Recent improvements in the overall economy, combined with
extremely low interest rates lifted California home sales from both
the prior month and year in February, according to data from the
CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The median price
dipped from January but is beginning to show signs of
stabilization.
“While the median home price dipped in February, the
year-over-year decline was the smallest recorded since December
2010,” said C.A.R. President LeFrancis Arnold. “This may be a
signal of a possible stabilization in home prices, which should
bode well for prospective buyers who have been on the sidelines
waiting for prices to level out and may entice them to jump into
the market.”
Closed escrow sales of existing, single-family detached homes in
California totaled a seasonally adjusted annualized rate of 528,010
in February, according to information collected by C.A.R. from more
than 90 local REALTOR® associations and MLSs statewide. February’s
sales were up 2.1 percent from January’s revised pace of 517,120
and up 5.5 percent from the revised 500,480 sales pace recorded in
February 2011. The statewide sales figure represents what would be
the total number of homes sold during 2012 if sales maintained the
February pace throughout the year. It is adjusted to account for
seasonal factors that typically influence home sales.
“February sales posted a stronger than usual performance with
sales in major metropolitan areas such as Los Angeles, Orange
County, San Diego, and San Francisco all logging double-digit gains
from the previous year,” said C.A.R. Vice President and Chief
Economist Leslie Appleton-Young. “Recent encouraging signs in the
GDP, employment picture, and consumer confidence suggest that a
growing economy is in the making. All this, combined with
continued-low mortgage rates, lays out a good foundation for the
housing market to continue to grow as we enter the spring home
buying season.”
The statewide median price of an existing, single-family
detached home dipped 0.6 percent to $266,660 in February from
January’s $268,280 median price. The median price was down 1.7
percent from the revised $271,370 median price recorded in February
2011.
Other key facts of C.A.R.’s February 2012 resale housing report
include:
- California’s housing inventory declined
in February, with the Unsold Inventory Index for existing,
single-family detached homes decreasing to 5.3 months in February,
down from a revised 5.7 months in January and down from the
7.5-month supply in February 2011. The index indicates the number
of months needed to deplete the supply of homes on the market at
the current sales rate.
- Interest rates fell to record lows
again in February. Thirty-year fixed-mortgage interest rates
averaged 3.89 percent during February 2012, down from 4.95 percent
in February 2011, according to Freddie Mac. Adjustable-mortgage
interest rates averaged 2.78 percent in February 2012, compared
with 3.35 percent in February 2011.
