{"id":2375,"date":"2020-02-11T00:21:59","date_gmt":"2020-02-11T00:21:59","guid":{"rendered":"https:\/\/movity.com\/?p=2375"},"modified":"2020-03-16T18:36:48","modified_gmt":"2020-03-16T18:36:48","slug":"california-home-sales-statistics","status":"publish","type":"post","link":"https:\/\/movity.com\/blog\/california-home-sales-statistics\/","title":{"rendered":"16 Shocking California Home Sales Statistics"},"content":{"rendered":"<p>[vc_row][vc_column][vc_column_text]<span style=\"font-weight: 400;\">California is one of the biggest residential real estate markets in the United States. Period!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What\u2019s more:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Golden State is generous in offering warm weather, natural beauty, and a thriving economy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mostly the last one, though.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Especially as it has to do with our topic today.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The thing is:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We are going to discuss California\u2019s housing situation with the help of the latest <\/span><span style=\"font-weight: 400;\">California home sales statistics.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s dive right in.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Key California Housing Sales Statistics (Editor\u2019s Choice)&#8221; font_container=&#8221;tag:h2|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The <\/span><b>median price<\/b><span style=\"font-weight: 400;\"> of a home in the <\/span><b>San Francisco Bay Area is $940,000<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">There\u2019s <\/span><b>9.4% sales change for condos and townhouses<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li><b>Mortgage rates have declined to 3.9%<\/b><span style=\"font-weight: 400;\"> in 2019.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">In October 2019, <\/span><b>47% of home sales in California occurred in Southern California<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The <\/span><b>median home price<\/b><span style=\"font-weight: 400;\"> is forecast <\/span><b>to increase by 2.5% in 2020.<\/b><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;California Home Sales&#8221; font_container=&#8221;tag:h3|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<span style=\"font-weight: 400;\">If you\u2019re considering buying a home somewhere in California, it is important to understand the many regions of the state and the different home prices. Looking at a median for the state as a whole won\u2019t tell you as much as looking specifically at regions and counties.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">1. The California median home price was $559,000 in October 2019.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: CAR)\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, there are many different regions with varying home sales prices. This would be on the lower end of home prices in the San Francisco Bay Area, for example, as the cheapest region in the area, Solano, had a median home price of $470,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In contrast:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Spending this money in the Central Valley or Inland Empire regions would have you on the higher end of the spectrum, with the most expensive median home price in the Central Valley region in San Benito at $604,940.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Clearly, there is an incredible difference in the regions and counties of California.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just look at this:<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">2.<\/span> <span style=\"font-weight: 400;\">The median price of a home in the San Francisco Bay Area was $940,000 in October 2019.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: CAR)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is the <\/span><b>most expensive county<\/b><span style=\"font-weight: 400;\"> in the Golden State based on the median home prices in October of 2019, according to <\/span><span style=\"font-weight: 400;\">California home sales statistics<\/span><span style=\"font-weight: 400;\">. When it comes to regions in the area, San Francisco is the most expensive place to buy a house, with a median home sale price in October 2019 coming in at a whopping $1.65 million.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Want to know the craziest part?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Year to year percent sales change for the Bay Area is only 1.4%, and the year to year percent price change is -2.0%. So, the prices are going down but the sales are staying fairly consistent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Does this have something to do with housing demand? Keep reading to find out.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">3. The Central Valley was the least expensive region to buy a home in October 2019.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: CAR)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home sales statistics show that the median price of home sales in the Central Valley region was $380,000. Interestingly, however, prices and sales have gone up in the last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><span style=\"font-weight: 400;\">California home sales statistics<\/span><span style=\"font-weight: 400;\">, the year to year percent sales change is 7.8%, and the year to year percent price change is 7.1%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the Central Valley region wasn\u2019t home to the cheapest home in California.\u00a0\u00a0\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">4. $162,000 was the lowest median home price in October 2019.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: CAR)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">T<\/span><span style=\"font-weight: 400;\">his amount of money bought a home in Lassen, California. For comparison, the highest median price of a home in California was $1.65 million, in San Francisco.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is a massive price range!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another way to look at home price values in California is by determining the price per square foot.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">5. 2018 ended with 442,000 home sales in California.