California Association of Realtors

  • California's Fading Promise: Millennial Prospects in the Golden State

    In a state where housing prices are 230 percent above the national average, California's millennial generation faces unprecedented economic challenges and diminished prospects with respect to housing, according to a new whitepaper presented by Joel Kotkin, RC Hobbs Presidential Fellow in Urban Futures, Chapman University.

    Kotkin presented the findings of "California's Fading Promise: Millennial Prospects in the Golden State" at a C.A.R. Center for California Real Estate (CCRE) event in Sacramento last week, hosted by C.A.R. CEO Joel Singer. Millennials' incomes are not higher than those in key competitive state, but the costs they must absorb, particularly for housing, are the highest in the country. Their prospects for homeownership are increasingly remote, driving substantial out-migration from the state. The report, sponsored by CCRE, found California has experienced a net loss in migrants for at least the last 15 years.

    Rather than limit new construction to apartments and condos in "infill" development, Kotkin suggested using vacant land in interior communities like the Inland Empire and Central Valley.

    The report also outlines other steps that could bring more millennials into the housing market and restore middle class prosperity to California.

    Read the full report.

    Created: 5/23/2017 9:18:57 PM
  • For release:
    April 24, 2017


    California pending home sales downshift for third straight month in March

    LOS ANGELES (April 24) – Even with a strong performance in March closed escrow sales, a shortage of available homes and robust price growth that's eating away at affordability stifled pending home sales for the third straight month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

    Following seasonal factors, REALTORS® responding to C.A.R.'s March Market Pulse Survey** saw elevated market activity, with an increase in floor calls, presentations, and open house traffic for the third month in a row.

    Pending home sales data:

    • Based on signed contracts, statewide pending home sales decreased for the third straight month in March on a seasonally adjusted basis, with the Pending Home Sales Index (PHSI)* declining 4.5 percent from 112.5 in March 2016 to 107.4 in March 2017. On a monthly basis, California pending home sales dipped 2.9 percent from the February index of 110.6.

    • March's pending sales decline is the greatest so far this year, portending sales activity in the usually busy spring homebuying season will be dampened, primarily due to demand outstripping the supply of active listings, which was 12 percent lower than in March a year ago.

    • At the regional level, Southern California remains the bright spot in the state, which led both in closed escrow sales in March and the smallest decrease (-1.3 percent) in March non-seasonally adjusted pending sales. In fact, Los Angeles and Riverside counties were the only two areas of Southern California that saw an increase in pending sales from a year ago, at 1.6 percent and 3.1 percent, respectively. Pending sales fell 3.6 percent from March 2016 in Orange County, 5.6 percent in San Diego County, and 8.0 percent in San Bernardino County.

    • For the San Francisco Bay Area as a whole – which continues to be plagued by a shortage of homes on the market and eroding affordability – non-seasonally adjusted pending sales were down year-to-year for the sixth straight month, with every tracked county in the region experiencing a significant drop in pending sales activity. The Bay Area pending sales index fell 10.1 percent from 179.2 in March 2016 to 161.0 in March 2017. Monterey and Santa Cruz counties experienced the largest year-to-year reductions in pending sales of 17.3 percent and 16.4 percent, respectively. Pending home sales fell 15.9 percent from the previous year in San Francisco County, 14.9 percent in Santa Clara County, and 8.6 percent in San Mateo County.

    • Pending sales in the Central Valley Region fell 5.5 percent from 96.3 in March 2016 to 91.0 in March 2017. Within Central Valley, pending sales edged up 0.4 percent in Kern County, while they were down 3.7 percent in Sacramento compared with a year ago.

    • In C.A.R.'s newest market indicator of future price appreciation, Market Velocity – home sales relative to the number of new listings coming on line each month to replenish that sold inventory – suggests the increase in prices continues to be a supply-driven phenomenon and that price growth should continue through the summer.

