LOS ANGELES, Oct. 17, 2024 /PRNewswire/ -- California home sales stalled in September and hit the lowest level in nine months despite the lowest interest rates since spring, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/Global/Infographics/2024-09-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 253,010 in September, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the September pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
September's sales pace decreased 3.4 percent from the 262,050 homes sold in August and was up 5.1 percent from a year ago, when a revised 240,840 homes were sold on an annualized basis. The sales pace has remained below the 300,000-threshold for the past two years, while year-to-date home sales edged up 0.9 percent from the first nine months of 2023.
"The inventory of homes for sale has steadily improved in recent months as the market moves into the typical off-peak homebuying season," said C.A.R. President Melanie Barker, a Yosemite REALTOR®. "With home prices likely to moderate further in the coming months, the fourth quarter could offer an opportunity for potential buyers who have been waiting to re-enter the market, especially as interest rates gradually return to historical averages."
Although September's statewide median price declined 2.3 percent from $888,740 in August to $868,150 in September, it continued to grow from a year ago but at the slowest rate since July 2023. September's figure was 2.9 percent higher than the revised $843,500 recorded in September 2023. The year-over-year gain was the 15th straight month of annual price increases. Home prices could soften further in the coming months as the market enters the traditional off-season but should continue to post year-over-year growth for the remainder of the year.
Sales in higher-priced market segments continued to have an effect on the mix of sales, but the impact on the statewide median price growth has tapered in recent months. While the sales pace for the $1 million-and-higher price segment remained moderately low in September at 3.9 percent, sales in the sub-$500,000 market continued to underperform, dropping 8.6 percent from a year ago. Moderation in the median price growth could be observed in the coming months if the share of homes priced at or above $1 million continues to shrink in the fall.
