California

Housing Market Update

Monthly Sales and Price Statistics
September 2023
California Housing Market Snapshot
September 2023

240,940 Existing Home Sales

-21.5% YTY -28.5% YTD % change

Median Unsold Inventory Median

Sales Price Index Days on Market

$843,340 2.8 months 18 days

+3.2% Y2Y 0.0% Y2Y -33.3% Y2Y

page 2
September 2023 Southern California Housing Snapshot
-21.7% YTY Existing Home Sales
-26.8% YTD % change

$820,000 Existing Home Price

+4.7% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.8 months 20 days 100.0%

page 3
September 2023 Central Coast Housing Snapshot
-20.8% YTY Existing Home Sales
-25.2% YTD % change

$950,000 Existing Home Price

+3.3% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.0 months 18 days 99.4%

page 4
September 2023 Central Valley Housing Snapshot
-22.5% YTY Existing Home Sales
-25.8% YTD % change

$$$4$481,000 Existing Home Price

+3.4% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.7 months 16 days 100.0%

page 5
September 2023 Bay Area Housing Snapshot
-23.7% YTY Existing Home Sales
-26.5% YTD % change

$$$1,300,000 Existing Home Price

+6.6% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.3 months 14 days 101.8%

page 6
September 2023 Far North Housing Snapshot
-22.3% YTY Existing Home Sales
-29.1% YTD % change

$385,000 Existing Home Price

+1.4% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

4.8 months 35 days 96.5%

page 7
Sales

page 8
 Sales on downward trend as mortgage rates keep climbing
California, September 2023 Sales: 240,940 Units, -21.5% YTY, -5.4% MTM
700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

Sep-23
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
page 9
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Sales slid back, extend the months of annual declines to 27
100%
Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
80%
60%
40%
20%
0%
-20%
-21.5%
-40%
-60%

SERIES: Sales of Existing Single Family Homes page 10

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 YoY % chg.

0%

-60%
-40%
-20%
100%
120%

20%
40%
60%
80%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Bay Area

Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Bay Area sales decline by double-digits

Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
6 per. Mov. Avg. (Bay Area)

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

SERIES: Sales of Existing Single Family Homes

Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Page 11

Sep-23
-23.7%
 YoY % chg.

0%

-60%
-40%
-20%
100%

20%
40%
60%
80%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
So CA

Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
SoCal sales rate of decline augmented

Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
6 per. Mov. Avg. (So CA)

Jan-20
May-20
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes

Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Page 12

Sep-23
-21.7%
 YoY % chg.

0%

-50%
-40%
-30%
-20%
-10%
10%
20%
30%
40%
Jan-10 50%
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Central Valley

Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
Central Valley sales trail last year’s level

May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes

Jan-21
6 per. Mov. Avg. (Central Valley)

May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Page 13
-22.5%
 September 2023 Sales by Region
Home Sales by Region Home Sales Growth by Region
YTY % MTM %
Other Far North 0%
Counties 3%
7%
-10%
-6.3% -9.8%
-12.4% -9.6%
-15.4% -15.4%
Central Valley -20%
-16.6%
23% Southern -21.7% -20.8%
-23.7% -22.5% -22.3%
California
43% -30%

S.F. Bay
Area
20% Central
Coast Page 14
4%
 Sales at the top end of the market slowing the least

September 2023 Share by Price Segment

(YTY% Chg.)
0% 25%
$0 - $499k
26%
-8%
-20% -17%
-24% 43%
-22% -23% $500 - $999k
-28% -26% 45%
-40%

32% 2023
$1M+ 2022
29%

Page 15
SERIES: Sales of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales decline was the smallest at the top price segment
$0 - $299k $300 - $399k $400 - $499k $500 - $749k
350% $750 - $999k $1,000 - $1,999k $2,000k+
YTY % Chg. in Sales

300%
250%
200%
150%
100%
50%
0%
-50%
-100%
Feb-19

Feb-20

Feb-21

Feb-22

Feb-23
Jun-19

Jun-20

Jun-21

Jun-22

Jun-23
Dec-18

Aug-19

Dec-19

Aug-20

Dec-20

Aug-21

Dec-21

Aug-22

Dec-22

Aug-23
Oct-19

Oct-20

Oct-21

Oct-22
Apr-19

Apr-20

Apr-21

Apr-22

Apr-23
SERIES: Percent Change in Sales Page 16
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Mix of Sales inverted, explains some of the uptick in prices
Share Gap $0-$499k $1,000k and up
60%
50%
40% 31.9%
% of Sales

