California

Housing Market Update

Monthly Sales and Price Statistics
November 2023
California Housing Market Snapshot
November 2023

223,940 Existing Home Sales

-5.8% YTY -25.9% YTD % change

Median Unsold Inventory Median

Sales Price Index Days on Market

$822,200 3.0 months 21 days

+6.2% Y2Y -6.3% Y2Y -27.6% Y2Y

page 2
November 2023 Southern California Housing Snapshot
-5.6% YTY Existing Home Sales
-24.0% YTD % change

$824,500 Existing Home Price

+9.9% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.0 months 21 days 100.0%

page 3
November 2023 Central Coast Housing Snapshot
-10.4% YTY Existing Home Sales
-22.2% YTD % change

$955,000 Existing Home Price

+6.1% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.4 months 21 days 98.7%

page 4
November 2023 Central Valley Housing Snapshot
-14.4% YTY Existing Home Sales
-24.0% YTD % change

$$$4$474,800 Existing Home Price

+5.5% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.2 months 22 days 99.3%

page 5
November 2023 Bay Area Housing Snapshot
-6.2% YTY Existing Home Sales
-23.3% YTD % change

$$$1,250,000 Existing Home Price

+4.4% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

1.8 months 17 days 100.1%

page 6
November 2023 Far North Housing Snapshot
-5.5% YTY Existing Home Sales
-25.6% YTD % change

$375,000 Existing Home Price

+2.7% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

4.1 months 33 days 96.1%

page 7
Sales

page 8
 Sales slip near the trough from the great recession (excluding
pandemic shutdown)
California, November 2023 Sales: 223,940 Units, -5.8% YTY, -7.4% MTM
700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

Sep-23
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
page 9
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Annual sales declines extend to 29 consecutive months
100%
Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
80%
60%
40%
20%
0% -5.8%
-20%
-40%
-60%

SERIES: Sales of Existing Single Family Homes page 10

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 YoY % chg.

0%

-60%
-40%
-20%
100%
120%

20%
40%
60%
80%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Bay Area

Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Bay Area annual sales decline slips

Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
6 per. Mov. Avg. (Bay Area)

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

SERIES: Sales of Existing Single Family Homes

Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Page 11
-6.2%
 YoY % chg.

0%

-60%
-40%
-20%
100%

20%
40%
60%
80%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
So CA

Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
6 per. Mov. Avg. (So CA)

May-20
Sep-20
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes

Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
SoCal sales below last year’s level, but rate of decline shrinks

May-23
Sep-23
Page 12
-5.6%
 YoY % chg.

0%

-50%
-40%
-30%
-20%
-10%
10%
20%
30%
40%
50%
Jan-10
digits
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Central Valley

Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes

Jan-21
May-21
6 per. Mov. Avg. (Central Valley)

Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Page 13
Central Valley sales subdued – rate of decline remains in double

-14.4%
 November 2023 Sales by Region
Home Sales by Region Home Sales Growth by Region
YTY % MTM %
Other 0%
Far North
Counties
3%
6%
-10% -5.6% -6.2% -5.5%
-10.4% -9.3%
Central Valley -14.2% -14.4%
-20% -15.4% -16.9%
21%
Southern -18.5%
-22.1%
California
-30% -23.8%
44%

S.F. Bay
Area
22% Central
Coast Page 14
4%
 Sales at the top end of the market exhibit growth

November 2023 (YTY% Chg.) Share by Price Segment

20% 14%
5% 26%
$0 - $499k
0% 28%

-10% -8%
-20% 42%
-20% -21% -16% $500 - $999k
44%
-40%

32% 2023
$1M+ 2022
28%

Page 15
SERIES: Sales of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales growth rises at the top price segments
$0 - $299k $300 - $399k $400 - $499k $500 - $749k
350% $750 - $999k $1,000 - $1,999k $2,000k+
YTY % Chg. in Sales

