LOS ANGELES--(BUSINESS WIRE)--California home sales remained steady in September, as home price gain...

1. California Home Sales Maintain Pace in September as Price
Gains Temper and Market Balances, C.A.R. Reports
LOS ANGELES--(BUSINESS WIRE)--California home sales remained steady in September, as home
price gains
eased back from an unusually high increase in August, the CALIFORNIA
ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in
California totaled a seasonally adjusted annualized rate of 396,440
units in September, according to information collected by C.A.R. from
more than 90 local REALTOR® associations and MLSs statewide. Sales in
September inched up 0.4 percent from a revised 394,700 in August and
were down 4.2 percent from 413,850 in September 2013. September marked
the 11th straight month that sales were below the 400,000 level and the
14th straight month that sales have declined on a year-over-year basis.
The statewide sales figure represents what would be the total number of
homes sold during 2014 if sales maintained the September pace throughout
the year. It is adjusted to account for seasonal factors that typically
influence home sales.
"All of the current market indicators point to a more balanced real
estate market," said C.A.R. President Kevin Brown. "With market
competition cooling down, buyers' and sellers' expectations are more in
line with each other. The sales price-to-list price ratio is moving
toward a more normal level of nearly 98 percent, as compared to 100
percent a year ago, when the market saw a frenzy of multiple offers. The
drop in the ratio implies that sellers are pricing more realistically."
The median price of an existing, single-family detached California home

2. fell 4 percent from August's median price of $480,280 to $460,940 in
September but was up 7.6 percent from the revised $428,290 recorded in
September 2013. The statewide median home price has been higher on a
year-over-year basis for more than two years. 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.
"September's slight sales increase and tempering in home price gains
suggest optimism as we head into the slower homebuying season," said
C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "Home
prices are stabilizing, and the year-to-year sales decline is at the
lowest level we've seen in the last 12 months. The cooling price growth
and recent drops in mortgage rates will ease housing affordability and
help to improve sales in the final months of the year."
Other key facts from C.A.R.'s September 2014 resale housing report
include:
Housing inventory inched up higher in September, with the available
supply of existing, single-family detached homes for sale increasing
from 4 months in August to 4.2 months in September. The index was 3.6
months in September 2013. The index indicates the number of months

3. 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 rose in
September, up from a revised 38.5 days in August to 39.2 days in
September and from a revised 29.8 days in September 2013.
Mortgage rates rose slightly in September, with the 30-year,
fixed-mortgage interest rate averaging 4.16 percent, up from 4.12
percent in August but down from 4.49 percent in September 2013,
according to Freddie Mac. Adjustable-mortgage interest rates in
September were also up, averaging 2.43 percent, up from 2.37 percent
in August but down from 2.67 percent in September 2013.
Graphics (click links to open):
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. Due to the
low sales volume in some
http://www.san-jose-real-estate-brokers.com/milpitas-real-estate-brokers.htm areas, median price
changes in September

4. exhibit unusual fluctuation. The change in median prices should not be
construed as actual price changes in specific homes.
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Leading the way...® in California real estate for more than 100
years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org)
is one of the largest state trade organizations in the United States
with 165,000 members dedicated to the advancement of professionalism in
real estate. C.A.R. is headquartered in Los Angeles.
September 2014 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
September 2014
Median Sold Price of Existing Single-Family Homes
Sales
State/Region/County
Sept.
Aug.

5. Sept.
MTM%
YTY%
MTM%
YTY%
2014
2014
2013
Chg
Chg
Chg

6. Chg
Calif. Single-family (SAAR)
$460,940
$480,280
$428,290
r
-4.0%
7.6%
0.4%
-4.2%
Calif. Condo/Townhomes
$369,500
$379,580

7. $343,700
r
-2.7%
7.5%
-0.4%
-1.8%
Los Angeles Metro
$414,300
$434,550
$392,030
r

8. -4.7%
5.7%
-3.7%
-2.2%
Inland Empire
$275,820
$275,240
$252,100
0.2%
9.4%
-0.3%
-0.5%

9. San Francisco Bay Area
$730,240
$742,900
$678,520
r
-1.7%
7.6%
-7.5%
1.5%
San Francisco Bay Area

10. Alameda
$675,430
$732,220
$640,340
-7.8%

11. 5.5%
-9.2%
8.3%
Contra-Costa (Central Cty)
$742,520
$750,000
$679,960
-1.0%
9.2%
-23.0%
-6.4%
Marin

12. $1,151,040
$977,460
$893,140
17.8%
28.9%
-16.4%
-9.1%
Napa
$633,930
$541,670

13. $477,270
17.0%
32.8%
18.5%
-10.3%
San Francisco
$950,340
$900,910
$858,330
5.5%
10.7%

14. -6.2%
0.0%
San Mateo
$1,075,000
$1,000,000
$909,000
r
7.5%
18.3%
-3.5%
13.9%
Santa Clara
$850,000