    Year-to-Year Change in Pending Sales by County/Region

    County/Region/State Mar-17 Mar-16 Yearly % Change
    Counties
    Kern 84.6 84.2 0.4%
    Los Angeles 93.4 92.0 1.6%
    Orange 83.3 86.4 -3.6%
    Riverside 62.0 60.1 3.1%
    San Diego 139.2 147.5 -5.6%
    San Bernardino 76.2 82.8 -8.0%
    Monterey 60.0 72.6 -17.3%
    Sacramento 70.1 72.8 -3.7%
    San Francisco 76.9 91.5 -15.9%
    San Mateo 90.5 99.0 -8.6%
    Santa Clara 88.5 104.0 -14.9%
    Santa Cruz 89.2 106.7 -16.4%
    Regions
    SF Bay Area 161.0 179.2 -10.1%
    So. CA 113.9 115.4 -1.3%
    Central Valley 91.0 96.3 -5.5%
    California (SA) 107.4 112.5 -4.5%

    * Seasonally adjusted

    March REALTOR® Market Pulse Survey**:

    Entering the spring homebuying season, California REALTORS® responding to C.A.R.'s March Market Pulse Survey continue to be optimistic about market conditions in the near term, reporting an increase in floor calls, listing appointments, open house traffic, as well as an increase in multiple offers, compared to February.

    • The share of homes selling above asking price rose from 34 percent a year ago to 39 percent in March. Conversely, the share of properties selling below asking price dipped to 32 percent from 33 percent in March 2016. The remaining 29 percent sold at asking price, down from 34 percent in March 2016.

    • For homes that sold above asking price, the premium paid over asking price was essentially unchanged from a year ago at 9.2 percent.

    • The 38 percent of homes that sold below asking price sold for an average of 8 percent below asking price in March, compared to nearly 10 percent a year ago.

    • The share of properties receiving multiple offers trended higher for the third straight month to the highest level since February 2016. Nearly three-fourths of properties for sale (74 percent) received multiple offers in March, up from 50 percent in March 2016.

    • The share of properties receiving three or more offers in March was 45 percent, compared to 49 percent a year ago.

    • The market for homes priced under $200,000 was the most competitive in March, posting the largest gain in receiving three or more offers, rising from 31 percent in March 2016 to 47 percent in March 2017.

    • As prices become more in line with the market, listing price reductions declined to 19 percent in March, down from 21 percent in March 2016.

    • A lack of available inventory continued to be the top concern for 37 percent of REALTORS®, the highest level in a year. Eroding housing affordability/high interest rates concerned 34 percent of REALTORS®. Inflated home prices/housing bubble was cited by nearly 17 percent of REALTORS®. A slowdown in economic growth, lending and financing, and policy and regulations rounded out REALTORS®' remaining biggest concerns.

    • REALTORS®' expectations of market conditions over the next year remained high at an index of 64, up from an index of 60 a year ago.

    Graphics (click links to open):

    YTY change in pending home sales by region.
    Pending sales vs. closed escrow sales.
    Share of properties receiving multiple offers.
    Price range of homes receiving 3+ offers.
    Lack of inventory tops REALTORS®' concerns.
    Market Velocity – indicator of future price appreciation.

    *Note: C.A.R.'s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state. Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market. A sale is listed as pending after a seller has accepted a sales contract on a property. The majority of pending home sales usually become closed sales transactions one to two months later. The year 2008 was used as the benchmark for the Pending Homes Sales Index. An index of 100 is equal to the average level of contract activity during 2008.

    **C.A.R.'s Market Pulse Survey is a monthly online survey sent to more than 10,000 California REALTORS® to measure data about their last closed transaction and sentiment about business activity in their market area for the previous month. Approximately 300 REALTORS® responded.
    Leading the way...® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    # # #


    Created: 5/23/2017 9:18:57 PM
  • For release:
    May 15, 2017

    California housing affordability inches up as seasonal price declines and income growth offset higher interest rates

    • Thirty-two percent of California households could afford to purchase the $496,620 median-priced home in the first quarter of 2017, up from 31 percent in fourth-quarter 2016 but down from 34 percent in first-quarter 2016.

    • A minimum annual income of $102,050 was needed to make monthly payments of $2,550, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 4.36 percent interest rate.

    • Forty percent of home buyers were able to purchase the $414,940 median-priced condo or townhome. An annual income of $85,270 was required to make a monthly payment of $2,130.

    LOS ANGELES (May 15) – Despite a moderate increase in mortgage interest rates, seasonal price declines and higher household income elevated California's housing affordability in first-quarter 2017, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

    The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in first-quarter 2017 inched up to 32 percent, up from 31 percent in the fourth quarter of 2016 but was down from 34 percent in the first quarter a year ago, according to C.A.R.'s Traditional Housing Affordability Index (HAI). This is the 16th consecutive quarter that the index has been below 40 percent and is near the mid-2008 low level of 29 percent. California's housing affordability index hit a peak of 56 percent in the fourth quarter of 2012.

