,000 -0.1% 21.8% 9.5% 13.1%
    Santa Clara $920,000 $965,000 $846,500 -4.7% 8.7% 24.3% 22.7%
    Solano $356,640 $355,510 $324,070 0.3% 10.1% 29.8% 27.9%
    Sonoma $563,320 $541,380 $519,470 4.1% 8.4% 7.0% 4.4%
    Southern California
    Los Angeles $502,750 $457,870 $464,650 9.8% 8.2% 39.9% 10.4%
    Orange $710,940 $711,030 $683,490 0.0% 4.0% 26.0% 6.0%
    Riverside $348,020 $337,200 $322,020 3.2% 8.1% 30.8% 2.4%
    San Bernardino $234,080 $236,220 $216,020 -0.9% 8.4% 26.3% 14.2%
    San Diego $548,080 $554,440 $494,500 -1.1% 10.8% 33.1% 9.1%
    Ventura $601,910 $623,400 $569,600 -3.4% 5.7% 34.4% 9.9%
    Central Coast
    Monterey $517,500 $512,500 $430,000 1.0% 20.3% 1.0% 4.7%
    San Luis Obispo $548,440 $536,970 $488,130 2.1% 12.4% 28.4% 17.8%
    Santa Barbara $555,000 $634,610 $655,000 -12.5% -15.3% 26.4% 16.1%
    Santa Cruz $703,940 $703,750 $698,500 0.0% 0.8% 23.8% 9.9%
    Central Valley
    Fresno $223,370 $222,970 $204,430 0.2% 9.3% 36.9% 12.7%
    Glenn $180,000 $186,670 $176,670 -3.6% 1.9% -22.2% -6.7%
    Kern (Bakersfield) $215,000 $217,000 r $211,250 r -0.9% 1.8% 20.3% 3.0%
    Kings $202,000 $181,250 $195,550 11.4% 3.3% 44.6% 30.6%
    Madera $223,330 $229,540 $212,500 -2.7% 5.1% -21.3% -21.3%
    Merced $208,930 $215,000 $178,230 -2.8% 17.2% 35.4% 8.1%
    Placer $391,960 $398,460 $387,500 -1.6% 1.2% 25.3% 2.6%
    Sacramento $297,600 $292,100 $269,350 1.9% 10.5% 30.1% 20.1%
    San Benito $452,500 $512,500 $435,000 -11.7% 4.0% 31.3% -14.3%
    San Joaquin $287,250 $292,190 $267,070 -1.7% 7.6% 51.0% 20.6%
    Stanislaus $249,440 $249,710 $228,160 -0.1% 9.3% 44.6% 28.1%
    Tulare $196,210 $175,000 $178,620 12.1% 9.8% 65.9% 17.6%
    Other Counties in California
    Amador $275,000 $280,000 $229,540 -1.8% 19.8% 42.9% 2.6%
    Butte $261,670 $238,540 $231,820 9.7% 12.9% 16.5% 19.1%
    Calaveras $272,060 $243,750 $243,750 r 11.6% 11.6% 8.0% 21.8%
    Del Norte $194,000 $258,330 $155,000 r -24.9% 25.2% 61.5% 40.0%
    El Dorado $409,800 $392,680 $385,230 4.4% 6.4% 22.4% 4.8%
    Humboldt $289,580 $264,710 $263,000 9.4% 10.1% 41.5% 14.9%
    Lake $217,650 $256,670 $162,860 -15.2% 33.6% 9.1% 71.4%
    Mariposa $233,330 $283,330 $245,000 -17.6% -4.8% 0.0% -33.3%
    Mendocino $352,500 $360,000 $270,830 -2.1% 30.2% 45.2% 17.3%
    Nevada $355,360 $346,000 $314,290 r 2.7% 13.1% 13.5% 5.2%
    Plumas $283,330 $232,140 $233,330 r 22.1% 21.4% -35.5% -28.6%
    Shasta $235,000 $230,300 $208,160 2.0% 12.9% 44.2% 7.1%
    Siskiyou $140,000 $165,000 $135,000 -15.2% 3.7% -13.5% -23.8%
    Sutter $241,070 $256,670 $200,000 -6.1% 20.5% 1.7% -7.6%
    Tehama $186,000 $155,000 $205,000 r 20.0% -9.3% 58.1% 48.5%
    Tuolumne $236,760 $238,460 $211,670 -0.7% 11.9% 21.0% 2.7%
    Yolo $361,220 $402,170 $344,590 -10.2% 4.8% 35.8% 28.7%
    Yuba $226,560 $204,690 $207,140 10.7% 9.4% 23.7% 25.9%

    r = revised


    December 2015 County Unsold Inventory and Time on Market
    (Regional and condo sales data not seasonally adjusted)

