"A brighter economic picture, coupled with record-high housing affordability, pushed the spring home buying season off to a strong start," said C.A.R. President LeFrancis Arnold. "With a continuing improving economy and interest rates declining to new record lows in recent weeks, we should see a steady improvement in the housing market throughout the end of the year."
Closed escrow sales of existing, single-family detached homes in California rose to a seasonally adjusted annualized rate of 555,300 units in April, according to information collected by C.A.R. from more than 90 local REALTOR(R) associations and MLSs statewide.
The statewide median price of an existing, single-family detached home climbed 5.7 percent in April to $308,050, up from March's revised $291,330 median price and 4.7 percent from a revised $294,140 recorded in April 2011. The median price rose above the $300,000 mark for the first time since December 2010.
"The median home price climbed for the second straight month with solid gains from both the previous month and year," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "A sales improvement in the higher price segments of the housing market was a contributing factor to the price increase, as non-seasonally adjusted sales of homes priced higher than $500,000 increased nearly 11 percent, while sales of homes below $500,000 edged up a modest 2.1 percent."
Other key points of C.A.R.'s April 2012 resale housing report include:
-- California's housing inventory remains low, with the Unsold Inventory Index for existing, single-family detached homes remaining at 4.2 months in April, unchanged from a revised 4.2 months in March. April's housing inventory was down from a revised 5.6 months in April 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A 7-month supply is considered normal.
-- The median number of days it took to sell a single-family home fell to 49.3 days in April 2012, down from a revised 53.2 days for the same period a year ago.
April 2012 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
April 2012 Median Price of Existing Single-Family Homes Sales
----------------------------- --------------------------------------------------------- -------------------
State/Region/County April March April MTM% YTY% MTM% YTY%
2012 2012 2011 Chg Chg Chg Chg
----------------------------- -------- -------- -------- ------- ------- ------- -------
Calif. Single-family (SAAR) $308,050 $291,330 r $294,140 r 5.7 % 4.7 % 10.0 % 11.0 %
----------------------------- -------- -------- -- -------- -- ----- -- ----- -- ----- -- ----- --
Calif. Condo/Townhomes $240,410 $235,710 r $237,420 r 2.0 % 1.3 % -1.5 % 4.0 %
----------------------------- -------- -------- -- -------- -- ----- -- ----- -- ----- -- ----- --
Los Angeles Metropolitan Area $289,700 $276,270 $277,300 4.9 % 4.5 % -4.7 % 1.3 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Inland Empire $181,770 $179,500 $169,460 1.3 % 7.3 % -11.0 % -3.7 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
San Francisco Bay Area $526,370 $478,330 $488,940 r 10.0 % 7.7 % 5.3 % 9.2 %
----------------------------- -------- -------- -------- -- ----- -- ----- -- ----- -- ----- --
San Francisco Bay Area
-----------------------------
Alameda $456,910 $425,000 $452,140 7.5 % 1.1 % 15.9 % 12.5 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Contra-Costa (Central County) $626,970 $582,070 $553,160 7.7 % 13.3 % 21.7 % 19.7 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Marin $783,850 $672,620 $726,060 16.5 % 8.0 % 21.0 % 53.1 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Napa $363,890 $351,470 $306,820 3.5 % 18.6 % -5.8 % 4.6 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
San Francisco $693,750 $649,390 $636,900 6.8 % 8.9 % -2.1 % -4.2 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
San Mateo $745,000 $677,900 $700,000 r 9.9 % 6.4 % -3.5 % 16.0 %
----------------------------- -------- -------- -------- -- ----- -- ----- -- ----- -- ----- --
Santa Clara $636,000 $575,250 $578,000 r 10.6 % 10.0 % 6.6 % -3.0 %
----------------------------- -------- -------- -------- -- ----- -- ----- -- ----- -- ----- --
Solano $191,220 $194,310 $189,120 -1.6 % 1.1 % -12.6 % 2.8 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Sonoma $343,750 $317,650 $332,650 8.2 % 3.3 % 4.9 % 24.9 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Southern California
-----------------------------