300%
250%
200%
150%
100%
50%
0%
-50%
-100%

SERIES: Percent Change in Sales Page 16

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Mix of sales change explains some upward pressure in prices
Share Gap $0-$499k $1,000k and up
60%
50%
40% 32.2%
% of Sales

30%
20% 25.9%
10%
0%
-10% COVID-19
-20% Outbreak
Nov-19
Feb-20

Nov-20
Feb-21

Nov-21
Feb-22

Nov-22
Feb-23

Nov-23
May-19

May-20

May-21

May-22

May-23
Aug-19

Aug-20

Aug-21

Aug-22

Aug-23
SERIES: Sales by Price Range Page 17
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales rate of decline getting smaller

100%
YTY % Chg. in Pending Sales

80%
60%
40%
20%
0% -7.3%
-20%
-40%
-60%
Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
May-17

May-18

May-19

May-20

May-21

May-22

May-23
SERIES: Percent Change in Pending Sales Page 18
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Pending sales for Condo/Townhome record first gain in over
2 years
250% SFH Condo/Townhome
YTY % Chg. in Pending Sales

200%
150%
100%
50%
0%
-50%
-100%
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-18

Jul-19

Jul-20

Jul-21
Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

Oct-21

Jul-22
Apr-22

Oct-22

Jul-23
Apr-23

Oct-23
SERIES: Percent Change in Pending Sales Page 19
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 YTY % Chg. in Pending Sales

-100%
0%
100%
200%
300%
400%
Jan-20 500%
Mar-20
May-20
$0 - $299k

Jul-20
Sep-20
Nov-20
$300 - $399k

Jan-21
Mar-21
May-21
Jul-21
$400 - $499k

Sep-21
Nov-21
Jan-22
$500 - $749k

Mar-22
May-22
Jul-22
Sep-22
$750 - $999k

Nov-22
Jan-23
Pending sales growth improves in top price segments

Mar-23
May-23
$1,000 - $1,999k

Jul-23
Sep-23
Page 20

Nov-23
$2,000k+
 Pending sales showing sensitivity to changes in mortgage rates
$0 - $299k $300 - $399k $400 - $499k $500 - $749k

80% $750 - $999k $1,000 - $1,999k $2,000k+

MTM % Chg. in pending Sales

60%
40%
20%
0%
-20%
-40%
-60%

SERIES: Percent Change in Pending Sales Page 21

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Price

page 22
 California median home price increases for 5th month in a row
California, November 2023: $822,200, -2.2% MTM, +6.2% YTY
$1,000,000
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

Sep-23
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
SERIES: Median Price of Existing Single Family Homes Page 23
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Condo/Townhome median price recorded modest gain
California, November 2022: $610,000, November 2023: $660,000
$800,000
$700,000
Median Price

$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
Aug-07

Aug-14

Aug-21
Jan-07

Jun-13

Jun-20
Mar-08

Jan-14

Jan-21
Apr-12
Nov-12

Mar-15

Apr-19
Nov-19

Mar-22
Jul-10

Jul-17
May-09
Dec-09

Sep-11

May-16
Dec-16

Sep-18

May-23
Oct-08

Feb-11

Oct-15

Feb-18

Oct-22
SERIES: Median Price of Existing Condos/Townhomes Page 24
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Price growth for all property types continues upward trend
50% Condo Single-Family Homes
40%
30%
YTY% Chg. in Price

20%
10%
0%
-10%
-20%

SERIES: Median Price of Existing SFH & Condo/Townhomes Page 25

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Median price growth by percentile
12.0%

10.0% 9.5% 9.7%

Year-over-Year % Change

8.0%
8.0%

6.0% 5.6%
5.0%
3.8%
4.0%
2.4%
2.0% 1.1% 1.3%

0.0%

0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100

Percentile

SERIES: Median Time on Market of Existing Single Family Homes Page 26

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Price/Square foot records solid gain in October

November 2023: $421, 0.0% MTM, +8.5% YTY

$500
$450
$400
PRICE PER SQ. FT.

