Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 397,060 units in October, 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 2018 if sales maintained the October pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
October's sales figure was up 3.8 percent from the revised 382,550 level in September and down 7.9 percent compared with home sales in October 2017 of 431,070.
The statewide median home price fell to $572,000 in October. The October statewide median price was down 1.2 percent from $578,850 in September and up 4.7 percent from a revised $546,430 in October 2017.
"October's sales decline was not as severe as the double-digit drop experienced in September, but the continued pullback in sales suggests the market will continue to slow and likely soften further into 2019," said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "Likewise, as home sales continue to soften, the median price, which was the lowest since March 2018, will also ease up," said Appleton-Young.
Other key points from C.A.R.'s October 2018 resale housing report include:
- On a regionwide, non-seasonally adjusted basis, the Southern California region continued to lead the state's sales decline, falling 7.8 percent from a year ago. Orange, San Bernardino, and San Diego counties all experienced year-over-year, double-digit declines of 11.3 percent, 11.4 percent, and 13.2 percent, respectively. Sales in Los Angeles County declined 5.9 percent and were down 2.9 percent in Riverside County. Only Ventura County recorded a 1.1 percent increase from a year ago.
- Sales in the Central Valley region declined again in October, though at a smaller rate than the previous month. Home sales decreased 3.3 percent from a year ago with seven of 12 counties down on a year-over-year basis.
- The Inland Empire also experienced an annual sales drop, falling 6.4 percent from a year ago. Riverside and San Bernardino counties posted annual sales declines of 2.9 percent and 11.4 percent, respectively.
- Statewide active listings rose for the seventh consecutive month after nearly three straight years of declines, increasing 28 percent from the previous year. October's listings increase was the largest in four years.
- Active listings in the $500,000-$750,000 price range experienced the largest year-over-year gain (43.9 percent), followed by homes priced $750,000-$999,999 (40.1 percent). The sub-$200,000 market was the only price segment with a decline of 6.2 percent from last year.
- The unsold inventory index, which is a ratio of inventory over sales, increased year-to-year for the seventh consecutive month in October from 3.0 months in October 2017 to 3.6 months in October 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 median number of days it took to sell a California single-family home rose from 21 days in October 2017 to 26 days in October 2018.
- C.A.R.'s statewide sales price-to-list price ratio* declined from a year ago at 98.9 percent in October 2017 to 98.1 percent in October 2018.
- The average statewide price per square foot** for an existing, single-family home statewide was $282 in October 2018, up from $270 in October 2017.
- The 30-year, fixed-mortgage interest rate averaged 4.83 percent in October, up from 3.90 percent in October 2017, according to Freddie Mac. The five-year, adjustable mortgage interest rate also increased in October to an average of 4.08 percent from 3.18 from October 2017.
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