LOS ANGELES, June 18, 2024 /PRNewswire/ -- Mortgage rates that surged to their highest levels since late last year hampered California home sales in May on both a monthly and an annual basis, while the statewide median home price exceeded $900,000 for the second straight month to set another record-high, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/en/Global/Infographics/2024-05-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 272,410 in May, 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 May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
May's sales pace dipped 1.1 percent from the revised 275,540 homes sold in April and were down 6.0 percent from a year ago, when a revised 289,860 homes were sold on an annualized basis. The sales pace remained below the 300,000-threshold for the 20th consecutive month, and year-to-date home sales were flat.
"California home sales stalled in May as mortgage rates reached the highest level in five months and may have contributed to the slowdown in market activity," said C.A.R. President Melanie Barker, a Yosemite REALTOR®. "However, a moderation in interest rates in the past couple of weeks and recent improvements in housing inventory could create an opportunity for motivated buyers to reenter the market before the homebuying season peaks."
The statewide median price set another record high in May, edging up 8.7 percent from $835,280 in May 2023 to $908,040 in May 2024, exceeding the $900,000-benchmark for the second month in a row. California's median home price was 0.4 percent higher than April's $904,210. The year-over-year gain was the 11th straight month of annual price increases for the Golden State. Seasonal factors and tight housing supply conditions will continue to put upward pressure on home prices in the coming months.
Stronger sales of higher-priced properties continued to contribute to solid median price growth, especially since million-dollar home sales in California have been rising more rapidly than their more affordable counterparts in the state. Sales in the million-dollar-and-higher market segment rose 15.5 percent year-over-year in May, while sales in the sub-$500,000 segment declined by 12.2 percent. Sales of homes priced above a $1 million now make up 36.6 percent of all sales ? the biggest share in at least the last five years.
"A persistent shortage of homes for sale, particularly in the more affordable market segments, continued to push up California's median home price to new record highs over the past couple of months," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "With mortgage rates coming back down from their recent peaks and market competition heating up, the statewide median price may have more room to grow before the summer ends."
Other key points from C.A.R.'s May 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 more than 118 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 180,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
May 2024 County Sales and Price Activity | |||||||||
May 2024 | Median Sold Price of Existing Single-Family Homes | Sales | |||||||