30%
20%
25.4%
10%
0%
-10% COVID-19
-20% Outbreak
Nov-19
Feb-20

Nov-20
Feb-21

Nov-21
Feb-22

Nov-22
Feb-23
May-19

May-20

May-21

May-22

May-23
Aug-19

Aug-20

Aug-21

Aug-22

Aug-23
SERIES: Sales by Price Range Page 17
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales rate of decline getting smaller

100%
YTY % Chg. in Pending Sales

80%
60%
40%
20%
0%
-9.4%
-20%
-40%
-60%
Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
May-17

May-18

May-19

May-20

May-21

May-22

May-23
SERIES: Percent Change in Pending Sales Page 18
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales remain subdued for all property types

250% SFH Condo/Townhome

YTY % Chg. in Pending Sales

200%
150%
100%
50%
0%
-50%
-100%
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-18

Jul-19
Apr-18

Oct-18

Apr-19

Oct-19

Jul-20
Apr-20

Oct-20

Jul-21
Apr-21

Oct-21

Jul-22

Jul-23
Apr-22

Oct-22

Apr-23
SERIES: Percent Change in Pending Sales Page 19
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales growth remains negative at all price segments
$0 - $299k $300 - $399k $400 - $499k $500 - $749k $750 - $999k $1,000 - $1,999k $2,000k+
500%
YTY % Chg. in Pending Sales

400%

300%

200%

100%

0%

-100%
Jan-20

Nov-20
Jan-21

Nov-21
Jan-22

Nov-22
Jan-23
Jul-20
Sep-20

Jul-21
Sep-21

Jul-22
Sep-22

Jul-23
Sep-23
Mar-20

Mar-21

Mar-22

Mar-23
May-20

May-21

May-22

May-23
Page 20
 Pending sales showing sensitivity to changes in mortgage rates
$0 - $299k $300 - $399k $400 - $499k $500 - $749k

80% $750 - $999k $1,000 - $1,999k $2,000k+

MTM % Chg. in pending Sales

60%
40%
20%
0%
-20%
-40%
-60%

SERIES: Percent Change in Pending Sales Page 21

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Price

page 22
 California median home price increases modestly for 3rd
month in a row
California, September 2023: $843,340, -1.9% MTM, +3.2% YTY
$1,000,000
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

Sep-23
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
SERIES: Median Price of Existing Single Family Homes Page 23
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Condo/Townhome median price recorded solid gain
California, September 2022: $620,000, September 2023: $650,000
$800,000
$700,000
Median Price

$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
Aug-07

Aug-14

Aug-21
Jan-07

Jun-13

Jun-20
Mar-08

Jan-14

Jan-21
Apr-12
Nov-12

Mar-15

Apr-19
Nov-19

Mar-22
Jul-10

Jul-17
May-09
Dec-09

Sep-11

May-16
Dec-16

Sep-18

May-23
Oct-08

Feb-11

Oct-15

Feb-18

Oct-22
SERIES: Median Price of Existing Condos/Townhomes Page 24
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Price growth for all property types continues upward trend
50% Condo Single-Family Homes
40%
30%
YTY% Chg. in Price

20%
10%
0%
-10%
-20%

SERIES: Median Price of Existing SFH & Condo/Townhomes Page 25

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Median price growth by percentile
18.0% 17.1%
16.4%
16.0% 15.6%
Year-over-Year % Change

14.0%

12.0%

10.0% 9.0%
7.9%
8.0%
6.4%
6.0%

4.0%

2.0% 0.9% 0.6%

0.0%
0.0%

0-20 20-40 40-60 60-80 Percentile

80-100 80-85 86-90 91-95 96-100

SERIES: Median Time on Market of Existing Single Family Homes Page 26

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Price/Square foot records modest gain in September

September 2023: $417, 0.0% MTM, +4.0% YTY

$500
$450
$400
PRICE PER SQ. FT.