- The median number of days it took to
sell a single-family home fell to 58.9 days in February 2012 and
was down from a revised 64.7 days for the same period a year
ago.
- View Unsold Inventory by price
range.
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. 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 areas, median price changes in December may exhibit
unusual fluctuation.
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
160,000 members dedicated to the advancement of professionalism in
real estate. C.A.R. is headquartered in Los Angeles.
February 2012 County Sales and Price
Activity
(Regional and condo sales data not
seasonally adjusted)
February 2012 Median Price of
Existing Single-Family Homes Sales
State/Region/County
February2012
January2012
February2011
MTM%Chg
YTY%Chg
MTM%Chg
YTY%Chg
California Single-family $ 266,660
$ 268,280 $ 271,370 r -0.6 %
-1.7 % 2.1 % 5.5 %
California Condo/Townhomes $ 216,520
$ 215,690 $ 235,790 r 0.4 %
-8.2 % 12.5 % 9.3 % Los
Angeles Metropolitan Area $ 264,430
$ 256,000 $ 266,830 3.3 %
-0.9 % 6.2 % 7.5 % Inland
Empire $ 172,600 $ 169,280
$ 174,040 2.0 %
-0.8 % 5.2 % 3.0 % San Francisco Bay
Area $ 438,280 $ 415,120
$ 443,880 r 5.6 % -1.3 %
7.7 % 15.3 %
San Francisco Bay Area
Alameda $ 402,880
$ 395,830 $ 458,060 1.8 %
-12.0 % -5.2 % 12.0 %
Contra-Costa (Central County) $ 515,620
$ 476,470 $ 516,670 8.2 %
-0.2 % 11.1 % 1.7 % Marin
$ 732,140 $ 694,440
$ 632,580 5.4 % 15.7 %
-0.8 % 13.1 % Napa
$ 348,000 $ 344,740 $ 354,760
0.9 % -1.9 % -1.1 %
20.0 % San Francisco $ 592,950
$ 561,270 $ 606,560
5.6 % -2.2 % 32.9 %
33.7 % San Mateo $ 582,500
$ 578,500 $ 591,500 r 0.7 %
-1.5 % 14.8 % 12.0 %
Santa Clara $ 530,000 $ 495,000
$ 520,000 r 7.1 % 1.9 %
13.6 % 5.0 % Solano
$ 179,020 $ 184,440 $ 191,780
r -2.9 % -6.7 % 1.6 %
30.4 % Sonoma $ 324,710
$ 326,920 $ 315,340 -0.7
% 3.0 % 4.6 % 32.4 %
Southern California
Los
Angeles $ 272,690 $ 290,890
$ 286,100 r -6.3 % -4.7 %
6.5 % 12.7 % Orange County
$ 485,380 $ 483,510 $
496,540 0.4 % -2.2 %
10.8 % 13.1 % Riverside County
$ 200,730 $ 196,050 $ 203,640
r 2.4 % -1.4 % 7.0 %
3.8 % San Bernardino $ 132,500
$ 129,920 $ 131,470
2.0 % 0.8 % 2.2 %
1.7 % San Diego $ 362,470 $
350,680 $ 367,770 3.4 %
-1.4 % 13.1 % 21.1 % Ventura
$ 392,350 $ 386,870
$ 389,650 1.4 % 0.7 %
0.3 % -8.7 %
Central Coast
Monterey $
265,000 $ 280,000 $ 231,000 r
-5.4 % 14.7 % 2.8 %
-15.1 % San Luis Obispo $ 354,350
$ 363,640 $ 328,750
-2.6 % 7.8 % 22.5 %
17.4 % Santa Barbara $ 345,000
$ 356,000 $ 380,000 -3.1
% -9.2 % -3.5 % 30.2 %
Santa Cruz $ 499,950 $ 422,500
$ 452,000 r 18.3 % 10.6 %
19.2 % 27.8 %
Central Valley
Fresno $
142,300 $ 131,070 $ 141,360
8.6 % 0.7 % 8.5 %
7.9 % Kern (Bakersfield) $ 119,980
$ 130,000 $ 125,000
-7.7 % -4.0 % -10.6 %
-5.3 % Kings County $ 144,440
$ 145,710 $ 154,000 -0.9
% -6.2 % 12.5 % 26.3 %
Madera $ 103,330 $ 113,750
$ 149,230 -9.2 %
-30.8 % 32.3 % -41.4 % Merced
$ 119,280 $ 112,000 $
117,270 6.5 % 1.7 %
25.0 % -8.0 % Placer County