State/Region/County | May 2024 | April 2024 | May 2023 | Price | Price | Sales | Sales | ||
Calif. Single-family homes | $908,040 | $904,210 | $835,280 | r | 0.4 % | 8.7 % | -1.1 % | -6.0 % | |
Calif. Condo/Townhomes | $690,000 | $688,000 | $635,000 | 0.3 % | 8.7 % | 7.0 % | 1.5 % | ||
Los Angeles Metro Area | $840,000 | $840,000 | $765,000 | 0.0 % | 9.8 % | 9.4 % | -1.1 % | ||
Central Coast | $1,059,000 | $1,077,500 | $1,000,000 | -1.7 % | 5.9 % | 8.5 % | 0.6 % | ||
Central Valley | $507,080 | $493,500 | $485,000 | 2.8 % | 4.6 % | 10.3 % | 0.0 % | ||
Far North | $400,000 | $364,900 | $380,000 | 9.6 % | 5.3 % | 21.9 % | -8.4 % | ||
Inland Empire | $598,490 | $607,000 | $574,990 | -1.4 % | 4.1 % | 5.7 % | -5.9 % | ||
San Francisco Bay Area | $1,455,000 | $1,444,000 | $1,300,000 | 0.8 % | 11.9 % | 10.1 % | 4.3 % | ||
Southern California | $880,000 | $880,000 | $800,000 | 0.0 % | 10.0 % | 8.9 % | -1.0 % | ||
San Francisco Bay Area | |||||||||
Alameda | $1,375,000 | $1,401,250 | $1,260,000 | -1.9 % | 9.1 % | 12.6 % | 6.1 % | ||
Contra Costa | $942,500 | $940,000 | $888,000 | 0.3 % | 6.1 % | 9.2 % | 0.4 % | ||
Marin | $1,800,000 | $1,700,000 | $1,800,000 | 5.9 % | 0.0 % | 28.7 % | 5.1 % | ||
Napa | $987,000 | $950,000 | $888,500 | 3.9 % | 11.1 % | -11.9 % | -7.5 % | ||
San Francisco | $1,690,000 | $1,800,000 | $1,654,000 | -6.1 % | 2.2 % | 1.8 % | 20.4 % | ||
San Mateo | $2,400,000 | $2,150,000 | $2,075,000 | 11.6 % | 15.7 % | 11.5 % | 13.4 % | ||
Santa Clara | $2,100,000 | $2,000,000 | $1,788,000 | 5.0 % | 17.4 % | 14.2 % | 13.7 % | ||
Solano | $605,000 | $590,000 | $600,000 | 2.5 % | 0.8 % | -0.7 % | -20.3 % | ||
Sonoma | $880,450 | $850,000 | $860,000 | 3.6 % | 2.4 % | 8.5 % | -0.6 % | ||
Southern California | |||||||||
Imperial | $405,000 | $377,500 | $350,000 | 7.3 % | 15.7 % | 24.4 % | -23.9 % | ||
Los Angeles | $811,610 | $825,970 | $744,770 | -1.7 % | 9.0 % | 11.7 % | -2.6 % | ||
Orange | $1,422,500 | $1,440,000 | $1,256,500 | -1.2 % | 13.2 % | 11.9 % | 12.2 % | ||
Riverside | $650,000 | $650,000 | $629,000 | 0.0 % | 3.3 % | 4.4 % | -7.7 % | ||
San Bernardino | $488,900 | $516,080 | $455,000 | -5.3 % | 7.5 % | 8.2 % | -2.2 % | ||
San Diego | $1,025,000 | $1,047,500 | $935,000 | -2.1 % | 9.6 % | 6.2 % | 0.7 % | ||
Ventura | $925,000 | $940,000 | $925,500 | -1.6 % | -0.1 % | 6.4 % | -2.1 % | ||
Central Coast | |||||||||
Monterey | $1,047,000 | $986,500 | $902,000 | 6.1 % | 16.1 % | 26.9 % | 11.8 % | ||
San Luis Obispo | $885,000 | $894,500 | $874,500 | -1.1 % | 1.2 % | -1.1 % | -21.4 % | ||
Santa Barbara | $1,375,000 | $1,400,000 | $1,275,000 | -1.8 % | 7.8 % | 18.6 % | 33.6 % | ||
Santa Cruz | $1,355,000 | $1,420,000 | $1,352,500 | -4.6 % | 0.2 % | -10.7 % | -10.0 % | ||
Central Valley | |||||||||
Fresno | $425,000 | $421,940 | $420,000 | 0.7 % | 1.2 % | 10.7 % | -8.0 % | ||
Glenn | $329,250 | $362,000 | $345,000 | -9.0 % | -4.6 % | 20.0 % | -36.8 % | ||
Kern | $400,000 | $377,000 | $379,320 | 6.1 % | 5.5 % | 12.7 % | 3.2 % | ||
Kings | $361,000 | $379,000 | $370,000 | -4.7 % | -2.4 % | 8.2 % | 8.2 % | ||
Madera | $429,000 | $457,500 | $411,610 | -6.2 % | 4.2 % | -2.2 % | 1.5 % | ||
Merced | $400,000 | $399,000 | $395,000 | 0.3 % | 1.3 % | -10.0 % | 8.0 % | ||