Los Angeles $286,800 $272,920 $290,600 5.1 % -1.3 % -2.9 % -0.6 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Orange County $513,950 $485,300 $530,140 5.9 % -3.1 % 1.4 % 19.2 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Riverside County $213,950 $211,350 $199,230 1.2 % 7.4 % -13.0 % 0.0 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
San Bernardino $132,030 $131,640 $128,900 0.3 % 2.4 % -7.1 % -9.9 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
San Diego $369,910 $363,710 $378,230 1.7 % -2.2 % 4.5 % 9.7 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Ventura $427,320 $417,020 $448,440 2.5 % -4.7 % 10.2 % 4.8 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Central Coast
-----------------------------
Monterey $280,000 $314,900 $255,000 r -11.1 % 9.8 % -6.8 % -3.0 %
----------------------------- -------- -------- -------- -- ----- -- ----- -- ----- -- ----- --
San Luis Obispo $360,670 $380,140 $390,180 -5.1 % -7.6 % 0.0 % 5.1 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Santa Barbara $411,540 $405,380 $400,000 r 1.5 % 2.9 % -14.3 % 14.4 %
----------------------------- -------- -------- -------- -- ----- -- ----- -- ----- -- ----- --
Santa Cruz $475,000 $482,160 $460,000 r -1.5 % 3.3 % -10.0 % 8.5 %
----------------------------- -------- -------- -------- -- ----- -- ----- -- ----- -- ----- --
Central Valley
-----------------------------
Fresno $140,100 $134,690 r $130,200 r 4.0 % 7.6 % 0.6 % -13.9 %
----------------------------- -------- -------- -- -------- -- ----- -- ----- -- ----- -- ----- --
Kern (Bakersfield) $145,000 $132,480 r $126,750 r 9.5 % 14.4 % -0.2 % -8.4 %
----------------------------- -------- -------- -- -------- -- ----- -- ----- -- ----- -- ----- --
Kings County $151,870 $141,430 $136,150 7.4 % 11.5 % 0.0 % 5.2 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Madera $137,500 $125,000 $135,380 10.0 % 1.6 % -2.5 % -55.7 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Merced $120,000 $115,290 $103,890 4.1 % 15.5 % 4.7 % -10.1 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Placer County $276,150 $268,750 $270,890 2.8 % 1.9 % -5.9 % 5.9 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Sacramento $169,930 $168,370 $170,270 0.9 % -0.2 % -3.9 % 7.2 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
San Benito $287,450 $232,350 $261,000 23.7 % 10.1 % 14.8 % 8.8 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Tulare $128,370 $121,280 $111,600 5.8 % 15.0 % -8.9 % 7.2 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Other Counties in California
-----------------------------
Amador $183,330 $118,750 $130,000 54.4 % 41.0 % -2.1 % 48.4 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Butte County $197,620 $200,000 $217,040 r -1.2 % -8.9 % 8.3 % 13.6 %
----------------------------- -------- -------- -------- -- ----- -- ----- -- ----- -- ----- --
Humboldt $240,280 $223,330 $225,000 7.6 % 6.8 % 1.3 % 10.0 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Lake County $113,330 $110,000 $98,330 3.0 % 15.3 % -10.3 % -10.3 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Tuolumne $160,000 $165,000 $171,110 -3.0 % -6.5 % -29.2 % -11.5 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Mendocino $209,090 $225,000 $225,000 -7.1 % -7.1 % 20.9 % 33.3 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Shasta $164,540 $148,420 $153,330 10.9 % 7.3 % -3.5 % 0.5 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
Siskiyou County $103,330 $110,000 $120,000 r -6.1 % -13.9 % 61.1 % -19.4 %
----------------------------- -------- -------- -------- -- ----- -- ----- -- ----- -- ----- --
Tehama $160,000 $108,000 $110,000 48.1 % 45.5 % -13.6 % -20.8 %
----------------------------- -------- -------- -------- ----- -- ----- -- ----- -- ----- --
April 2012 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)
April 2012 Unsold Median
Inventory Time on
Index Market
----------------------------- --------- -------
State/Region/County April March April April March April
2012 2012 2011 2012 2012 2011
----------------------------- --------- ----- ----- ------- ----- -----
Calif. Single-family (SAAR) 4.2 4.2 r 5.6 r 49.3 53.1 53.2 r
----------------------------- --------- ----- -- ----- -- ------- ----- ----- --
Calif. Condo/Townhomes 4.0 4.2 5.9 55.4 56.7 58.8 r
----------------------------- --------- ----- ----- ------- ----- ----- --
Los Angeles Metropolitan Area 4.5 4.3 5.8 54.8 57.0 55.5
----------------------------- --------- ----- ----- ------- ----- -----
Inland Empire 4.4 3.9 5.0 52.5 53.6 51.3
----------------------------- --------- ----- ----- ------- ----- -----
San Francisco Bay Area 3.3 3.5 4.7 r 47.5 53.2 52.5 r
----------------------------- --------- ----- ----- -- ------- ----- ----- --
San Francisco Bay Area
