04 Sep California Housing Market Update July 2018

Data Courtesy of the California Association of Realtors (r)

July 2018

California Home Sales

Home sales in California declined for the third consecutive month, 406,920 units, down 1.4% YTD and down 3.4% YTY.

Southern California homes sales bounced back in July.

Southern California Home Sales Bounced Back in July

Home sales in California declined in every segment under $500k.

California Median Price dipped slightly in July to $591k after settling a new record high in June of over $594k which was last seen in May 2007. For reference Feb 2009 was in the ball park of $240k median home price.

CA Median Price Dipped Slightly after Setting a New Record High

Homes and Condos continue to have price growth from Jan 2015 till May 2018.

Condos and Townhomes set another new record for High Median Price at $486k.

Price per square foot remained near record high of $350 back in April/May 2007 at $350, July 2018 $289.

Price Per Square Foot Remained Near Record High

Slow growth in List Price suggest sales price tapering off in the near term.

Time on market near record level of approx 18 days in July 2018. September 2005 was approx 30 days on the market for reference.

Inventory is up from 2017 though is still tight, similar levels last seen September 2005 at about 3 months, July 2018 showing 3.3 months.

Inventory improved as sales continue to soften.