    December-15 Unsold Inventory Index Median Time on Market
    State/Region/County Dec-15 Nov-15 Dec-14 Dec-15 Nov-15 Dec-14
    CA SFH (SAAR) 2.8 4.2 3.2 39.5 37.5 r 44.1 r
    CA Condo/Townhomes 2.3 3.4 2.7 37.2 34.0 44.0 r
    Los Angeles Metro Area 3.3 4.9 3.8 54.6 53.4 56.4
    Inland Empire 4.1 5.7 4.6 57.3 56.1 58.1
    S.F. Bay Area 1.4 2.1 r 1.4 25.9 24.6 27.4
    S.F. Bay Area
    Alameda 1.1 2.0 1.2 20.2 19.2 22.2
    Contra-Costa 1.5 1.3 r 0.8 r 22.9 22.4 r 25.1 r
    Marin 1.4 2.5 2.2 40.8 40.1 51.7
    Napa 3.2 4.3 4.2 55.4 63.9 63.6
    San Francisco 0.9 1.8 1.1 r 27.2 22.5 32.3
    San Mateo 1.1 1.9 1.1 20.9 19.8 20.6
    Santa Clara 1.0 2.0 1.3 23.2 21.9 22.6
    Solano 2.1 3.3 2.8 44.8 45.9 54.6
    Sonoma 2.1 3.0 2.0 55.0 50.4 56.2
    Southern California
    Los Angeles 2.8 4.4 3.4 48.5 47.3 50.9
    Orange 2.8 4.3 3.1 66.0 61.4 67.7
    Riverside 4.4 6.2 4.7 61.0 56.5 61.0
    San Bernardino 3.5 5.0 4.4 51.9 55.5 54.4
    San Diego 2.7 4.3 3.4 25.6 25.4 28.2
    Ventura 3.0 5.0 3.3 61.1 59.5 66.9
    Central Coast
    Monterey 3.7 4.2 4.0 44.3 28.3 48.6
    San Luis Obispo 3.3 4.8 3.9 42.3 36.1 55.9
    Santa Barbara 3.8 5.5 4.0 54.1 49.5 53.1
    Santa Cruz 1.8 3.2 2.4 32.0 37.0 42.3
    Central Valley
    Fresno 3.9 5.9 4.1 33.1 28.2 34.9
    Glenn 4.7 4.0 4.5 31.0 70.7 55.2
    Kern (Bakersfield) 3.6 4.7 r 3.3 r 37.0 40.0 r 35.0 r
    Kings 2.6 4.0 3.7 27.7 33.9 42.6
    Madera 7.8 6.8 5.4 56.8 78.1 74.3
    Merced 3.5 5.5 3.8 38.6 52.8 44.8
    Placer 2.1 3.5 2.4 28.9 28.6 36.2
    Sacramento 1.7 2.8 2.6 24.8 23.0 28.1
    San Benito 3.3 4.1 2.5 28.7 40.7 41.0
    San Joaquin 2.3 4.1 3.1 26.2 24.8 29.8
    Stanislaus 2.4 4.0 3.2 27.4 26.0 27.7
    Tulare 3.3 6.2 3.7 37.8 38.8 43.3
    Other Counties in California
    Amador 4.4 7.5 4.7 56.4 61.0 75.5
    Butte 2.9 4.2 3.6 42.0 36.2 48.4
    Calaveras 4.4 5.3 6.0 r 74.1 87.4 77.1 r
    Del Norte 6.1 11.5 9.5 r 122.3 126.4 115.2 r
    El Dorado 3.6 5.3 3.9 55.0 53.8 54.3
    Humboldt 2.9 4.8 4.6 39.5 54.2 71.0
    Lake 3.4 4.6 5.9 95.1 116.8 91.0
    Mariposa 9.3 10.4 6.5 125.8 105.5 125.8
    Mendocino 4.6 7.9 5.4 77.3 68.3 72.6
    Nevada 3.7 5.1 6.8 46.4 47.2 36.8
    Plumas 10.4 8.4 8.3 r 130.7 125.8 128.6 r
    Shasta 4.6 7.6 4.6 50.2 55.7 52.3
    Siskiyou 7.0 7.9 7.1 75.5 79.1 107.3
    Sutter 3.3 3.8 3.5 41.0 38.9 44.2
    Tehama 3.1 6.4 5.5 r 53.2 53.8 69.7 r
    Tuolumne 4.2 6.1 4.3 82.8 43.9 91.0
    Yolo 1.9 3.1 2.5 25.1 24.9 34.2
    Yuba 2.6 4.2 3.6 28.1 25.4 42.2


    r = revised

    Created: 2/10/2016 2:46:34 AM