$350
$300
$250
$200
$150
$100
$50
$0
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
SERIES: Median Price Per Square Feet of Existing Single Family Homes Page 27
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Median prices nearly steady with price per sq./ft. gains
Year to Year Change in Existing SFR Prices (August 2023)
Median Price $/Sq. Ft.
8% 6.2%
7% 6.6%
6% 5.6%
4.8% 5.0% 4.7%
5% 4.0%
4% 3.2% 3.3% 3.4% 3.4%
2.5%
3%
2% 1.4%
1%
0%
-1%
-2%
-3% -2.4%
SFR Condo Central Central Far North S.F. Bay Southern
Coast Valley Area California
SERIES: Median Price Per Square Feet of Existing Single Family Homes Page 28
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 The Price/Square foot gap between home types widened
slightly
Diff. in Price/Sq. Ft. SFH Condo/Townhome
$700
$600 $566
PRICE PER SQ. FT.

$500
$400 $417
$300
$200
$100
$0
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
SERIES: Median Price Per Square Feet of Existing Single Family Homes and Condo/Townhomes Page 29
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales price-to-list price ratio holds steady amidst tight market
conditions
106% September 2023: 100.0%, 0.0% MTM, +2.4% YTY
104%
Sales-to-List Price Ratio

102%
100%
98%
96%
94%
92%
90%
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
SERIES: Sales to List Ratio of Existing Single Family Homes Page 30
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Share of homes sold above asking price dipped for 3rd
month in a row, but remains elevated due to competition
80% Apr-22, 72.9%
% of sales with price above asking

70%
60%
50% 45.6%
40%
28.2%
price

30%
20%
10%
0%
Jan-17

Jan-18
Oct-17

Oct-18
Jan-19

Oct-19
Jan-20

Oct-20
Jan-21

Oct-21
Jan-22

Oct-22
Jan-23
Apr-17
Jul-17

Apr-18
Jul-18

Apr-19
Jul-19

Apr-20
Jul-20

Apr-21
Jul-21

Apr-22
Jul-22

Apr-23
Jul-23
SERIES: Sales with sold price above asking price (Existing SFH) Page 31
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Homes sold above asking price - by county
September 2023: % sold above asking price
80%

70%

60%

50%
50%
40%

30%

20%

10%

0%

SERIES: % of homes sold above asking price Page 32

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 YTY% Chg. in Price

10%
20%
30%
40%
50%

-30%
-20%
-10%
0%
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
List price vs. sales price

Jul-14
Jan-15
Jul-15
Jan-16
Listing Price

Jul-16
Jan-17
Jul-17
Jan-18
Sales Price

Jul-18
Jan-19
Jul-19
Jan-20
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: List price growth and sales price growth

Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Page 33

Jul-23
 Price growth by percentiles
60% 0-20 20-40 40-60 60-80 80-100
50%
40%
YTY% Chg. in Price

30%
20%
10%
0%
-10%
-20%
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Oct-18

Oct-19

Oct-20

Oct-21

Oct-22
Apr-18
Jul-18

Apr-19
Jul-19

Apr-20
Jul-20

Apr-21
Jul-21

Apr-22
Jul-22

Apr-23
Jul-23
SERIES: Percent Change in Price Page 34
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 California Market Velocity and Price Growth
Price Growth Market Velocity (12 month trailing average)
50% 120.0%

40% 100.0%
80.0%
30%
Market Velocity

60.0%
20%
40.0%
10%
20.0%
0%
0.0%
-10% -20.0%
-20% -40.0%

SERIES: Market Velocity & Price Growth Page 35

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Mortgage rates not giving the mortgage payment a break

30 Yr. FRM California Median Price vs. Mortgage Payment

8%
7.20% 60%
7%
6.11% 50%
6% 40%
30%
5%

YTY% Chg.
20%
4% 10%
3% 0%
-10%
2%
-20%
1%

Jul-20

May-21
Jan-18

Oct-21
Mar-22

Jan-23
Sep-19
Feb-20
Jun-18
Nov-18

Dec-20
Apr-19

Jun-23
Aug-22
0%
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
May-18
Sep-18

May-19
Sep-19

May-20
Sep-20

May-21
Sep-21

May-22
Sep-22

May-23
Sep-23 Price Growth Mortgage Pmt Growth

SERIES: Price Growth vs. Mortgage Payment Growth Page 36

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Mortgage payment growth keeps hindering affordability
California Median Price vs. Mortgage Payment
60% Price Growth Mortgage Pmt Growth
50%
40%
YTY% Chg.