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: first tuesday journal)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was 19,900 fewer sales than took place in 2017, amounting to a decrease of 4.3%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the <\/span><span style=\"font-weight: 400;\">California home sales volume 2019 <\/span><span style=\"font-weight: 400;\">year-to-date, as of September, 326,300 homes had been sold since September 2018. From September 2017 to September 2018, the figure stood at 340,800.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In terms of monthly home sales, 36,600 were sold in September 2019 across the entire state. This number is a few thousand more than in September 2018, when 33,500 homes were sold.<\/span>[\/vc_column_text][vc_single_image image=&#8221;2377&#8243; img_size=&#8221;1400&#215;600&#8243; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Types of Home Sales&#8221; font_container=&#8221;tag:h3|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Due to the skyrocketing rent prices and the varying price differences across the regions, there is a great variety in the types of homes that are bought.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">6. The median price of a condo\/townhouse in October 2019 was $473,000.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: CAR)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This <\/span><span style=\"font-weight: 400;\">California housing price rise<\/span><span style=\"font-weight: 400;\"> is a slight increase from $470,000 in 2018. Keep in mind that this is a median price for California as a whole.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What\u2019s more:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The year-to-year percent sales change is 9.4% for condos and townhouses. So it is clear that more and more people are choosing to live in condos.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What does this all mean for the <a href=\"https:\/\/movity.com\/blog\/mortgage-statistics\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>mortgage rates<\/strong><\/a> and <a href=\"https:\/\/movity.com\/blog\/housing-market-trends\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>future housing trends<\/strong><\/a> for <\/span><span style=\"font-weight: 400;\">California housing sales?<\/span><span style=\"font-weight: 400;\"> Keep reading to find out.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;California Home Mortgage Rate&#8221; font_container=&#8221;tag:h3|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<span style=\"font-weight: 400;\">Because of the high prices in California, people need to have a mortgage on their home. This is normal for home buyers everywhere, but in California, there have been interesting trends over the past year.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">7. Mortgage payment amounts declined for the eighth consecutive month in September 2019<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: CAR)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even though house sale prices have risen, mortgage rates declined to 3.9% in 2019, which is down from 4.83% in September 2018.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The average 30-year fixed-rate mortgage (FRM) rate increased slightly to 3.73% in the week ending November 15, 2019. Additionally, the 15-year FRM rate increased slightly to 3.16%. While FRM rates went up considerably in 2018, they dipped in 2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><span style=\"font-weight: 400;\">Bay Area home sale statistics<\/span><span style=\"font-weight: 400;\">, the highest median monthly mortgage payment in October 2019 was $3,457.08. This is down from October 2018 when the median payment was $4,038.31.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In comparison, the cheapest median monthly mortgage payment in California was in the Central Valley region, coming in at $1,268.82. This is also down from the previous year when the median payment was $1,347.79.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The percent of delinquent mortgages in California is 0.6%, which is lower than the national value of 1.1%<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">8. In 2018, 52% of buyers put down less than 20% on their new home, California housing sales statistics reveal.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: CAR)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Median downpayment amounts all increased in the last year (October 2018 &#8211; October 2019), except for the Bay Area, which decreased slightly. The median payment there was $188,000, down from $191,760 in October 2018.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The cheapest median downpayment in California was in the Central Valley region, at $69,000, up from the previous year\u2019s median of $64,000, <\/span><span style=\"font-weight: 400;\">Central Valley home sale stats<\/span><span style=\"font-weight: 400;\"> tell us.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Typically, you have to put between 3% and 20% of the homes sale price in order to qualify for a conventional loan \u2013 a 30-year fixed mortgage.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">9. October 2019 saw 98.5% sales price-to-list price ratio.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: Zillow)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sales price-to-list price ratio marked the largest yearly gain in 19 months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Until September 30, 2019, 10.4% of listings sold below the previous home sale price, which means that 10.4% of resales (when someone sells their home), sold for less than what the previous buyer paid. This number is slightly higher than in 2017 but is much lower than the numbers from 2008-2015.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What\u2019s more:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">17.3% of listings on the market have experienced a price cut.\u00a0<\/span>[\/vc_column_text][vc_single_image image=&#8221;2378&#8243; img_size=&#8221;1400&#215;800&#8243; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;California Real Estate Market&#8221; font_container=&#8221;tag:h3|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<span style=\"font-weight: 400;\">The California Real Estate Market currently favors home buyers, which can influence many different <\/span><span style=\"font-weight: 400;\">California <a href=\"https:\/\/movity.com\/blog\/real-estate-statistics\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>real estate stats<\/strong><\/a><\/span><span style=\"font-weight: 400;\"> and the future trends of the state.