$ 251,450 $ 258,210 $ 269,670
-2.6 % -6.8 % 28.5
% 28.5 % Sacramento $ 163,870
$ 162,290 $ 168,800
1.0 % -2.9 % 7.9 %
16.2 % San Benito $ 255,500 $
260,000 $ 285,000 -1.7 %
-10.4 % -2.0 % 19.0 % Tulare
$ 119,330 $ 116,670
$ 120,340 2.3 % -0.8 %
-0.8 % 15.3 %
Other Counties in
California
Amador
$ 176,670 $ 135,000 $
200,000 30.9 % -11.7 %
38.9 % 78.6 % Butte County
$ 177,860 $ 194,000 $ 190,000
-8.3 % -6.4 % 25.3
% 65.0 % Humboldt $ 232,950
$ 220,000 $ 238,890
5.9 % -2.5 % 6.9 %
83.3 % Lake County $ 103,640 $
118,570 $ 123,330 -12.6 %
-16.0 % 15.9 % 15.9 % Tuolumne
$ 165,000 $ 147,140
$ 192,500 r 12.1 % -14.3 %
48.9 % 63.4 % Mendocino
$ 190,000 $ 190,000 $ 200,000
0.0 % -5.0 % -16.2
% -8.8 % Shasta $ 141,900
$ 151,670 $ 162,110 -6.4
% -12.5 % 10.7 % 60.7 %
Siskiyou County $ 123,330 $
123,330 $ 140,000 0.0 %
-11.9 % 0.0 % 50.0 % Tehama
$ 85,000 $ 110,000
$ 83,330 -22.7 % 2.0 %
11.8 % 58.3 %
February 2012 County Unsold Inventory
and Time on Market
(Regional and condo sales data not
seasonally adjusted)
February 2012
UnsoldInventoryIndex
MedianTimeonMarket
State/Region/County
February2012
January2012
February2011
February2012
January2012
February2011
California Single-family 5.3
5.7 r 7.5 r 58.9
61.9 64.7 r California Condo/Townhomes
5.5 6.2 r 7.8
67.1 72.5 71.8
Los Angeles Metropolitan Area
5.9 6.3 7.5
63.2 64.2 64.0 Inland
Empire 5.3 5.7
6.3 57.1 56.5
54.8 San Francisco Bay Area
4.2 4.5 6.8 r
62.7 73.9 71.3
San Francisco Bay
Area
Alameda
5.0 4.3 6.9
87.8 98.5 96.1
Contra-Costa (Central County) 5.0
5.2 6.5 87.5
97.0 107.5 Marin
4.0 5.2 8.4
102.1 83.1 110.6
Napa 6.4 6.3
9.9 85.9 87.9
92.6 San Francisco
4.8 6.0 8.5
47.3 66.9 68.3 San Mateo
4.0 4.5 6.1
r 36.8 40.3 36.4 r
Santa Clara 3.5 3.8
5.1 r 28.0 37.7
39.8 r Solano 3.7
3.8 7.8 53.1
62.0 62.6 Sonoma
4.5 4.9 8.1
93.0 101.1 80.2
Southern California
Los
Angeles 5.7 6.1
7.8 59.5 64.0
62.1 r Orange County 7.1
8.0 9.6 82.0
78.4 85.9 Riverside
County 5.5 6.0
6.4 58.3 59.3
64.2 San Bernardino 5.1
5.2 6.2
55.0 52.3 53.4 San Diego
6.3 7.1 8.9
59.0 62.6 62.9
Ventura 8.2 7.9
7.2 86.5
89.4 85.3
Central Coast
Monterey 5.4
5.7 5.8 r 44.2
46.7 50.0 r San Luis Obispo
5.9 7.0 8.4
69.1 85.5 80.6
Santa Barbara 6.7
6.5 9.5 74.7
75.8 95.8 r Santa Cruz
5.4 6.3 8.1
56.1 43.9 68.7 r
Central Valley
Fresno
4.0 4.6 NA
44.6 41.0 46.7
Kern (Bakersfield) 3.1
2.4 r 6.1 r NA NA
NA Kings County
4.1 4.6 6.7
70.7 49.8 65.8 Madera
3.8 5.6 7.8
58.4 35.8 50.3
Merced 4.3 5.3
5.3 52.4
41.5 33.7 Placer County
NA NA NA
NA NA NA
Sacramento 4.5 4.8 r
6.7 r 45.0 41.5
52.8 San Benito 3.7
3.4 6.0 49.1
52.8 47.6 Tulare
4.9 4.9 6.7
29.6 31.5 50.2
Other Counties in California
Amador 5.4 7.7
10.0 76.8
91.0 129.7 Butte County
4.5 5.9 9.8
68.7 65.8 99.3
Humboldt 6.6 6.9
13.8 62.8 79.5
73.4 Lake County 5.7
6.8 8.4
86.1 104.1 112.8 Tuolumne
5.5 8.4
11.0 r 52.1 71.9 103.1
Mendocino 9.6 7.8
11.0 78.1
75.5 91.0 Shasta
4.6 5.0 10.5
50.3 48.3 76.8
Siskiyou County 12.6 11.4
20.2 r 125.5 123.9
111.3 r Tehama 6.5
7.3 12.6 56.8
78.4 49.1