    C.A.R.'s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The Index is considered the most fundamental measure of housing well-being for home buyers in the state.

    Home buyers needed to earn a minimum annual income of $102,050 to qualify for the purchase of a $496,620 statewide median-priced, existing single-family home in the first quarter of 2017. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,550, assuming a 20 percent down payment and an effective composite interest rate of 4.36 percent. The effective composite interest rate in fourth-quarter 2016 was 3.91 percent and 4.01 percent in the first quarter of 2016.

    Homes were less affordable in first-quarter 2017 compared to first-quarter 2016, when the affordability index stood at 34 and the median home price was $465,280. An annual income of $92,570 was needed to make monthly payments of $2,310.

    The affordability of condominiums and townhomes also was flat in first-quarter 2017 compared to the previous quarter. Forty percent of California households earned the minimum income to qualify for the purchase of a $414,940 median-priced condominium or townhome in the first quarter of 2017, and an annual income of $85,270 was required to make monthly payments of $2,130.

    Key points from the first-quarter 2017 Housing Affordability report include:

    • Compared to affordability in fourth-quarter 2016, eight of 43 counties tracked posted an improvement in housing affordability (Los Angeles, San Diego, Merced, San Joaquin, Tulare, El Dorado, Shasta, and Sutter), 26 experienced a decline (Alameda, Contra Costa, Marin, Napa, Santa Clara, Sonoma, Orange County, Riverside, San Bernardino, Ventura, Monterey, San Luis Obispo, Santa Barbara, Fresno, Kings, Madera, Placer, San Benito, Amador, Humboldt, Lake, Mariposa/Tuolumne, Mendocino, Siskiyou, Tehama, Yuba), and nine were unchanged (San Francisco, San Mateo, Santa Clara, Santa Cruz, Kern, Sacramento, Stanislaus, Butte, and Yolo).

    • During the first quarter of 2017, the most affordable counties in California were Tehama, Kern (both at 55 percent); Kings, Sutter (both at 53 percent); and Tulare, San Bernardino (both at 52 percent).

    • San Francisco (13 percent), Santa Barbara (14 percent), and San Mateo (15 percent), counties were the least affordable areas in the state.

    • Housing affordability figures are now available for the following counties: Amador, Butte, El Dorado, Humboldt, Lake, Mariposa and Tuolumne (combined), Mendocino, San Benito, Shasta, Siskiyou, Sutter, Tehama, Yolo, and Yuba. See accompanying tables.

    Housing Affordability slides (click link to open)

    Affordability peak versus current
    Annual required income peak vs. current
    PITI peak versus current
    CA housing affordability by quarter (2006-2017)
    Housing affordability by county


    See C.A.R.'s historical housing affordability data.
    See first-time buyer housing affordability data.

    Leading the way?® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

    # # #

    CALIFORNIA ASSOCIATION OF REALTORS®
    Traditional Housing Affordability Index
    First quarter 2017

