End of the Summer Selling Season

CASales 9 16California single-family home and condominium sales were 35,842 in September 2016, a decline of 10.4 percent from August and a decline of 6.7 percent from 38,397 in September 2015. Year-to-date sales (January through September 2016) totaled 318,757 properties, down 3.7 percent from the same period in 2015.The median price of a California home was nearly unchanged at $434,500 from $435,000 in August but gained 6.6 percent from $407,500 a year ago. The median price of a condominium was $419,000, nearly unchanged from $420,000 in August 2016 but up 6.1 percent from $395,000 in September 2015.

Peak or Plateau?

CASales 8 16California single-family home and condominium sales were 39,091 in August, a gain of 4.4 percent for the month but nearly unchanged from 39,062 in August 2015. Taking a longer-term view, year-to-date sales (January through August 2016) totaled 282,260 properties, down 3.4 percent from the same period in 2015. The median price of a California home fell 0.9 percent in August to $435,000 from $439,000 in July but gained 4.8 percent from $415,000 a year ago. The median price of a condominium was $416,000, down 1.0 percent from an adjusted $420,000 in July 2016 but up 3.5 percent from $402,000 in August 2015.

California Median Price Edges Lower

CASales July 2016California single-family home and condominium sales were 37,823 in July, falling 10.4 percent for the month and down 12.8 percent from July 2015. Taking a longer-term view, year-to-date sales (January through July 2016) totaled 244,035 properties, down 2.0 percent from the same time period in 2015. The number of homeowners in a negative equity position fell to 472,000, or 5.4 percent of all California homeowners. Since July 2014, the number of negative equity homeowners has fallen more than 50 percent. Currently, one in 18 homeowners are underwater, down from one in eight 24 months ago.

The July 2016 median price of a California home was $438,000, down 0.7 percent, from a revised $441,000 in June. On a year-ago basis, median home prices were up 5.0 percent from $417,000. The median price of a condominium was $417,000, down 0.2 percent from an adjusted $418,000 in June 2016 and up 4.3 percent from $400,000 in July 2015. At the county level, July median home prices in 17 of California’s 26 largest counties were flat to lower from the previous month.

Median Price Hits 9-Year High, Up 6.3 Percent from June 2015

CASales 6 2016California single-family home and condominium sales were 41,291 in June 2016, up 8.1 percent from a revised 38,198 in May 2016. On a year-ago basis, sales were down 4.5 percent from 43,227 in June 2015. Year-to-date sales (January through June 2016) totaled 199,310 properties, down 2.8 percent from the same time period in 2015. January through June sales have oscillated around the 200,000 mark since 2009. The June 2016 median price of a California home was $441,250, a 9-year high and an increase of 1.4 percent, from a revised $435,000 in May. On a year-ago basis, median home prices were up 6.3 percent from $415,000. The median price of a condominium was $415,000, up 1.2 percent from $410,000 in May 2016 and up 3.8 percent from $400,000 in June 2015. At the county level, median home prices in 18 of California’s 26 largest counties reached 9-year highs.

Tug-of-War Between Low Inventory and Affordability Rages On

CASales 4 2016California single-family home and condominium sales were 35,978 in April 2016, an increase of 5.8 percent from a revised 34,002 in March 2016. On a year ago basis, sales were down 8.3 percent from 39,219 in April 2015, the lowest April sales volume since 2011. Year-to-date sales (January through April 2016) totaled 117,235, down 4.5 percent from the same time period in 2015 and was the second lowest January through April sales volume since 2008. Of the total number of homes sold in April 2016, 20.0 percent were condominiums and 80.0 percent were single-family residences.

Sales Flat in February, Median Price Falls 2.3 Percent

CASales 2 2016California single-family home and condominium sales were 24,409 in February 2016, nearly unchanged from a revised 24,273 in January 2016. Sales volumes are typically low this time of year, 43.5 percent below last year’s peak summer sales. On a year-ago basis sales were down 2.4 percent from a revised 25,022 in February 2015. Condominium sales represented 19.4 percent of total sales compared to 18.6 percent in February 2015. In February 2016, single-family home sales were nearly unchanged for the month but were down 2.1 percent from February 2015. Meanwhile, condominium sales gained 1.1 percent for the month but were flat year-over-year.

January 2016 Sales Jump 3.9 Percent Over Last Year

California single-family home and condominium sales were 24,505 in January 2016, down 29.8 percent from a revised 34,906 in December 2015. The sharp January decline was a typical seasonal fluctuation. On a year-ago basis sales were up 3.9 percent from a revised 23,594 in January 2015. Condominium sales were 19.1 percent of total sales compared to 18.5 percent in January 2015.