"Economic uncertainty and hopes for lower interest rates may have caused many buyers to hold off on a home purchase," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "As a result, home sales declined for the second consecutive month, reaching their lowest level this year. However, the recent rebound in bond yields is a reminder that rates will continue to fluctuate, and waiting may not be the best strategy when it comes to homebuying."
Other key points from C.A.R.'s September 2024 resale housing report include:
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 is 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 original 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 53 counties.
Leading the way…® in California real estate for nearly 120 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
September 2024 County Sales and Price Activity
|
|||||||||
September 2024 |
Median Sold Price of Existing Single-Family Homes |
Sales |
|||||||
State/Region/County |
Sept. |
Aug. |
Sept. |
Price |
Price |
Sales |
Sales |
||
Calif. Single-family home |
$868,150 |
$888,740 |
$843,500 |
r |
-2.3 % |
2.9 % |
-3.4 % |
5.1 % |
|
Calif. Condo/Townhome |
$660,000 |
$665,000 |
$650,000 |
-0.8 % |
1.5 % |
-16.6 % |
0.9 % |
||
Los Angeles Metro Area |
$810,000 |
$827,000 |
$780,000 |
-2.1 % |
3.8 % |
-8.5 % |
-1.1 % |
||
Central Coast |
$993,250 |
$1,035,000 |
$950,000 |
-4.0 % |
4.6 % |
-10.7 % |
-1.9 % |
||
Central Valley |
$500,000 |
$500,000 |
$481,000 |
0.0 % |
4.0 % |
-12.0 % |
-1.6 % |
||
Far North |
$379,500 |
$397,250 |
$385,000 |
-4.5 % |
-1.4 % |
-4.5 % |
7.2 % |
||
Inland Empire |
$579,990 |
$585,260 |
$550,000 |
-0.9 % |
5.5 % |
-9.7 % |
0.1 % |
||
San Francisco Bay Area |
$1,266,250 |
$1,240,000 |
$1,300,000 |
2.1 % |
-2.6 % |
-9.4 % |
5.1 % |
||
Southern California |
$850,000 |
$863,500 |
$820,000 |
-1.6 % |
3.7 % |
-9.5 % |
1.1 % |
||
San Francisco Bay Area |
|||||||||
Alameda |
$1,267,500 |
$1,272,500 |
$1,300,000 |
-0.4 % |
-2.5 % |
-7.1 % |
0.8 % |
||
Contra Costa |
$863,750 |
$841,950 |
$871,250 |
2.6 % |
-0.9 % |
-16.3 % |
-2.1 % |
||
Marin |
$1,750,000 |
$1,450,000 |
$1,650,000 |
20.7 % |
6.1 % |
7.4 % |
10.1 % |
||
Napa |
$882,500 |
$976,500 |
$890,000 |
-9.6 % |
-0.8 % |
6.1 % |
18.6 % |
||
San Francisco |
$1,625,000 |
$1,528,500 |
$1,580,000 |
6.3 % |
2.8 % |
-6.3 % |
3.5 % |
||
San Mateo |
$2,100,000 |
$1,900,000 |
$1,955,000 |
10.5 % |
7.4 % |
2.2 % |
6.0 % |
||
Santa Clara |
$1,927,500 |
$1,851,830 |
$1,853,000 |
4.1 % |
4.0 % |
-15.8 % |
2.4 % |
||
Solano |
$611,000 |
$600,000 |
$585,680 |
1.8 % |
4.3 % |
-5.9 % |
18.0 % |
||
Sonoma |
$830,000 |
$809,160 |
$848,000 |
2.6 % |
-2.1 % |
-9.4 % |
18.9 % |
||
Southern California |
|||||||||
Imperial |
$397,500 |
$410,640 |
$375,000 |
-3.2 % |
6.0 % |
26.8 % |
40.5 % |
||