-----------------------------
Alameda 2.8 3.3 4.5 61.4 74.6 69.4
----------------------------- --------- ----- ----- ------- ----- -----
Contra-Costa (Central County) 2.8 3.4 4.9 70.2 75.7 76.6
----------------------------- --------- ----- ----- ------- ----- -----
Marin 4.1 4.6 7.2 41.4 65.3 54.2
----------------------------- --------- ----- ----- ------- ----- -----
Napa 6.5 5.9 6.6 59.1 82.8 67.2
----------------------------- --------- ----- ----- ------- ----- -----
San Francisco 4.0 3.9 5.1 37.0 39.5 44.4
----------------------------- --------- ----- ----- ------- ----- -----
San Mateo 2.5 2.4 4.7 r 23.0 25.1 27.8 r
----------------------------- --------- ----- ----- -- ------- ----- ----- --
Santa Clara 2.3 2.5 3.4 r 22.6 24.3 26.9 r
----------------------------- --------- ----- ----- -- ------- ----- ----- --
Solano 4.4 4.0 5.2 54.1 52.6 54.9
----------------------------- --------- ----- ----- ------- ----- -----
Sonoma 4.6 4.9 6.2 68.7 91.0 63.8
----------------------------- --------- ----- ----- ------- ----- -----
Southern California
-----------------------------
Los Angeles 4.4 4.3 5.8 53.0 55.6 53.7
----------------------------- --------- ----- ----- ------- ----- -----
Orange County 4.8 4.9 7.5 61.7 70.2 68.9
----------------------------- --------- ----- ----- ------- ----- -----
Riverside County 4.5 3.8 5.0 56.3 58.5 56.4
----------------------------- --------- ----- ----- ------- ----- -----
San Bernardino 4.3 4.1 5.0 45.0 44.5 52.6
----------------------------- --------- ----- ----- ------- ----- -----
San Diego 4.8 5.1 6.6 47.4 52.1 52.5
----------------------------- --------- ----- ----- ------- ----- -----
Ventura 5.1 5.8 5.9 69.3 73.4 64.8
----------------------------- --------- ----- ----- ------- ----- -----
Central Coast
-----------------------------
Monterey 4.1 4.0 5.4 r 43.7 50.9 43.9 r
----------------------------- --------- ----- ----- -- ------- ----- ----- --
San Luis Obispo 4.7 4.7 6.3 59.7 75.0 70.1
----------------------------- --------- ----- ----- ------- ----- -----
Santa Barbara 4.9 4.6 7.7 r 65.8 81.7 69.7 r
----------------------------- --------- ----- ----- -- ------- ----- ----- --
Santa Cruz 4.5 4.0 6.2 r 26.5 43.4 50.6 r
----------------------------- --------- ----- ----- -- ------- ----- ----- --
Central Valley
-----------------------------
Fresno 4.3 4.5 r 4.1 r 28.3 36.4 r 42.5 r
----------------------------- --------- ----- -- ----- -- ------- ----- -- ----- --
Kern (Bakersfield) 3.4 3.4 r 4.2 NA NA NA
----------------------------- --------- ----- -- ----- ------- ----- -----
Kings County 3.4 3.6 4.9 50.1 66.4 71.2
----------------------------- --------- ----- ----- ------- ----- -----
Madera 3.5 3.7 6.6 29.3 39.7 49.5
----------------------------- --------- ----- ----- ------- ----- -----
Merced 3.0 3.7 4.4 48.4 44.9 37.8
----------------------------- --------- ----- ----- ------- ----- -----
Placer County NA NA NA NA NA NA
----------------------------- --------- ----- ----- ------- ----- -----
Sacramento 3.5 3.7 5.3 r 29.7 34.1 41.4
----------------------------- --------- ----- ----- -- ------- ----- -----
San Benito 2.4 3.4 4.4 43.4 37.4 41.0 r
----------------------------- --------- ----- ----- ------- ----- ----- --
Tulare 3.9 3.9 5.7 28.3 32.3 48.8
----------------------------- --------- ----- ----- ------- ----- -----
Other Counties in California
-----------------------------
Amador 6.4 5.8 10.3 72.6 93.1 101.9
----------------------------- --------- ----- ----- ------- ----- -----
Butte County 3.9 4.1 6.6 29.8 67.4 55.7
----------------------------- --------- ----- ----- ------- ----- -----
Humboldt NA 6.9 9.0 67.2 53.6 52.4
----------------------------- --------- ----- ----- ------- ----- -----
Lake County 6.2 5.5 6.7 94.6 66.6 89.3
----------------------------- --------- ----- ----- ------- ----- -----
Tuolumne 9.0 5.9 9.5 87.9 64.6 71.9
----------------------------- --------- ----- ----- ------- ----- -----
Mendocino 6.9 7.6 9.8 78.4 105.5 64.6
----------------------------- --------- ----- ----- ------- ----- -----
Shasta 4.8 4.5 6.6 25.6 37.3 49.3
----------------------------- --------- ----- ----- ------- ----- -----
Siskiyou County 12.6 19.9 11.7 68.3 82.8 98.3
----------------------------- --------- ----- ----- ------- ----- -----
Tehama 6.4 5.5 6.2 61.0 56.4 53.8
----------------------------- --------- ----- ----- ------- ----- -----
Leading the way...(R) in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS(R) ( www.car.org ) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS(R) Lotus Lou, 213-739-8304 lotusl@car.org
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