Placer | $675,000 | $671,740 | $682,500 | 0.5 % | -1.1 % | 10.9 % | 10.4 % | ||
Sacramento | $555,000 | $548,580 | $535,000 | 1.2 % | 3.7 % | 13.5 % | -1.9 % | ||
San Benito | $734,950 | $807,500 | $735,000 | -9.0 % | 0.0 % | 31.3 % | 2.4 % | ||
San Joaquin | $560,000 | $540,000 | $531,950 | 3.7 % | 5.3 % | 2.8 % | -8.0 % | ||
Stanislaus | $489,500 | $485,000 | $463,500 | 0.9 % | 5.6 % | 11.6 % | 2.2 % | ||
Tulare | $383,640 | $379,990 | $375,060 | 1.0 % | 2.3 % | 18.0 % | 14.3 % | ||
Far North | |||||||||
Butte | $442,000 | $450,000 | $436,950 | -1.8 % | 1.2 % | 33.3 % | 10.7 % | ||
Lassen | $274,500 | $205,000 | $224,900 | 33.9 % | 22.1 % | 0.0 % | -15.8 % | ||
Plumas | $529,000 | $320,000 | $355,000 | 65.3 % | 49.0 % | 45.0 % | 70.6 % | ||
Shasta | $390,000 | $360,000 | $385,000 | 8.3 % | 1.3 % | 15.2 % | -16.7 % | ||
Siskiyou | $334,500 | $281,500 | $256,000 | 18.8 % | 30.7 % | 7.1 % | -16.7 % | ||
Tehama | $350,000 | $309,750 | $348,000 | 13.0 % | 0.6 % | 20.0 % | -38.5 % | ||
Trinity | $360,000 | $212,000 | $263,250 | 69.8 % | 36.8 % | 120.0 % | 10.0 % | ||
Other Calif. Counties | |||||||||
Amador | $420,000 | $426,500 | $449,000 | -1.5 % | -6.5 % | -22.9 % | -21.3 % | ||
Calaveras | $471,000 | $493,000 | $550,000 | -4.5 % | -14.4 % | 18.3 % | 12.7 % | ||
Del Norte | $230,000 | $445,000 | $315,000 | -48.3 % | -27.0 % | 8.3 % | -31.6 % | ||
El Dorado | $699,000 | $757,000 | $660,000 | -7.7 % | 5.9 % | -4.5 % | -5.8 % | ||
Humboldt | $450,000 | $400,000 | $435,000 | 12.5 % | 3.4 % | 22.6 % | 24.1 % | ||
Lake | $351,250 | $340,000 | $398,000 | 3.3 % | -11.7 % | 22.0 % | 9.1 % | ||
Mariposa | $502,500 | $549,500 | $382,500 | -8.6 % | 31.4 % | -18.2 % | 12.5 % | ||
Mendocino | $477,500 | $583,500 | $532,500 | -18.2 % | -10.3 % | 0.0 % | 35.3 % | ||
Mono | $812,500 | $1,077,380 | $850,000 | -24.6 % | -4.4 % | 166.7 % | 14.3 % | ||
Nevada | $560,000 | $599,000 | $552,500 | -6.5 % | 1.4 % | 19.3 % | 15.1 % | ||
Sutter | $427,500 | $428,500 | $439,500 | -0.2 % | -2.7 % | 70.6 % | 3.6 % | ||
Tuolumne | $430,000 | $452,000 | $424,500 | -4.9 % | 1.3 % | 14.5 % | -1.6 % | ||
Yolo | $653,980 | $615,000 | $646,730 | 6.3 % | 1.1 % | 0.0 % | -5.0 % | ||
Yuba | $449,950 | $427,950 | $440,990 | 5.1 % | 2.0 % | -6.5 % | -5.5 % | ||
r = revised |
May 2024 County Unsold Inventory and Days on Market | ||||||||||
May 2024 | Unsold Inventory Index | Median Time on Market | ||||||||
State/Region/County | May 2024 | April 2024 | May 2023 | May 2024 | April 2024 | May 2023 | ||||
Calif. Single-family homes | 2.6 | 2.6 | 2.1 | 16.0 | 16.0 | 17.0 | ||||
Calif. Condo/Townhomes | 2.6 | 2.5 | 1.9 | 19.0 | 19.0 | 16.0 | ||||
Los Angeles Metro Area | 2.8 | 2.7 | 2.2 | 21.0 | 21.0 | 22.0 | ||||
Central Coast | 3.0 | 3.0 | 2.4 | 15.0 | 13.0 | 12.0 | ||||
Central Valley | 2.5 | 2.6 | 2.1 | 15.0 | 16.0 | 15.0 | ||||
Far North | 4.3 | 4.7 | 3.5 | r | 16.0 | 26.0 | 21.0 | |||
Inland Empire | 3.3 | 3.3 | 2.4 | 28.0 | 28.0 | 28.0 | ||||
San Francisco Bay Area | 1.9 | 1.9 | 1.5 | 12.0 | 12.0 | 13.0 | ||||
Southern California | 2.7 | 2.6 | 2.1 | 19.0 | 19.0 | 20.0 | ||||
San Francisco Bay Area | ||||||||||