Los Angeles |
$960,370 |
$919,890 |
$914,340 |
r |
4.4 % |
5.0 % |
-6.8 % |
-2.5 % |
|
Orange |
$1,397,450 |
$1,400,000 |
$1,310,000 |
-0.2 % |
6.7 % |
-10.4 % |
0.4 % |
||
Riverside |
$625,000 |
$630,000 |
$600,000 |
-0.8 % |
4.2 % |
-12.7 % |
-1.8 % |
||
San Bernardino |
$500,000 |
$515,000 |
$475,000 |
-2.9 % |
5.3 % |
-4.4 % |
3.1 % |
||
San Diego |
$1,000,000 |
$1,010,000 |
$973,100 |
-1.0 % |
2.8 % |
-14.6 % |
9.4 % |
||
Ventura |
$900,000 |
$965,000 |
$962,500 |
-6.7 % |
-6.5 % |
-5.7 % |
-3.3 % |
||
Central Coast |
|||||||||
Monterey |
$1,000,000 |
$900,000 |
$943,340 |
11.1 % |
6.0 % |
6.4 % |
-1.3 % |
||
San Luis Obispo |
$895,000 |
$942,500 |
$888,000 |
-5.0 % |
0.8 % |
-13.0 % |
-5.9 % |
||
Santa Barbara |
$1,098,000 |
$1,062,450 |
$1,030,000 |
3.3 % |
6.6 % |
-8.8 % |
6.9 % |
||
Santa Cruz |
$1,300,000 |
$1,300,000 |
$1,165,000 |
0.0 % |
11.6 % |
-28.0 % |
-7.8 % |
||
Central Valley |
|||||||||
Fresno |
$430,000 |
$434,940 |
$410,000 |
-1.1 % |
4.9 % |
-6.7 % |
8.0 % |
||
Glenn |
$348,000 |
$325,000 |
$300,000 |
7.1 % |
16.0 % |
-40.0 % |
-18.2 % |
||
Kern |
$400,500 |
$399,500 |
$383,000 |
0.3 % |
4.6 % |
-12.8 % |
-5.6 % |
||
Kings |
$379,000 |
$380,000 |
$370,750 |
-0.3 % |
2.2 % |
-6.9 % |
8.1 % |
||
Madera |
$424,120 |
$430,750 |
$410,000 |
-1.5 % |
3.4 % |
14.0 % |
0.8 % |
||
Merced |
$399,500 |
$415,000 |
$384,500 |
-3.7 % |
3.9 % |
-16.5 % |
-23.3 % |
||
Placer |
$660,000 |
$675,000 |
$665,000 |
-2.2 % |
-0.8 % |
-23.5 % |
-12.9 % |
||
Sacramento |
$560,000 |
$559,000 |
$545,000 |
0.2 % |
2.8 % |
-10.2 % |
4.0 % |
||
San Benito |
$856,130 |
$812,500 |
$761,250 |
5.4 % |
12.5 % |
35.3 % |
35.3 % |
||
San Joaquin |
$583,550 |
$560,000 |
$550,000 |
4.2 % |
6.1 % |
-20.1 % |
-8.5 % |
||
Stanislaus |
$480,000 |
$475,000 |
$469,500 |
1.1 % |
2.2 % |
-6.6 % |
4.6 % |
||
Tulare |
$376,070 |
$380,000 |
$385,000 |
-1.0 % |
-2.3 % |
-17.9 % |
-13.0 % |
||
Far North |
|||||||||
Butte |
$465,580 |
$458,000 |
$429,420 |
1.7 % |
8.4 % |
-15.6 % |
-2.1 % |
||
Lassen |
$265,000 |
$236,000 |
$181,250 |
12.3 % |
46.2 % |
66.7 % |
78.6 % |
||
Plumas |
$455,000 |
$547,420 |
$441,250 |
-16.9 % |
3.1 % |
-7.5 % |
32.1 % |
||
Shasta |
$374,500 |
$383,300 |
$385,000 |
-2.3 % |
-2.7 % |
-7.5 % |
-1.7 % |
||
Siskiyou |
$290,000 |
$305,500 |
$325,000 |
-5.1 % |
-10.8 % |
-5.4 % |
75.0 % |
||
Tehama |
$320,000 |
$380,000 |
$310,000 |
-15.8 % |
3.2 % |
16.0 % |
-9.4 % |
||
Trinity |
$247,500 |
$280,000 |
$320,000 |
-11.6 % |
-22.7 % |
42.9 % |
0.0 % |
||
Other Calif. Counties |
|||||||||
Amador |
$432,500 |
$431,000 |
$414,250 |
0.3 % |