$350
$300
$250
$200
$150
$100
$50
$0
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
SERIES: Median Price Per Square Feet of Existing Single Family Homes Page 27
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Median prices nearly steady with price per sq./ft. gains
Year to Year Change in Existing SFR Prices (November 2023)
Median Price $/Sq. Ft.
12%
9.9%8.1%
10% 8.5%
8.2%
8% 7.5%
6.2% 6.1% 6.1%
6% 5.5%4.9%
4.7% 4.4%
4%
2.7%
2% 0.8%
0%
SFR Condo Central Central Far North S.F. Bay Southern
Coast Valley Area California
SERIES: Median Price Per Square Feet of Existing Single Family Homes Page 28
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 The Price/Square foot gap between home types shrunk slightly

Diff. in Price/Sq. Ft. SFH Condo/Townhome

$700
$600
PRICE PER SQ. FT.

$500 $560

$400 $421
$300
$200
$100
$0
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
SERIES: Median Price Per Square Feet of Existing Single Family Homes and Condo/Townhomes Page 29
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales price-to-list price ratio holds steady amidst tight market
conditions
106% November 2023: 100.0%, 0.0% MTM, +3.3% YTY
104%
Sales-to-List Price Ratio

102%
100%
98%
96%
94%
92%
90%
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
SERIES: Sales to List Ratio of Existing Single Family Homes Page 30
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Share of homes sold above asking price on downward
trend, but remains elevated due to competition
80% Apr-22, 72.9%
% of sales with price above asking

70%
60%
39.7%
50%
40% 22.9%
price

30%
20%
10%
0%
Jan-17

Jan-18
Oct-17

Oct-18
Jan-19

Oct-19
Jan-20

Oct-20
Jan-21

Oct-21
Jan-22

Oct-22
Jan-23

Oct-23
Apr-17
Jul-17

Apr-18
Jul-18

Apr-19
Jul-19

Apr-20
Jul-20

Apr-21
Jul-21

Apr-22
Jul-22

Apr-23
Jul-23
SERIES: Sales with sold price above asking price (Existing SFH) Page 31
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Homes sold above asking price - by county
November 2023: % sold above asking price
70%

60%

50%
50%
40%

30%

20%

10%

0%

SERIES: % of homes sold above asking price Page 32

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 YTY% Chg. in Price

10%
20%
30%
40%
50%

-30%
-20%
-10%
0%
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
List price vs. sales price

Jul-14
Jan-15
Jul-15
Jan-16
Listing Price

Jul-16
Jan-17
Jul-17
Jan-18
Sales Price

Jul-18
Jan-19
Jul-19
Jan-20
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: List price growth and sales price growth

Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Page 33
 YTY% Chg. in Price

10%
20%
30%
40%
50%
60%

-20%
-10%
0%
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
0-20

Jul-19
Oct-19
Jan-20
20-40
Price growth by percentiles

Apr-20
Jul-20
Oct-20
40-60

Jan-21
Apr-21
60-80

Jul-21
Oct-21
Jan-22
80-100

Apr-22
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Percent Change in Price

Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Page 34
 California Market Velocity and Price Growth
Price Growth Market Velocity (12 month trailing average)
50% 120.0%

40% 100.0%
80.0%
30%
Market Velocity

60.0%
20%
40.0%
10%
20.0%
0%
0.0%
-10% -20.0%
-20% -40.0%

SERIES: Market Velocity & Price Growth Page 35

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Mortgage rates retreat from 2-decade high – remain elevated

30 Yr. FRM California Median Price vs. Mortgage Payment

9%
60%
8% 7.44%
50%
6.81%
7% 40%
6% 30%

YTY% Chg.
5% 20%
4% 10%
0%
3%
-10%
2% -20%
1%

Jul-20

May-21
Jan-18

Oct-21
Mar-22

Jan-23
Sep-19
Feb-20
Jun-18
Nov-18

Dec-20
Apr-19

Jun-23
Aug-22
0%
Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
May-18
Sep-18

May-19
Sep-19

May-20
Sep-20

May-21
Sep-21

May-22
Sep-22

May-23
Sep-23
Price Growth Mortgage Pmt Growth

SERIES: Price Growth vs. Mortgage Payment Growth Page 36

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Mortgage payment growth remains elevated, continues to
hinder affordability
California Median Price vs. Mortgage Payment
60% Price Growth Mortgage Pmt Growth
50%
40%
YTY% Chg.

