LOS ANGELES--(BUSINESS WIRE)--The lowest mortgage rates in 18 months failed to spark the California ...

1. Low Mortgage Rates Fail to Perk California Home Sales in
October, C.A.R. Reports
LOS ANGELES--(BUSINESS WIRE)--The lowest mortgage rates in 18 months failed to spark the
California housing market in October as sales stayed flat and home prices increased at the slowest
pace since early 2012, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally
adjusted annualized rate of 396,220 units in October, according to information collected by C.A.R.
from more than 90 local REALTOR® associations and MLSs statewide. Sales in October were
unchanged from a revised 396,400 in September but were down 1.9 percent from a revised 404,000
in October 2013. October marked a full year that sales were below the 400,000 level. The statewide
sales figure represents what would be the total number of homes sold during 2014 if sales
maintained the October pace throughout the year. It is adjusted to account for seasonal factors that
typically influence home sales.
"As we move into the off-peak home buying season, prospective buyers who may have delayed their
purchase earlier in the year should take advantage of the current favorable market conditions and
resume their home search," said 2015 C.A.R. President Chris Kutzkey. "With home prices stabilizing
and interest rates dropping back down to levels not seen since mid-last year, housing affordability
should improve to benefit buyers."
The median price of an existing, single-family detached California home decreased 2.3 percent from
September's median price of $461,370 to $450,620 in October but was up 5.4 percent from the
revised $427,540 recorded in October 2013. The statewide median home price has been higher on a
year-over-year basis for more than two years. 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.
"While home sales essentially were unchanged statewide, there were pockets of strong sales growth,
especially in coastal regions. The Bay Area, for example, continued to exhibit strong price gains,
decent sales growth, and extremely low housing inventory," said C.A.R. Vice President and Chief
Economist Leslie Appleton-Young. "If current price and rate conditions persist, overall home sales
should improve for the rest of the year."
Other key facts from C.A.R.'s October 2014 resale housing report include:
Housing inventory slipped in October, with the available supply of existing, single-family detached
homes for sale dropping from 4.2 months in September to 3.8 months in October. The index was a
revised 3.3 months in October 2013. The index indicates the number of months needed to sell the
supply of homes on the market at the current sales rate. A six- to seven-month supply is considered
typical in a normal market.
The median number of days it took to sell a single-family home edged up in October, up from a
revised 40 days in September to 41.9 days in October and from 33.4 days in October 2013.
According to C.A.R.'s newest housing market indicator measuring sales-to-list price ratio*, multiple

2. bid offers for properties has waned, and properties are again generally selling below the list price.
The statewide measure suggests that homes are selling at 97.5 percent of the list price. This is down
from a 99.1% ratio at the same time last year. The Bay Area is the only region where homes are
selling above list prices and are generally selling about 1.3 percent more than asking price.
The median price per square foot** for an existing single-family California home was $216 in
October 2014, an increase of 0.2 percent from the previous month and a 6.4 percent increase from
October 2013. Price per square foot at the state level has been showing an upward trend since early
2012. In fact, it has been rising on a year-over-year basis for 33 consecutive months. San Mateo
County had the highest price per square foot in October with $659/sq. ft., followed by Santa Clara
($521/sq. ft.), and Santa Cruz ($399/sq. ft.). The top three counties with the lowest price per square
foot in October were Siskiyou ($104/sq. ft.), Glenn ($110/sq. ft.), and Madera ($111/sq. ft.).
Mortgage rates fell in October, with the 30-year, fixed-mortgage interest rate averaging 4.04
percent, down from 4.16 percent in September and down from 4.19 percent in October 2013,
according to Freddie Mac. The October 2014 average 30-year fixed rate was the lowest since May
2013, just before the Federal Reserve announced its intention to taper the bond buying program.
Adjustable-mortgage interest rates in October also fell, averaging 2.41 percent, down from 2.43
percent in September and down from 2.63 percent in October 2013.
Graphics (click links to open):
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. Due to the low
sales volume in some areas, median price changes in October exhibit unusual fluctuation. 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 33 counties.
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Leading the way...® in California real estate for more than 100 years, the CALIFORNIA
ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the
United States with 165,000 members dedicated to the advancement of professionalism in real estate.