30%
20%
15.4%
10%
0% 3.2%
-10%
-20%
May-16

May-17

May-18

May-19

May-20

May-21

May-22

May-23
Sep-16

Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
SERIES: Price Growth vs. Mortgage Payment Growth Page 37
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory &
Active Listings

page 38
 Inventory constraints remain biggest challenge in the market

18.0
September 2022: 2.8 Months; September 2023: 2.8 Months
16.0
14.0
Months of Supply

12.0
10.0
8.0
6.0
4.0
2.0
0.0
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

Sep-23
SERIES: Unsold Inventory Index of Existing Single Family Homes Page 39
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory has inched up, but as a result of slower sales
September 2022: 2.8 Months; September 2023: 2.8 Months
5

4
Months of Supply

0
May-19

May-20

May-21

May-22

May-23
Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Mar-19

Nov-19

Nov-20

Nov-21
Jul-19
Sep-19

Mar-20

Jul-20
Sep-20

Mar-21

Jul-21
Sep-21

Mar-22

Nov-22
Jul-22
Sep-22

Mar-23

Jul-23
Sep-23
SERIES: Unsold Inventory Index of Existing Single Family Homes Page 40
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Unsold Inventory inched up in all regions
9.0
8.0 Bay Area So CA Central Valley
7.0
Months of Supply

6.0
5.0
4.0
3.0
2.0
1.0
0.0
Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
SERIES: Unsold Inventory Index of Existing Single Family Homes Page 41
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings grew slightly, but remain below last year

California Active Listings by Month

70,000
60,000
50,000
40,000
30,000
20,000
10,000
0

2018 2019 2020 2021 2022 2023

Page 42
 Active listings struggle to grow due to lock-in effect
California Active Listings by Month
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Apr-18

Apr-19

Apr-20

Apr-21

Apr-22

Apr-23
Jan-18

Oct-18
Jan-19

Oct-19
Jan-20

Oct-20
Jan-21

Oct-21
Jan-22

Oct-22
Jan-23
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
Page 43
 100%

20%
40%
60%
80%

-80%
-60%
-40%
-20%
0%
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Year-over-Year % Chg

Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Active Listing of Existing Single Family Homes

Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Active listings have remained below last year for sixth month in a row

Jul-23
Page 44

Sep-23
-25.4%
 New listings are declining year-over-year for 15 months
New Listings (Existing Single-Family Homes)
35,000 60%
30,000 40%
26,378
24,375 24,724
# of new listings

YTY% chg. in new listings

25,000 21,816 20%
19,592
20,000 17,750
0%
15,000
-20%
10,000
-9.4%
5,000 -40%

0 -60%
Jan-18
Jun-18

Aug-22

Jan-19
Jun-19

Aug-23
Nov-18
Apr-19

Nov-19
Apr-20
Jan-23
Jun-23
Mar-22

Mar-23
Sep-19

Jul-20

Sep-20

Jul-21
Feb-20

Dec-20
May-21

Feb-21

Dec-21
May-22
Oct-21

Oct-22
SERIES: New Listings (Existing Single-Family Homes) Page 45
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 New active listings barely replenish closed sales

Sales vs. New Active Listings

35,000
New Active Sales
30,000
25,000 19,592
17,750
18,531
20,000 14,503
15,000
10,000
5,000
0

Jan-23
Mar-23
Jan-22
Mar-22

Nov-22
Jan-21
Mar-21

Nov-21

Jul-23
Jan-20
Mar-20

Nov-20

Jul-22

May-23

Sep-23
Jan-19
Mar-19

Nov-19

Jul-21

May-22

Sep-22
Jan-18
Mar-18

Nov-18

Jul-20

May-21

Sep-21
Jul-19

May-20

Sep-20
Jul-18

May-19

Sep-19
May-18

Sep-18

SERIES: New Listings vs. Sales (Existing Single-Family Homes) Page 46

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Overall supply level drops as new listings unable to add
enough new inventory
yty% chg. in sales yty% chg. in new active listings yty% chg. in total active listings