30%
20%
13.1%
10%
6.2%
0%
-10%
-20%
May-16

May-17

May-18

May-19

May-20

May-21

May-22

May-23
Sep-16

Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23
Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
SERIES: Price Growth vs. Mortgage Payment Growth Page 37
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory &
Active Listings

page 38
 Inventory constraints remain biggest challenge in the market

18.0
November 2022: 3.2 Months; November 2023: 3.0 Months
16.0
14.0
Months of Supply

12.0
10.0
8.0
6.0
4.0
2.0
0.0
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20

May-22
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21

Jan-23
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21

Sep-23
SERIES: Unsold Inventory Index of Existing Single Family Homes Page 39
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Inventory has risen in recent months as the pace of sales
slows significantly – supply remains tight
November 2022: 3.2 Months; November 2023: 3.0 Months
5

4
Months of Supply

SERIES: Unsold Inventory Index of Existing Single Family Homes Page 40

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Unsold Inventory deteriorated much more in the Bay Area
9.0
8.0 Bay Area So CA Central Valley
7.0
Months of Supply

6.0
5.0
4.0
3.0
2.0
1.0
0.0
Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
SERIES: Unsold Inventory Index of Existing Single Family Homes Page 41
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings inched down and remain below last year

California Active Listings by Month

70,000
60,000
50,000
40,000
30,000
20,000
10,000
0

2018 2019 2020 2021 2022 2023

Page 42
 10,000
20,000
30,000
40,000
50,000
60,000
70,000

0
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
California Active Listings by Month

Jan-22
Apr-22
Jul-22
Active listings struggle to grow due to lock-in effect

Oct-22
Jan-23
Apr-23
Jul-23
Page 43

Oct-23
 100%

20%
40%
60%
80%

-80%
-60%
-40%
-20%
0%
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Year-over-Year % Chg

Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Active Listing of Existing Single Family Homes

Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
Active listings have remained below last year for 8 months in a row

May-23
Jul-23
Sep-23
Page 44

Nov-23
-16.4%
 New listings rate of year-over-year decline was the
smallest in 17 months
New Listings (Existing Single-Family Homes)
35,000 60%
19,766
30,000 40%
16,708 17,321 15,112
# of new listings

YTY% chg. in new listings

25,000
20%
13,662
20,000 -0.1%
0%
15,000 13,670
-20%
10,000
5,000 -40%

0 -60%
Jan-18
Jun-18

Aug-22

Jan-19
Jun-19

Aug-23
Nov-18
Apr-19

Nov-23

Nov-19
Apr-20
Jan-23
Jun-23
Mar-22

Mar-23
Sep-19

Jul-20

Sep-20

Jul-21
Feb-20

Dec-20
May-21

Feb-21

Dec-21
May-22
Oct-21

Oct-22
SERIES: New Listings (Existing Single-Family Homes) Page 45
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 New active listings barely replenish closed sales

Sales vs. New Active Listings

35,000
New Active Sales
30,000
25,000
13,670 13,662
20,000
15,000 13,065 12,366

10,000
5,000
0

SERIES: New Listings vs. Sales (Existing Single-Family Homes) Page 46

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Overall supply level remains under pressure as new listings
unable to add enough new inventory
yty% chg. in sales yty% chg. in new active listings yty% chg. in total active listings

100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
May-19
Jul-19
Sep-19
Nov-19