    C.A.R. Region Housing
    Affordability Index
    Median Home
    Price
    Monthly Payment Including Taxes & Insurance Minimum
    Qualifying Income
    CA SFH (SAAR) 32 $496,620 $2,550 $102,050
    CA Condo/Townhomes 40 $414,940 $2,130 $85,270
    Los Angeles Metropolitan Area 33 $461,920 $2,370 $94,920
    Inland Empire 43 $326,460 $1,680 $67,080
    S.F. Bay Area 25 $780,330 $4,010 $160,350
    United States 57 $232,100 $1,190 $47,690
    S.F. Bay Area
    Alameda 21 $798,000 $4,100 $163,980
    Contra-Costa (Central County) 37 $562,500 $2,890 $115,590
    Marin 18 $1,200,000 $6,160 $246,590
    Napa 24 $668,000 $3,430 $137,270
    San Francisco 13 $1,300,000 $6,680 $267,130
    San Mateo 15 $1,300,000 $6,680 $267,130
    Santa Clara 19 $1,070,000 $5,500 $219,870
    Solano 45 $390,750 $2,010 $80,290
    Sonoma 25 $605,000 $3,110 $124,320
    Southern California
    Los Angeles 29 $485,800 $2,500 $99,830
    Orange County 21 $750,000 $3,850 $154,120
    Riverside County 39 $365,000 $1,880 $75,000
    San Bernardino 52 $256,900 $1,320 $52,790
    San Diego 28 $564,000 $2,900 $115,900
    Ventura 25 $642,480 $3,300 $132,020
    Central Coast
    Monterey 23 $560,000 $2,880 $115,070
    San Luis Obispo 26 $550,000 $2,830 $113,020
    Santa Barbara 14 $779,000 $4,000 $160,080
    Santa Cruz 17 $805,000 $4,140 $165,420
    Central Valley
    Fresno 48 $238,000 $1,220 $48,910
    Kern (Bakersfield) 55 $219,000 $1,130 $45,000
    Kings County 53 $215,000 $1,100 $44,180
    Madera 47 $238,000 $1,220 $48,910
    Merced 50 $228,500 $1,170 $46,950
    Placer County 45 $435,000 $2,230 $89,390
    Sacramento 46 $319,720 $1,640 $65,700
    San Benito 32 $525,000 $2,700 $107,880
    San Joaquin 45 $315,000 $1,620 $64,730
    Stanislaus 48 $275,000 $1,410 $56,510
    Tulare 52 $212,000 $1,090 $43,560
    Other Calif. Counties
    Amador 47 $295,000 $1,520 $60,620
    Butte County 41 $282,000 $1,450 $57,950
    El Dorado County 43 $429,000 $2,200 $88,150
    Humboldt 36 $295,000 $1,520 $60,620
    Lake County 43 $217,000 $1,110 $44,590
    Mariposa And Tuolumne 45 $280,000 $1,440 $57,540
    Mendocino 26 $400,000 $2,050 $82,200
    Shasta 49 $235,500 $1,210 $48,390
    Siskiyou County 48 $206,500 $1,060 $42,430
    Sutter 53 $258,500 $1,330 $53,120
    Tehama 55 $206,000 $1,060 $42,330
    Yolo 37 $385,500 $1,980 $79,220
    Yuba 44 $254,900 $1,310 $52,380

    r = revised

    CALIFORNIA ASSOCIATION OF REALTORS®
    Traditional Housing Affordability Index
    First quarter 2017

    STATE/REGION/COUNTY Q1 2017 Q4 2016 Q1 2016
    CA SFH (SAAR) 32 31 34
    CA Condo/Townhomes 40 40 41
    Los Angeles Metropolitan Area 33 34 35
    Inland Empire 43 46 48
    S.F. Bay Area 25 25 28 r
    United States 57 58 60
    S.F. Bay Area
    Alameda 21 24 r 26 r
    Contra-Costa (Central County) 37 39 40 r
    Marin 18 20 20
    Napa 24 26 23 r
    San Francisco 13 13 13
    San Mateo 15 15 16
    Santa Clara 19 22 22
    Solano 45 45 48 r
    Sonoma 25 26 28 r
    Southern California
    Los Angeles 29 28 31
    Orange County 21 22 23
    Riverside County 39 41 43 r
    San Bernardino 52 54 57
    San Diego 28 27 r 29 r
    Ventura 25 31 30
    Central Coast
    Monterey 23 27 27
    San Luis Obispo 26 27 r 27 r
    Santa Barbara 14 21 21
    Santa Cruz 17 17 18
    Central Valley
    Fresno 48 50 52
    Kern (Bakersfield) 55 55 55
    Kings County 53 56 58
    Madera 47 49 50
    Merced 50 48 55
    Placer County 45 47 r 48
    Sacramento 46 46 r 48
    San Benito 32 35 36
    San Joaquin 45 44 r 47
    Stanislaus 48 48 50
    Tulare 52 49 52
    Other Calif. Counties
    Amador 47 50 50
    Butte County 41 41 43
    El Dorado County 43 39 39
    Humboldt 36 40 42
    Lake County 43 44 47
    Mariposa And Tuolumne 45 51 52
    Mendocino 26 32 30
    Shasta 49 46 50
    Siskiyou County 48 53 55
    Sutter 53 52 57
    Tehama 55 60 60
    Yolo 37 37 38
    Yuba 44 45 49
    r = revised
    Created: 5/23/2017 9:18:57 PM
  • For release:
    May 16, 2017

    California housing market downshifts in April as housing shortage cuts into demand

    - Existing, single-family home sales totaled 406,300 in April on a seasonally adjusted annualized rate, down 2.4 percent from March and down 1.7 percent from April 2016.