15. $865,000
$779,480
r
-1.7%
9.0%
-2.7%
-4.5%
Solano
$328,040
$328,280
$286,220

16. -0.1%
14.6%
-8.5%
6.5%
Sonoma
$496,400
$484,640
$455,850
2.4%
8.9%
1.9%

17. 10.2%
Southern California
Los Angeles
$486,030
$474,640

18. $459,010
r
2.4%
5.9%
0.8%
-1.8%
Orange County
$696,190
$699,430
$672,680

19. -0.5%
3.5%
-13.2%
-3.6%
Riverside County
$316,500
$318,640
$293,560
-0.7%
7.8%
-2.7%
-2.9%

20. San Bernardino
$213,940
$209,200
$185,860
2.3%
15.1%
3.6%
3.3%
San Diego
$519,420
$510,860

21. $490,130
1.7%
6.0%
-2.0%
0.4%
Ventura
$589,080
$602,060
$550,000
-2.2%

22. 7.1%
-20.3%
-10.8%
Central Coast
Monterey

23. $451,000
$492,500
$422,500
-8.4%
6.7%
-2.7%
-4.9%
San Luis Obispo
$480,640
$475,000
$495,350

24. 1.2%
-3.0%
-10.3%
3.5%
Santa Barbara
$778,230
$806,030
$641,300
r
-3.4%
21.4%

25. 3.2%
-6.3%
Santa Cruz
$670,000
$657,600
$639,500
1.9%
4.8%
2.2%
14.5%
Central Valley

26. Fresno
$208,210
$203,760
$185,830

27. 2.2%
12.0%
-0.3%
-1.6%
Glenn
$147,500
$170,000
$134,000
-13.2%
10.1%
18.8%

28. -9.5%
Kern (Bakersfield)
$215,750
$212,800
r
$193,500
r
1.4%
11.5%
-20.5%
1.8%
Kings County
$183,330
$183,330

29. $168,460
0.0%
8.8%
16.7%
1.2%
Madera
$156,670
$166,670
$190,000
-6.0%

30. -17.5%
-6.3%
-31.8%
Merced
$159,500
$186,670
$178,570
-14.6%
-10.7%
10.6%
21.1%
Placer County

31. $384,850
$388,720
$365,290
-1.0%
5.4%
-2.6%
9.7%
Sacramento
$276,960
$272,750

32. $255,390
1.5%
8.4%
-2.0%
0.4%
San Benito
$424,000
$415,000
$428,950
2.2%
-1.2%

33. -9.8%
-2.6%
San Joaquin
$265,400
$265,060
$242,370
0.1%
9.5%
-1.6%
-12.0%
Stanislaus
$230,000

34. $232,240
$194,890
-1.0%
18.0%
-5.6%
-4.9%
Tulare
$175,000
$184,440
$163,500

35. -5.1%
7.0%
-6.9%
3.6%
Other Counties in Calif.

36. Amador
$225,000
$211,110
$252,780
6.6%
-11.0%
-9.5%
-15.6%
Butte County
$258,650
$255,000

37. $250,000
1.4%
3.5%
-11.5%
22.3%
Calaveras
$238,000
$224,000
$218,990

38. 6.3%
8.7%
8.7%
2.4%
Del Norte
$138,000
$156,200
$136,500
-11.7%
1.1%
-29.2%
-15.0%

39. El Dorado County
$364,650
$391,670
$334,910
r
-6.9%
8.9%
-13.9%
2.4%
Humboldt
$246,050
$255,260

40. $251,090
-3.6%
-2.0%
-11.2%
-26.9%
Lake County
$180,000
$178,330
$150,000
0.9%

41. 20.0%
-24.7%
-17.1%
Tuolumne
$215,910
$214,710
$207,690
0.6%
4.0%
-33.8%
-22.1%
Mendocino

42. $307,690
$291,670
$285,710
5.5%
7.7%
5.0%
23.5%
Nevada
$322,500
$338,500
$306,000

43. -4.7%
5.4%
-26.9%
-8.4%
Plumas
$270,000
$272,000
$270,000
-0.7%
0.0%

44. -25.0%
0.0%
Shasta
$222,550
$212,190
$189,050
4.9%
17.7%
10.2%
18.0%
Siskiyou County
$155,000

45. $127,500
$155,000
21.6%
0.0%
-34.7%
-27.3%
Sutter
$215,000
$217,750
$204,700

46. -1.3%
5.0%
4.8%
-12.2%
Tehama
$166,670
$156,000
$150,000
6.8%
11.1%
33.3%

47. 18.5%
Yolo
$344,230
$396,550
$331,030
-13.2%
4.0%
-6.9%
8.0%
Yuba
$220,750
$200,000

48. $170,000
10.4%
29.9%
-1.4%
-1.4%
r = revised
NA = not available
September 2014 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)
September 2014
Unsold Inventory Index
Median Time on Market
State/Region/County

49. Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
2014
2014
2013

50. 2014
2014
2013
Calif. Single-family (SAAR)
4.2
4.0
3.6
39.2
38.5

51. r
29.8
r
Calif. Condo/Townhomes
3.5
3.5
3.1
42.8
36.3
r
29.7

52. Los Angeles Metro
4.5
4.3
3.7
r
49.9
48.4
37.4
Inland Empire
4.8
4.9

53. r
3.8
r
51.1
50.0
31.8
San Francisco Bay Area
2.8
2.6
2.7

54. r
35.5
37.6
38.0
r
San Francisco Bay Area

55. Alameda
2.3
2.2
2.6
49.8
47.3
49.2

56. Contra-Costa (Central Cty)
2.9
2.4
2.1
r
52.3
50.2
50.1
r
Marin
3.6

57. 2.8
3.8
45.2
40.1
43.2
Napa
5.3
6.7

58. 5.0
64.4
52.8
53.1
San Francisco
3.6
2.9
3.4
23.1

59. 23.5
23.7
San Mateo
2.0
1.9
2.6
19.9
20.8

60. 20.1
Santa Clara
2.2
2.2
2.1
21.1
20.3
20.1
Solano

61. 3.8
3.4
3.1
46.3
42.1
35.4
Sonoma
3.0
3.4

62. 3.6
48.4
45.2
48.2
Southern California

63. Los Angeles
4.2
4.0
3.4
45.1
43.0

64. 33.0
Orange County
4.3
4.0
3.8
57.3
55.0
51.0
Riverside County

65. 4.9
4.8
3.8
53.5
55.2
32.2
San Bernardino
4.7
5.0

66. r
3.8
47.1
38.2
31.2
San Diego
4.4
4.5
4.2

67. 26.9
25.7
25.5
Ventura
5.1
4.1
3.7
59.2
56.8

68. 45.6
Central Coast

69. Monterey
4.6
4.4
4.0
26.1
29.2
26.6
San Luis Obispo
5.1
5.0

70. 5.4
46.7
40.6
29.0
Santa Barbara
4.3
4.7
3.9

71. r
37.3
42.8
37.6
r
Santa Cruz
3.1
3.2
3.8
27.6
23.4

72. 22.8
Central Valley

73. Fresno
5.2
5.2
4.4
27.1
27.8
25.0
Glenn
5.5

74. 5.5
4.5
33.9
50.3
45.5
Kern (Bakersfield)
3.7
2.9
2.9

75. r
28.0
24.0
r
16.0
r
Kings County
3.2
4.0
3.0
41.9

76. 50.3
37.2
Madera
7.1
6.9
5.0
41.9
26.8
27.6

77. Merced
4.1
4.6
3.2
34.0
27.5
21.9
Placer County
3.8

78. 3.8
3.2
27.0
27.4
22.1
Sacramento
3.4
3.4

79. 3.0
23.9
23.5
20.4
San Benito
4.5
4.1
3.4
24.3

80. 23.9
19.4
San Joaquin
3.7
3.7
2.8
23.4
24.1

81. 19.5
Stanislaus
3.7
3.4
2.7
24.0
24.5
20.1
Tulare

82. 4.9
4.5
4.2
36.2
37.0
24.1
Other Counties in California

83. Amador
6.8
5.6
4.4

84. 64.6
61.0
43.1
Butte County
4.6
4.4
5.5
29.8
27.5

85. 37.2
Calaveras
6.9
8.4
6.0
72.0
42.0
64.0
Del Norte

86. 11.6
7.4
8.8
103.0
129.0
96.0
El Dorado County
5.2
4.9

87. 4.9
55.2
36.7
34.2
Humboldt
7.2
7.0
5.1

88. 45.5
32.7
32.9
Lake County
8.3
6.4
5.7
58.7
103.3

89. 74.2
Tuolumne
9.0
6.5
6.5
72.6
49.1
51.1

90. Mendocino
9.0
9.5
10.8
57.8
102.6
85.9
Nevada
8.4
6.5

91. 6.5
51.0
34.0
21.0
Plumas
11.4
9.5
10.9

92. 151.0
112.0
118.0
Shasta
5.8
6.6
5.5
42.0
28.3

93. 38.8
Siskiyou County
12.6
9.1
8.9
38.3
64.6
57.6

94. Sutter
4.5
5.0
2.7
40.0
20.0
14.0
Tehama
7.4

95. 10.2
7.6
61.0
54.2
36.4
Yolo
3.5
3.5
3.6

96. 26.4
24.3
21.0
Yuba
3.8
3.8
2.9
28.0

97. 19.0
16.0
r = revised
NA = not available
http://www.businesswire.com/news/home/20141022006106/en/California-Home-Sales-Maintain-Pace
-September-Price