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But even if it is a buyer\u2019s market, do people think it is a good time to buy a home?\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">10. 52% of survey respondents thought October 2019 was a good time to sell a home.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: Gord Collins)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What\u2019s more, 22% thought it was a good idea to buy a home (300 participants). But, according to Zillow, it is currently more of a buyer\u2019s market.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">11. In October 2019, 47% of home sales in California occurred in Southern California.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: CAR)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is almost half of all the monthly sales. The rest are fairly spread out, with 22% occurring in the Central Valley region, 19% in the Bay Area, 4% in the Central Coast region, and 8% were in other countries.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">12. 1 in every 2613 homes in California is foreclosed.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: Realtytrac)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In October, the number of properties that received a foreclosure filing in CA was 28% higher than the previous month and 7% lower than the same time last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What do these <\/span><span style=\"font-weight: 400;\">California real estate stats<\/span><span style=\"font-weight: 400;\"> mean for future trends? Is the market a bubble risk? <\/span>[\/vc_column_text][vc_single_image image=&#8221;2379&#8243; img_size=&#8221;1400&#215;600&#8243; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Future Trends for the California Real Estate Market&#8221; font_container=&#8221;tag:h3|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<\/p>\n<h4><span style=\"font-weight: 400;\">13. The California median home price is forecast to increase by 2.5% in 2020.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: CAR)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This number was released by the California Association of Realtors and would make the median home price around <\/span><b>$607,900.<\/b><\/p>\n<h4><span style=\"font-weight: 400;\">14. California home values may rise 1.7% within the next year.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: CAR)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This prediction is based on the fact that home values have gone up 1.0% over the past year.\u00a0<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">15. Interest rates will dip to 3.7% in 2020.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: CAR)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is an average for 30-year, fixed mortgage down from 3.9% in 2019 and 4.5% in 2018 and will remain low by historical standards.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">16. Los Angeles was the 13th most unpredictable region among 24 cities tracked, while San Francisco was the 10th.<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">(source: OCR)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While not reported as a bubble risk, the <\/span><span style=\"font-weight: 400;\">California housing sales statistics<\/span><span style=\"font-weight: 400;\"> show that the market is consistently overvalued. Demand is expected to decrease in 2020, but unless there is a recession, a decline in housing prices seems unlikely.\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Wrap-up&#8221; font_container=&#8221;tag:h3|text_align:center&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<span style=\"font-weight: 400;\">So what does all of this mean?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Well, people definitely want to live in California, for one thing.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the most recent <\/span><span style=\"font-weight: 400;\">California home sales statistics<\/span><span style=\"font-weight: 400;\"> also reveal that, while it might technically be a good time to buy a home, the Golden State is unpredictable in terms of a market crash.\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=&#8221;Sources:&#8221; font_container=&#8221;tag:p|text_align:left&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.car.org\/marketdata\/data\/countysalesactivity\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CAR<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/journal.firsttuesday.us\/home-sales-volume-and-price-peaks\/692\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">first tuesday Journal<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.car.org\/marketdata\/data\/countysalesactivity\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Zillow<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/gordcollins.com\/housing\/california-housing-market\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Gord Collins<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.realtytrac.com\/statsandtrends\/foreclosuretrends\/ca\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Realtytrac<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.car.org\/marketdata\/data\/countysalesactivity\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">OCR<\/span><\/a><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]California is one of the biggest residential real estate markets in the United States. Period! What\u2019s more: The Golden State is generous in offering warm weather, natural beauty, and a thriving economy. Mostly the last one, though. Especially as it has to do with our topic today. The thing is: We are going to discuss [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":2376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[170],"tags":[],"_links":{"self":[{"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/posts\/2375"}],"collection":[{"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/comments?post=2375"}],"version-history":[{"count":5,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/posts\/2375\/revisions"}],"predecessor-version":[{"id":2518,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/posts\/2375\/revisions\/2518"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/media\/2376"}],"wp:attachment":[{"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/media?parent=2375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/categories?post=2375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/movity.com\/wp-json\/wp\/v2\/tags?post=2375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}