    - April's statewide median home price was $536,750, up 3.7 percent from March and up 5.4 percent from April 2016.

    - At the regional level, the San Francisco Bay Area, Inland Empire, and Los Angeles metro area all registered year-to-year sales declines of 4.3 percent, 3.1 percent, and 6.4 percent, respectively.

    LOS ANGELES (May 16) – Following a strong first quarter start, California home sales lost momentum in April, while the median home price accelerated to a near-10-year high, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
    Closed escrow sales of existing, single-family detached homes in California remained above the 400,000 benchmark for the 13th consecutive month and totaled a seasonally adjusted annualized rate of 406,300 units in April, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2017 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The April figure was down 2.4 percent from the 416,110 level in March and down 1.7 percent compared with home sales in April 2016 of a revised 413,270.

    "With pending home sales slowing over the past three months, April's sales decline was not a surprise," said C.A.R. President Geoff McIntosh. "Some sales that took place in the first quarter were likely pulled forward as homebuyers took advantage of the favorable interest rate environment and decided to purchase now before rates increase. Moving forward, the housing market may temper further as interest rates inch up and the supply of available homes for sale tightens."

    The statewide median price stayed above the $500,000 mark for the second straight month and reached the highest level since August 2007. The median price was up 3.7 percent from $517,490 in March to reach $536,750 in April, and was 5.4 percent higher than the $509,240 recorded in April 2016. 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.

    "California's median home price has been on an upward trend on an annual basis since March 2012 and is now at the highest in nearly 10 years," said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "The yearly price gains will most likely persist through the remainder of the home-buying season, further exacerbating an already-low housing affordability situation. This could have an adverse effect on home sales in the upcoming months, especially since interest rates are expected to rise in the second half of the year."

    Other key points from C.A.R.'s April 2017 resale housing report include:

    • The April sales decline was broad based as every major region in the state posted a decline over the previous year. Southern California dropped the most with a 6.5 percent decline in existing home sales from last April.

    • After a strong March showing in sales, the Bay Area housing market dipped again as housing supply and affordability continued to constrain sales in the region. Overall sales in the Bay Area declined 4.3 percent over the same period last year. Seven of the nine counties in the region performed worse than last April.

    • New statewide active listings declined for the 22nd month in April, falling 10.5 percent from a year ago.

    • The April decline in sales relieved housing inventory conditions slightly, with C.A.R.'s Unsold Inventory Index edging up from 3.0 months in March to 3.3 months in April. The index measures the number of months needed to sell the supply of homes on the market at the current sales rate. The index stood at 3.5 months in April 2016.

    • At the county level, 35 of 51 reported counties experienced a drop in the unsold inventory index compared to a year ago. San Francisco had the lowest inventory (1.8 months), followed by Santa Clara, San Mateo, and Alameda (all at 2.0 months), which were all in the Bay Area.

    • The median number of days it took to sell a single-family home dipped from 26.7 days in March to 24.1 days in April and was down from 27.8 days in April 2016.

    • C.A.R.'s sales-to-list price ratio* was 100 percent of listing prices statewide in April, 99.3 percent in March, and 99.3 percent in April 2016.

    • The average price per square foot** for an existing, single-family home statewide was $258 in April, $252 in March, and $244 in April 2016.
    • San Mateo County had the highest price per square foot in April at $890/sq. ft., followed by San Francisco ($887/sq. ft.), and Santa Clara ($698/sq. ft.). Counties with the lowest price per square foot in April included Lassen ($119/sq. ft.), Siskiyou ($119/sq. ft.), and Tulare ($132/sq. ft.).

    • Mortgage rates have fallen since early this year. The 30-year, fixed-mortgage interest rate averaged 4.05 percent in April, down from 4.20 percent in March but up from 3.69 percent in April 2016, according to Freddie Mac. The five-year, adjustable-rate mortgage interest rates dipped in April to an average of 3.15 percent, from 3.21 percent in March but was up from 2.90 percent in April 2016.

    Graphics (click links to open):

    April sales at-a-glance infographic.
    Calif. historical existing home sales.
    Calif. historical median home price.
    Share of sales by price range.
    Calif. price per square foot.
    Calif. sales to list price ratio.

    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. 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 last 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 39 counties.