May-20
Jul-20
Sep-20
Nov-20

May-21
Jul-21
Sep-21
Nov-21

May-22
Jul-22
Sep-22
Nov-22

May-23
Jul-23
Sep-23
Nov-23
Mar-19

Mar-20

Mar-21

Mar-22

Mar-23
Page 47
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings by region

Nov-22 Nov-23
18,000
15,877
16,000
14,000
12,038
Active Listings

12,000
10,000
8,000 7,234
6,201
6,000
4,090
4,000 3,477
2,000 1,118 1,109 1,350 1,016
0
San Francisco Southern Central Valley Central Coast Far North
Bay Area California

SERIES: Active Listings of Existing Single Family Homes Page 48

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Active listings decline in all regions
November 2023
0% Sales Active Listings
-0.8%
-5.5% -6.2% -5.6%
Year-to-Year % Chg

-10.4%
-14.4%-14.3% -15.0%

-24.7% -24.2%

-40%
Central Coast Central Valley Far North San Francisco Southern
Bay Area California

SERIES: Sales and Listings of Existing Single Family Homes Page 49

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Housing supply drops in more than half the State
50%
38.3% Active Listings (Existing Single-Family Homes)
40%
30%
20%
YTY% chg.

10%
0%
-10%
-20%
-30%
-40%
-38.7%
-50%

SERIES: Active Listings (Existing Single-Family Homes) Page 50

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Market
Competitiveness

page 51
 Time on market increased from last month, but homes still
selling faster than last year
70 California, November 2022: 29 Days; November 2023: 21 Days
60
Days on Market

50
40
30
20
10
0

SERIES: Median Time of Market of Existing Single Family Homes Page 52

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Median time on market by percentile

Median Time on Market

Nov-22 Nov-23
40 37
35
30 29
Days on Market

30 26 2626 26 27
24 24 23 25 23
25 21 22 21
20 20 19 20
20
15
10
5
0
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Percentile

SERIES: Median Time on Market of Existing Single Family Homes Page 53

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Sales-to-list price ratio by percentile
California Sales-to-List Price Ratio by Quintile
101%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
100%
99.3%
98.9%
99%

98% 97.4%
97%

96%

95%

94%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Nov-22 Nov-23

SERIES: Sales to List Ratio of Existing Single Family Homes Page 54

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Median sales vs. list price growth $1M+ properties
California Median Sales vs. List Price Growth
20%
15%
YTY% Chg. in Price

10%
5%
0%
-5%
-10%
-15%
-20%
Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23
Listing Price Sales Price
SERIES: Sales to List Ratio of Existing Single Family Homes Page 55
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Reduced-Price Listings
Share of Listings with a Reduced Price: 37.0%; Median Reduction Amount: 5.0%
50% 10%
45% 9%
40% 8%

Median Reduction
35% 7%

(Absolute Value)
30% 6%
% Share

25% 5%
20% 4%
15% 3%
10% 2%
5% 1%
0% 0%

Share Reduced Median Reduction

SERIES: Listing Price of Existing Single Family Homes Page 56
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
 Growth in Reduced-Price Listings
Growth in Share of Listings with a Reduced Price: -7.7%
Growth in Median Reduction Amount: -0.7%
25% 1.4%
20% 1.2%
15% 1.0%
0.8%
10%
YTY % chg.

0.6%
5% 0.4%
0% 0.2%
-5% 0.0%
-0.2%
-10% -0.4%
-15% -0.6%
-20% -0.8%
1/1/2015
5/1/2015
9/1/2015
1/1/2016
5/1/2016
9/1/2016
1/1/2017
5/1/2017
9/1/2017
1/1/2018
5/1/2018
9/1/2018
1/1/2019
5/1/2019
9/1/2019
1/1/2020
5/1/2020
9/1/2020
1/1/2021
5/1/2021
9/1/2021
1/1/2022
5/1/2022
9/1/2022
1/1/2023
5/1/2023
9/1/2023
Share Reduced Median Reduction

SERIES: Listing Price of Existing Single Family Homes Page 57

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®