- Existing, single-family home sales totaled 397,210 in March on a seasonally adjusted annualized rate, down 0.2 percent from February and down 6.3 percent from March 2018.
- March’s statewide median home price was $565,880, down 5.9 percent from February and up 0.2 percent from March 2018.
- The Unsold Inventory Index was 3.6 months in March, down from 4.6 months in February but up from 2.9 months in March 2018.
- Year-to-date sales were down 8.2 percent in March.
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LOS ANGELES (April 16) – The lowest interest rates in more than a year boosted California’s housing market and kept home sales level in March after an exceptionally strong performance the previous month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
- Sales dropped on a non-seasonally adjusted annual basis in all major regions, with double-digit sales declines in the Los Angeles Metro, Inland Empire regions and San Francisco Bay Area while the Central Coast and Central Valley regions experienced single-digit declines.
- Non-seasonally adjusted sales in the San Francisco Bay Area were down 10.8 percent from March 2018. Home sales in all of the nine Bay Area counties fell from a year ago, especially in Napa and Sonoma counties, which suffered the largest decreases.
- The Los Angeles Metro region posted a non-seasonally adjusted year-over-year sales drop of 12 percent, with home sales falling in every county. Ventura had the biggest decline in sales, while San Diego dropped the least.
- Home sales in the Inland Empire declined 10.4 percent from a year ago as Riverside and San Bernardino counties posted annual sales declines of 9.3 percent and 12.2 percent, respectively.
- At the regional level, the median home price increased in Southern California and the Central Valley region while dipping in the San Francisco Bay Area and the Central Coast regions. On a year-over-year basis, the Bay Area median price dipped 4.1 percent from March 2018. The decline was the largest year-over-year drop since January 2012 and the first back-to-back decrease since early 2012. Only Napa County recorded an annual price increase.
- In the Southern California region, home prices increased in San Bernardino, Riverside and Ventura while they declined in Los Angeles, Orange and San Diego counties.
- Active listings continued to climb from the prior year, increasing 13.4 percent from last March. It was the 12th consecutive month active listings rose year-over-year and the ninth month in a row they grew double digits from the prior year. The pace of increase, however, was the slowest since July 2018, and the growth rate has been decelerating since December 2018.
- The Unsold Inventory Index (UII), which is a ratio of inventory over sales, improved on a year-over-year basis but decreased on a month-to-month basis. The Unsold Inventory Index was 3.6 months in March, down from 4.6 months in February but up from 3.0 months in March 2018. The index measures the number of months it would take to sell the supply of homes on the market at the current sales rate. The jump in the UII from a year ago can be attributed to the moderate sales decline and the sharp increase in active listings.
- The median number of days it took to sell a California single-family home fell from 33 days in February to 25 days in March. It took a median number of 16 days to sell a home in March 2018.
- C.A.R.’s statewide sales-price-to-list-price ratio* was 98.5 percent in March 2019 compared to 100 percent in March 2018.
- The average statewide price per square foot** for an existing, single-family home statewide was $277 in March 2019 and $276 in March 2018.
- The 30-year, fixed-mortgage interest rate averaged 4.27 percent in March, down from 4.44 percent in March 2018, according to Freddie Mac. The five-year, adjustable mortgage interest rate also declined in March to an average of 3.83 percent from 3.65 in March 2018.