    Leading the way?® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
    # # #

    April 2017 County Sales and Price Activity
    (Regional and condo sales data not seasonally adjusted)

    April-17 Median Sold Price of Existing Single-Family Homes Sales
    State/Region/County Apr-17 Mar-17 Apr-16 Price MTM% Chg Price YTY% Chg Sales MTM% Chg Sales YTY% Chg
    CA SFH (SAAR) $536,750 $517,490 r $509,240 r 3.7% 5.4% -2.4% -1.7%
    CA Condo/Townhomes $436,430 $430,620 $409,410 r 1.3% 6.6% -4.9% -4.2%
    Los Angeles Metro Area $482,900 $474,550 $460,940 r 1.8% 4.8% -5.3% -6.4%
    Inland Empire $338,010 $335,660 $310,840 r 0.7% 8.7% -7.2% -3.1%
    S.F. Bay Area $895,490 $837,720 $831,180 6.9% 7.7% 3.1% -4.3%
    S.F. Bay Area
    Alameda $875,000 $833,750 $800,000 r 4.9% 9.4% 0.5% -6.1%
    Contra Costa $653,690 $585,000 $565,000 r 11.7% 15.7% -3.5% -1.7%
    Marin $1,325,000 $1,250,000 $1,200,000 r 6.0% 10.4% 47.5% -2.3%
    Napa $685,000 $675,000 $629,980 r 1.5% 8.7% -22.2% -10.8%
    San Francisco $1,402,500 $1,350,000 $1,400,000 r 3.9% 0.2% 12.9% -3.0%
    San Mateo $1,500,000 $1,350,000 $1,312,500 r 11.1% 14.3% 6.4% 3.9%
    Santa Clara $1,160,000 $1,130,000 $1,085,000 2.7% 6.9% 6.9% -8.7%
    Solano $400,000 $400,000 $380,000 r 0.0% 5.3% 4.3% 3.5%
    Sonoma $608,000 $635,000 $569,000 r -4.3% 6.9% -2.4% -10.0%
    Southern California
    Los Angeles $480,230 $465,810 $457,180 r 3.3% 5.0% -4.8% -7.5%
    Orange $775,000 $760,000 $735,000 r 2.0% 5.4% -2.3% -5.2%
    Riverside $379,000 $375,000 $350,000 r 1.1% 8.3% -6.8% 1.6%
    San Bernardino $260,050 $263,100 $236,850 -1.2% 9.8% -7.9% -10.8%
    San Diego $590,000 $571,000 $557,000 r 3.3% 5.9% -3.2% -6.8%
    Ventura $672,980 $672,220 $630,100 0.1% 6.8% -2.7% -22.9%
    Central Coast
    Monterey $569,000 $562,450 $529,900 1.2% 7.4% -10.3% -21.5%
    San Luis Obispo $572,500 $547,500 $535,000 r 4.6% 7.0% -4.1% -9.1%
    Santa Barbara $745,000 $810,000 $725,000 r -8.0% 2.8% 16.6% 8.9%
    Santa Cruz $815,000 $814,500 $775,500 0.1% 5.1% 23.2% -14.8%
    Central Valley
    Fresno $240,000 $245,000 $229,000 r -2.0% 4.8% 2.7% 2.3%
    Glenn $230,000 $211,000 $225,000 r 9.0% 2.2% 28.6% 0.0%
    Kern $236,750 $225,000 $215,600 r 5.2% 9.8% -14.7% -11.9%
    Kings $232,000 $215,000 $202,000 r 7.9% 14.9% -5.7% -3.5%
    Madera $240,000 $220,000 $215,000 r 9.1% 11.6% 0.0% -22.2%
    Merced $247,910 $229,500 $205,000 r 8.0% 20.9% -12.5% -3.0%
    Placer $460,000 $440,000 $429,500 r 4.5% 7.1% 5.6% -9.9%
    Sacramento $326,000 $326,750 $309,000 r -0.2% 5.5% 6.5% -4.0%
    San Benito $521,000 $525,000 $479,000 -0.8% 8.8% 4.7% -8.2%
    San Joaquin $340,000 $320,000 $300,500 r 6.3% 13.1% 1.9% 4.9%
    Stanislaus $283,000 $271,450 $265,000 r 4.3% 6.8% -12.9% -6.1%
    Tulare $214,900 $210,000 $207,250 r 2.3% 3.7% -6.6% 8.4%
    Other Counties in California
    Amador $327,000 $314,900 $235,000 r 3.8% 39.1% 2.0% 4.2%
    Butte $302,900 $287,500 $272,750 r 5.4% 11.1% 9.0% 8.3%
    Calaveras $318,500 $292,000 $276,000 r 9.1% 15.4% 4.5% 4.5%
    Del Norte $239,000 $130,000 $315,000 r 83.8% -24.1% 72.7% 46.2%
    El Dorado $474,500 $450,000 $432,000 r 5.4% 9.8% 9.6% -7.7%
    Humboldt $300,000 $295,000 $277,500 r 1.7% 8.1% -5.8% -8.5%
    Lake $248,470 $215,000 $240,500 r 15.6% 3.3% 15.1% 25.4%
    Lassen $175,500 $182,000 $152,950 -3.6% 14.7% 0.0% -23.1%
    Mariposa $273,000 $285,000 $235,000 r -4.2% 16.2% 88.9% 41.7%
    Mendocino $358,000 $395,000 $331,000 r -9.4% 8.2% 17.1% 14.3%
    Mono $516,250 $1,022,500 $316,500 -49.5% 63.1% 0.0% -9.1%
    Nevada $424,000 $383,750 $327,500 r 10.5% 29.5% 0.9% 16.0%
    Plumas $239,000 $565,000 $277,000 r -57.7% -13.7% 145.5% 200.0%
    Shasta $243,250 $239,000 $223,950 r 1.8% 8.6% -1.6% -9.0%
    Siskiyou $200,000 $184,000 $166,000 r 8.7% 20.5% -10.3% -12.5%
    Sutter $249,500 $258,000 $232,000 r -3.3% 7.5% 3.1% -32.0%
    Tehama $207,000 $201,000 $184,000 r 3.0% 12.5% -30.0% -9.7%
    Tuolumne $270,000 $270,500 $253,750 r -0.2% 6.4% 20.3% 32.8%
    Yolo $386,750 $393,000 $419,000 r -1.6% -7.7% 20.0% -2.0%
    Yuba $267,500 $254,900 $240,000 r 4.9% 11.5% -6.3% -5.1%