100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
May-19
Jul-19
Sep-19
Nov-19

May-20
Jul-20
Sep-20
Nov-20

May-21
Jul-21
Sep-21
Nov-21

May-22
Jul-22
Sep-22
Nov-22

May-23
Jul-23
Sep-23
Mar-19

Mar-20

Mar-21

Mar-22

Mar-23
Page 47
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings by region

Sep-22 Sep-23
20,000 18,252
18,000
16,000
Active Listings

14,000 12,130
12,000
10,000 8,670
8,000 6,094
5,798
6,000 4,560
4,000
2,000 1,355 1,261 1,586 1,512
0
San Francisco Southern Central Valley Central Coast Far North
Bay Area California

SERIES: Active Listings of Existing Single Family Homes Page 48

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings decline in all regions along with sales
September 2023
0% Sales Active Listings

-4.7%
Year-to-Year % Chg

-6.9%

-22.3% -20.8% -21.4% -22.5% -21.7%

-23.7%
-29.7%
-33.5%
-40%
Far North Central Coast San Francisco Central Valley Southern
Bay Area California

SERIES: Sales and Listings of Existing Single Family Homes Page 49

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Housing supply drops in more than half the State
50%
38.2% Active Listings (Existing Single-Family Homes)
40%
30%
20%
10%
YTY% chg.

0%
-10%
-20%
-30%
-40%
-50%
-49.5%
-60%

SERIES: Active Listings (Existing Single-Family Homes) Page 50

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Market
Competitiveness

page 51
 Time on market unchanged from last month, but homes still
selling faster than last year
70 California, September 2022: 27 Days; September 2023: 18 Days
60
Days on Market

50
40
30
20
10
0

SERIES: Median Time of Market of Existing Single Family Homes Page 52

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Median time on market by percentile

Median Time on Market

Sep-22 Sep-23
35 33
30 27
26
Days on Market

25 23 2424 24 24
22 22 22 22
19 20 2021
20 17 17 17 18
15
10
5
0
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Percentile

SERIES: Median Time on Market of Existing Single Family Homes Page 53

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales-to-list price ratio by percentile
California Sales-to-List Price Ratio by Quintile
101% 100.1%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
100% 99.6%
100% 99.3%
99%
99%
98%
98% 97.3%
97%
97%
96%
96%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Sep-22 Sep-23

SERIES: Sales to List Ratio of Existing Single Family Homes Page 54

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Median sales vs. list price growth $1M+ properties
California Median Sales vs. List Price Growth
20%
15%
YTY% Chg. in Price

10%
5%
0%
-5%
-10%
-15%
-20%
Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Listing Price Sales Price
SERIES: Sales to List Ratio of Existing Single Family Homes Page 55
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Reduced-Price Listings
Share of Listings with a Reduced Price: 35.8%; Median Reduction Amount: 5.1%
50% 10%
45% 9%
40% 8%

Median Reduction
35% 7%

(Absolute Value)
30% 6%
% Share

25% 5%
20% 4%
15% 3%
10% 2%
5% 1%
0% 0%

Share Reduced Median Reduction

SERIES: Listing Price of Existing Single Family Homes Page 56
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Growth in Reduced-Price Listings
Growth in Share of Listings with a Reduced Price: -8.6%
Growth in Median Reduction Amount: -0.4%
25% 1.2%
20% 1.0%
15% 0.8%
10% 0.6%
YTY % chg.

5% 0.4%
0% 0.2%
-5% 0.0%
-10% -0.2%
-15% -0.4%
-20% -0.6%
1/1/2015
5/1/2015
9/1/2015
1/1/2016
5/1/2016
9/1/2016
1/1/2017
5/1/2017
9/1/2017
1/1/2018
5/1/2018
9/1/2018
1/1/2019
5/1/2019
9/1/2019
1/1/2020
5/1/2020
9/1/2020
1/1/2021
5/1/2021
9/1/2021
1/1/2022
5/1/2022
9/1/2022
1/1/2023
5/1/2023
9/1/2023
Share Reduced Median Reduction

SERIES: Listing Price of Existing Single Family Homes Page 57

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®