4.4 % |
-12.5 % |
5.0 % |
||
Calaveras |
$522,000 |
$505,000 |
$537,500 |
3.4 % |
-2.9 % |
-39.8 % |
-21.9 % |
||
Del Norte |
$370,000 |
$450,000 |
$400,000 |
-17.8 % |
-7.5 % |
26.7 % |
46.2 % |
||
El Dorado |
$689,000 |
$650,000 |
$685,000 |
6.0 % |
0.6 % |
-19.9 % |
-5.5 % |
||
Humboldt |
$425,000 |
$434,500 |
$422,500 |
-2.2 % |
0.6 % |
-13.4 % |
3.2 % |
||
Lake |
$335,000 |
$329,950 |
$260,000 |
1.5 % |
28.8 % |
-24.2 % |
-7.8 % |
||
Mariposa |
$322,500 |
$410,000 |
$432,500 |
-21.3 % |
-25.4 % |
9.1 % |
50.0 % |
||
Mendocino |
$525,000 |
$567,500 |
$448,000 |
-7.5 % |
17.2 % |
-20.4 % |
-4.4 % |
||
Mono |
$815,000 |
$1,160,000 |
$935,000 |
-29.7 % |
-12.8 % |
0.0 % |
-50.0 % |
||
Nevada |
$570,000 |
$560,000 |
$563,000 |
1.8 % |
1.2 % |
-6.2 % |
-14.2 % |
||
Sutter |
$451,500 |
$416,500 |
$430,000 |
8.4 % |
5.0 % |
-5.9 % |
-23.8 % |
||
Tuolumne |
$357,500 |
$420,950 |
$419,000 |
-15.1 % |
-14.7 % |
-8.6 % |
-7.2 % |
||
Yolo |
$610,000 |
$620,960 |
$608,640 |
-1.8 % |
0.2 % |
0.0 % |
11.7 % |
||
Yuba |
$440,000 |
$448,000 |
$433,250 |
-1.8 % |
1.6 % |
-22.4 % |
-8.3 % |
||
r = revised |
September 2024 County Unsold Inventory and Days on Market
|
||||||||||
September 2024 |
Unsold Inventory Index |
Median Time on Market |
||||||||
State/Region/County |
Sept. 2024 |
Aug. 2024 |
Sept. 2023 |
Sept. 2024 |
Aug. 2024 |
Sept. 2023 |
||||
Calif. Single-family home |
3.6 |
3.2 |
2.8 |
24.0 |
22.0 |
18.0 |
||||
Calif. Condo/Townhome |
4.0 |
3.2 |
2.7 |
26.0 |
25.0 |
18.0 |
||||
Los Angeles Metro Area |
3.7 |
3.3 |
2.8 |
26.0 |
24.0 |
21.0 |
||||
Central Coast |
3.9 |
3.5 |
3.0 |
21.0 |
21.0 |
18.0 |
||||
Central Valley |
3.4 |
3.0 |
2.7 |
22.0 |
22.0 |
16.0 |
||||
Far North |
4.9 |
4.8 |
4.8 |
38.5 |
31.0 |
35.0 |
||||
Inland Empire |
4.2 |
3.8 |
3.3 |
31.0 |
29.0 |
25.0 |
||||
San Francisco Bay Area |
2.8 |
2.5 |
2.3 |
20.0 |
20.0 |
14.0 |
||||
Southern California |
3.6 |
3.2 |
2.8 |
24.0 |
22.0 |
20.0 |
||||
San Francisco Bay Area |
||||||||||
Alameda |
2.7 |
2.4 |
1.6 |
14.0 |
14.0 |
11.0 |
||||
Contra Costa |
2.9 |
2.4 |
1.6 |
19.0 |
16.0 |
12.0 |
||||
Marin |
3.6 |
3.5 |
3.1 |
46.0 |
52.0 |
56.0 |
||||
Napa |
6.4 |
6.4 |
6.1 |
71.5 |
61.5 |
52.0 |
||||
San Francisco |
3.3 |
2.5 |
3.7 |
29.5 |
41.5 |
28.0 |
||||
San Mateo |
2.2 |
2.1 |
2.4 |
12.0 |
12.0 |
11.0 |
||||
Santa Clara |
2.1 |
1.7 |
1.8 |
10.0 |
10.0 |
8.0 |
||||
Solano |
3.0 |
2.9 |
2.8 |
45.5 |
39.5 |
35.0 |
||||
Sonoma |
3.7 |
3.4 |
3.7 |
58.0 |
54.5 |
57.0 |
||||
Southern California |
||||||||||
Imperial |
1.9 |
3.0 |
NA |
16.0 |
8.0 |
23.0 |
||||
Los Angeles |