    r = revised
    NA = not available

    April 2017 County Unsold Inventory and Time on Market
    (Regional and condo sales data not seasonally adjusted)

    April-17 Unsold Inventory Index Median Time on Market
    State/Region/County Apr-17 Mar-17 Apr-16 Apr-17 Mar-17 Apr-16
    CA SFH (SAAR) 3.3 3.0 3.5 24.1 26.7 27.8 r
    CA Condo/Townhomes 2.5 2.4 2.8 r 23.0 24.3 26.8 r
    Los Angeles Metro Area 3.7 3.3 3.9 r 29.1 37.6 45.6 r
    Inland Empire 3.9 3.6 4.4 r 36.8 44.7 50.4 r
    S.F. Bay Area 2.4 2.2 2.6 r 20.1 21.1 20.4 r
    S.F. Bay Area
    Alameda 2.0 1.9 2.3 17.4 18.3 17.3
    Contra Costa 2.4 2.1 2.5 18.8 19.6 18.1
    Marin 2.8 3.7 2.8 24.9 24.2 26.5
    Napa 5.0 3.4 4.9 49.5 50.2 47.8
    San Francisco 1.8 2.0 2.3 20.2 21.2 22.9
    San Mateo 2.0 2.0 2.4 r 17.5 18.1 17.6
    Santa Clara 2.0 2.0 2.2 r 17.3 17.9 17.8
    Solano 2.5 2.4 3.0 r 36.2 40.2 37.5
    Sonoma 3.4 2.8 3.2 33.1 42.4 41.1
    Southern California
    Los Angeles 3.4 3.0 3.5 26.1 29.8 39.8 r
    Orange 3.7 3.4 3.8 27.1 32.6 48.2
    Riverside 3.9 3.6 4.6 38.7 45.6 53.3
    San Bernardino 3.9 3.5 4.0 32.7 42.8 45.7
    San Diego 2.9 2.7 3.2 20.5 21.7 21.8
    Ventura 3.9 3.6 4.1 48.4 52.0 53.0
    Central Coast
    Monterey 5.1 4.2 4.3 r 33.1 27.4 28.5
    San Luis Obispo 4.0 3.6 4.3 26.4 29.0 29.3
    Santa Barbara 4.5 4.8 4.6 28.4 32.5 28.8
    Santa Cruz 3.4 3.6 3.1 r 21.5 20.1 20.9
    Central Valley
    Fresno 3.5 3.5 3.8 22.3 25.5 27.1
    Glenn 4.8 6.4 4.1 31.0 52.8 31.0
    Kern 3.6 3.1 3.9 23.4 27.4 26.3
    Kings 3.5 3.2 3.2 25.8 27.8 23.4
    Madera 4.9 4.6 4.7 34.2 45.5 92.5
    Merced 3.9 3.1 4.2 23.2 29.5 31.8
    Placer 2.8 2.6 3.0 20.7 22.7 21.1
    Sacramento 2.1 2.1 2.4 18.8 20.2 19.7
    San Benito 3.6 3.3 3.9 r 28.2 33.4 24.7
    San Joaquin 2.5 2.6 2.9 21.4 23.6 22.6
    Stanislaus 2.8 2.4 2.8 22.7 23.8 22.4
    Tulare 4.1 4.1 4.5 26.4 29.2 28.7
    Other Counties in California
    Amador 4.9 4.6 5.1 39.3 56.0 41.2
    Butte 2.7 2.9 4.0 r 22.9 24.8 24.8 r
    Calaveras 5.6 5.1 6.2 37.7 72.6 48.4
    Del Norte 6.6 11.4 10.3 112.8 123.4 105.5
    El Dorado 4.0 3.7 4.3 27.4 39.1 29.2
    Humboldt 4.7 3.8 3.8 25.3 23.6 26.6
    Lake 4.7 4.8 6.6 61.0 59.1 58.2
    Lassen 6.6 6.0 NA 80.3 123.6 82.8
    Mariposa 4.4 7.6 8.5 21.5 27.1 75.5
    Mendocino 6.6 7.3 9.5 46.6 121.7 75.5
    Mono 9.9 8.9 NA 129.3 129.3 130.1
    Nevada 4.1 3.4 5.6 25.7 38.7 25.8
    Plumas 10.7 20.9 37.3 127.0 129.3 85.2
    Shasta 4.3 3.9 4.5 25.6 29.5 37.1