Alameda | 1.6 | 1.4 | 1.1 | 12.0 | 10.0 | 11.0 | ||||
Contra Costa | 1.5 | 1.5 | 1.1 | 10.0 | 10.0 | 10.0 | ||||
Marin | 2.5 | 2.8 | 1.8 | 47.0 | 41.0 | 35.0 | ||||
Napa | 4.9 | 3.9 | 3.8 | 59.0 | 49.5 | 46.5 | ||||
San Francisco | 1.9 | 1.8 | 2.3 | 30.5 | 26.5 | 43.5 | ||||
San Mateo | 1.8 | 1.8 | 1.9 | 8.0 | 8.0 | 9.0 | ||||
Santa Clara | 1.4 | 1.5 | 1.4 | 8.0 | 7.0 | 8.0 | ||||
Solano | 3.1 | 2.7 | 1.6 | 35.0 | 39.0 | 31.0 | ||||
Sonoma | 3.3 | 3.1 | 2.6 | 44.0 | 45.0 | 38.0 | ||||
Southern California | ||||||||||
Imperial | 1.7 | 2.8 | NA | 12.0 | 13.0 | 23.0 | ||||
Los Angeles | 2.7 | 2.6 | 2.2 | 18.5 | 17.5 | 19.0 | ||||
Orange | 2.0 | 2.1 | 2.0 | 17.0 | 18.0 | 19.0 | ||||
Riverside | 3.1 | 3.1 | 2.3 | 30.0 | 28.0 | 29.0 | ||||
San Bernardino | 3.8 | 3.7 | 2.8 | 23.0 | 27.0 | 26.0 | ||||
San Diego | 2.4 | 2.2 | 1.7 | 12.0 | 12.0 | 12.0 | ||||
Ventura | 2.5 | 2.5 | 1.8 | 26.0 | 27.0 | 26.0 | ||||
Central Coast | ||||||||||
Monterey | 2.9 | 3.6 | 2.7 | 11.0 | 10.0 | 10.0 | ||||
San Luis Obispo | 3.2 | 2.9 | 2.0 | 24.0 | 18.5 | 17.0 | ||||
Santa Barbara | 2.8 | 3.0 | 2.4 | 16.0 | 10.0 | 11.0 | ||||
Santa Cruz | 3.5 | 2.7 | 2.8 | 13.0 | 11.0 | 11.0 | ||||
Central Valley | ||||||||||
Fresno | 3.0 | 3.2 | 2.2 | 13.0 | 18.0 | 14.0 | ||||
Glenn | 3.4 | 4.1 | 3.1 | 70.5 | 15.0 | 16.0 | ||||
Kern | 2.4 | 2.4 | 2.0 | 14.0 | 19.0 | 13.0 | ||||
Kings | 2.4 | 2.5 | 2.2 | 13.0 | 19.0 | 17.0 | ||||
Madera | 4.3 | 3.8 | 3.7 | 29.5 | 31.0 | 32.0 | ||||
Merced | 2.7 | 2.6 | 2.9 | 13.0 | 20.0 | 24.0 | ||||
Placer | 2.6 | 2.5 | 2.3 | 17.0 | 20.0 | 19.5 | ||||
Sacramento | 2.2 | 2.1 | 1.6 | 15.0 | 13.0 | 12.0 | ||||
San Benito | 3.2 | 4.1 | 2.8 | 16.5 | 24.0 | 18.0 | ||||
San Joaquin | 2.5 | 2.3 | 1.7 | 11.0 | 16.0 | 15.0 | ||||
Stanislaus | 2.5 | 2.6 | 1.8 | 15.5 | 13.0 | 14.0 | ||||
Tulare | 1.3 | 3.0 | 2.7 | 15.0 | 20.0 | 14.0 | ||||
Far North | ||||||||||
Butte | 2.5 | 3.3 | 2.6 | 13.0 | 19.0 | 23.0 | ||||
Lassen | 7.9 | 7.0 | 5.5 | 35.0 | 58.5 | 27.0 | ||||
Plumas | 6.0 | 6.6 | 9.5 | 17.0 | 60.0 | 17.0 | ||||
Shasta | 3.8 | 4.0 | 2.8 | 14.0 | 21.0 | 12.0 | ||||
Siskiyou | 8.7 | 8.3 | 5.7 | 20.5 | 63.0 | 50.5 | ||||
Tehama | 5.8 | 6.6 | 3.4 | 63.0 | 97.5 | 39.0 | ||||
Trinity | 9.8 | 18.4 | 11.6 | 91.5 | 165.0 | 165.0 | ||||
Other Calif. Counties | ||||||||||
Amador | 7.1 | 5.1 | 4.8 | 29.0 | 37.0 | 21.0 | ||||
Calaveras | 4.8 | 4.9 | 3.6 | 13.0 | 48.5 | 56.0 | ||||
Del Norte | 8.4 | 7.8 | 4.4 | 21.0 | 17.5 | 61.5 | ||||
El Dorado | 4.3 | 3.4 | 3.1 | 22.0 | 24.5 | 17.0 | ||||
Humboldt | 5.5 | 5.8 | 5.3 | 27.0 | 22.5 | 10.0 | ||||
Lake | 5.5 | 6.2 | 5.8 | 55.5 | 62.0 | 39.5 | r | |||
Mariposa | 5.3 | 3.9 | 5.2 | 22.0 | 28.0 | 25.5 | ||||
Mendocino | 7.5 | 6.7 | 9.3 | 70.0 | 60.0 | 58.5 | ||||
Mono | 3.8 | 8.0 | 3.3 | 24.5 | 7.0 | 12.0 | ||||
Nevada | 4.7 | 4.6 | 4.7 | 30.0 | 19.0 | 16.5 | ||||
Sutter | 2.6 | 4.1 | 2.1 | 23.5 | 36.5 | 19.5 | ||||
Tuolumne | 5.4 | 4.9 | 4.0 | 19.0 | 17.0 | 14.5 | ||||
Yolo | 2.2 | 2.5 | 1.8 | 13.0 | 16.0 | 11.0 | ||||
Yuba | 3.3 | 2.8 | 2.3 | 30.0 | 27.0 | 30.0 | ||||
r = revised |
SOURCE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
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