3.6 |
3.1 |
2.7 |
24.0 |
21.0 |
19.0 |
||||
Orange |
3.1 |
2.7 |
2.3 |
22.0 |
22.0 |
19.0 |
||||
Riverside |
4.3 |
3.5 |
3.0 |
31.0 |
29.0 |
25.0 |
||||
San Bernardino |
4.2 |
4.3 |
3.8 |
31.0 |
29.0 |
24.0 |
||||
San Diego |
3.2 |
2.8 |
2.5 |
18.0 |
17.0 |
14.0 |
||||
Ventura |
3.4 |
3.3 |
2.3 |
35.0 |
32.0 |
31.5 |
||||
Central Coast |
||||||||||
Monterey |
3.9 |
4.1 |
2.8 |
17.5 |
18.0 |
15.0 |
||||
San Luis Obispo |
3.8 |
3.2 |
2.9 |
23.5 |
27.0 |
21.0 |
||||
Santa Barbara |
3.7 |
3.4 |
3.0 |
23.0 |
19.5 |
17.0 |
||||
Santa Cruz |
4.7 |
3.3 |
3.5 |
21.0 |
18.0 |
17.0 |
||||
Central Valley |
||||||||||
Fresno |
3.4 |
3.3 |
3.3 |
21.0 |
21.0 |
16.5 |
||||
Glenn |
5.2 |
2.8 |
5.0 |
84.0 |
24.0 |
14.0 |
||||
Kern |
3.5 |
2.9 |
2.5 |
20.0 |
15.0 |
10.0 |
||||
Kings |
2.2 |
2.2 |
2.9 |
28.0 |
28.0 |
12.5 |
||||
Madera |
4.7 |
5.7 |
4.3 |
33.0 |
28.0 |
32.5 |
||||
Merced |
4.3 |
3.3 |
2.8 |
22.5 |
33.0 |
21.0 |
||||
Placer |
3.8 |
2.9 |
2.5 |
28.0 |
28.0 |
21.0 |
||||
Sacramento |
2.8 |
2.5 |
2.1 |
20.0 |
21.0 |
15.0 |
||||
San Benito |
3.1 |
4.5 |
3.9 |
36.0 |
31.5 |
17.0 |
||||
San Joaquin |
3.8 |
3.0 |
2.5 |
22.0 |
24.0 |
14.0 |
||||
Stanislaus |
3.3 |
3.2 |
2.6 |
25.0 |
16.5 |
18.0 |
||||
Tulare |
3.7 |
3.0 |
2.9 |
18.0 |
24.0 |
11.0 |
||||
Far North |
||||||||||
Butte |
3.8 |
3.1 |
2.9 |
28.5 |
20.0 |
20.5 |
||||
Lassen |
4.6 |
8.5 |
8.6 |
55.0 |
64.0 |
62.5 |
||||
Plumas |
5.5 |
5.4 |
6.5 |
51.0 |
24.0 |
42.0 |
||||
Shasta |
4.6 |
4.3 |
4.1 |
24.5 |
34.0 |
35.0 |
||||
Siskiyou |
7.3 |
7.4 |
12.3 |
67.0 |
40.0 |
53.5 |
||||
Tehama |
5.1 |
6.2 |
4.3 |
84.0 |
42.0 |
49.5 |
||||
Trinity |
10.2 |
14.9 |
11.2 |
73.5 |
65.0 |
56.5 |
||||
Other Calif. Counties |
||||||||||
Amador |
6.9 |
6.3 |
6.8 |
41.5 |
30.0 |
36.0 |
||||
Calaveras |
8.0 |
4.8 |
4.2 |
39.0 |
34.0 |
35.5 |
||||
Del Norte |
6.3 |
7.7 |
6.2 |
58.0 |
29.0 |
23.0 |
||||
El Dorado |
5.5 |
4.3 |
4.2 |
41.5 |
29.5 |
27.0 |
||||
Humboldt |
6.1 |
5.2 |
5.2 |
43.0 |
36.5 |
19.0 |
||||
Lake |
9.8 |
7.2 |
8.3 |
42.0 |
44.0 |
36.0 |
||||
Mariposa |
10.5 |
10.6 |
14.3 |
67.0 |
27.0 |
42.5 |
||||
Mendocino |
9.0 |
7.1 |
7.5 |
77.0 |
68.5 |
70.0 |
||||
Mono |
3.8 |
4.1 |
1.6 |
18.0 |
38.0 |
19.0 |
||||
Nevada |
5.5 |
5.3 |
3.8 |
36.0 |
36.0 |
32.5 |
||||
Sutter |
3.6 |
3.2 |
2.0 |
24.5 |
22.0 |
18.0 |
||||
Tuolumne |
6.5 |
6.0 |
5.2 |
28.0 |
23.0 |
29.0 |
||||
Yolo |
3.0 |
2.7 |
2.7 |
23.0 |
19.0 |
18.5 |
||||
Yuba |
4.7 |
3.5 |
3.2 |
28.5 |
26.0 |
15.5 |
||||
r = revised |
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SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)