    Siskiyou 7.3 5.8 6.6 43.1 79.1 115.9
    Sutter 2.9 3.0 2.4 21.4 24.8 29.7
    Tehama 7.3 4.8 6.7 82.8 91.0 75.5
    Tuolumne 4.5 5.0 6.8 68.3 68.3 25.9
    Yolo 2.7 3.0 3.0 20.9 22.8 20.9
    Yuba 2.8 2.5 2.7 20.1 28.0 23.5


    r = revised
    NA = not available


    Created: 5/23/2017 9:18:57 PM
  • C.A.R. members who use DocuSign for zipForm® should know DocuSign has experienced a data breach.

    DocuSign detected an increase in phishing emails sent to some of its customers and users. The emails "spoofed" the DocuSign brand in an attempt to trick recipients into opening an attached Word document that, when clicked, installs malicious software.

    The company said the only information that was stolen from the non-core system in the DocuSign data breach were email addresses. DocuSign said that "names, physical addresses, passwords, social security numbers, credit card data or other information" was not accessed.

    Users should be on the lookout for fake emails that claim to be from the company. Users can identify these emails by checking for misspellings, incorrect email addresses and links that don't lead to its own official websites. Here are a few simple techniques to help you stay safe:

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    • When in doubt, access your documents directly from www.docusign.com by entering the unique security code, which is included at the bottom of every DocuSign email.
    • Do NOT open unknown or suspicious attachments, or click links – DocuSign will never ask you to open a PDF, office documents, or zip files in an email
    • Look for misspellings, poor grammar, generic greetings, and a false sense of urgency
    • Enable multi-factor authentication when possible
    • Use strong, unique password for each service – don't reuse passwords on multiple websites
    • Contact the sender offline to verify the email's authenticity, if you're still suspicious

    Users who come across these types of emails should forward them to spam@docusign.com. After doing this, DocuSign suggests that users delete the emails from their inboxes. It also recommends that users make sure their antivirus software is up to date.

    For updates and more information, please visit the DocuSign Trust Site where new information will be posted when it becomes available. If you have any questions, please email service@docusign.com or call (800) 379-9973.

    Created: 5/23/2017 9:18:57 PM