3. C.A.R. is headquartered in Los Angeles.
October 2014 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
October 2014
Median Sold Price of Existing Single-Family
Homes
Sales
State/Region/County
Oct.
2014
Sept.
2014
Oct.
2013

4. MTM%
Chg
YTY%
Chg
MTM%
Chg
YTY%
Chg
Calif. Single-family (SAAR)
$
450,620
$
461,370
r

5. $
427,540
r
-2.3
%
5.4
%
0.0
%
-1.9
%
Calif. Condo/Townhome
$
374,480

6. $
369,180
r
$
349,810
r
1.4
%
7.1
%
2.5
%

7. -2.6
%
Los Angeles Metro Area
$
412,860
$
413,730
r
$
392,610
r
-0.2
%
5.2

8. %
8.6
%
-2.3
%
Inland Empire
$
274,950
$
275,160
r
$
257,560
r

9. -0.1
%
6.8
%
2.7
%
1.6
%
San Francisco Bay Area
$
760,610
$
730,240
$
671,490
r
4.2
%

10. 13.3
%
8.6
%
-2.6
%
San Francisco Bay Area
Alameda
$
706,280
$
675,430
$
618,930

11. 4.6
%
14.1
%
5.9
%
-7.5
%
Contra-Costa (Cty.)
$
721,590
$
742,520

12. $
647,920
r
-2.8
%
11.4
%
18.6
%
13.1
%
Marin
$

13. 969,700
$
1,151,040
$
959,740
-15.8
%
1.0
%
24.0
%

14. -1.3
%
Napa
$
599,140
$
633,930
$
497,730
-5.5
%

15. 20.4
%
7.3
%
-1.9
%
San Francisco
$
986,260
$
950,340
$
844,510

16. 3.8
%
16.8
%
36.5
%
4.5
%
San Mateo
$
1,071,000
$
1,075,000

17. $
910,000
-0.4
%
17.7
%
8.3
%
-6.1
%
Santa Clara

18. $
870,000
$
850,000
$
770,000
2.4
%
13.0
%
4.8

19. %
-2.2
%
Solano
$
327,460
$
328,040
$
294,920
-0.2
%

20. 11.0
%
5.5
%
-9.5
%
Sonoma
$
487,930
$
496,400
$

21. 469,900
-1.7
%
3.8
%
-10.9
%
-9.6
%
Southern California
Los Angeles
$
477,600

22. $
486,030
$
447,130
-1.7
%
6.8
%
17.0
%
-5.4

23. %
Orange County
$
692,390
$
696,190
$
660,070
r
-0.5
%
4.9
%

24. -0.5
%
-0.8
%
Riverside County
$
322,700
$
316,500
$
296,640

25. 2.0
%
8.8
%
0.1
%
-1.0
%
San Bernardino
$
208,080
$
212,790
r

26. $
191,330
r
-2.2
%
8.8
%
6.8
%
5.6
%
San Diego
$

27. 493,030
$
519,420
$
477,130
-5.1
%
3.3
%
1.8
%

28. -6.8
%
Ventura
$
583,810
$
589,080
$
538,740
-0.9
%

29. 8.4
%
12.9
%
-3.5
%
Central Coast
Monterey
$
460,000
$
451,000
$
412,000

30. 2.0
%
11.7
%
15.5
%
23.6
%
San Luis Obispo
$
455,660
$

31. 480,640
$
440,380
-5.2
%
3.5
%
13.2
%
11.3
%
Santa Barbara

32. $
570,000
$
778,230
$
613,640
-26.8
%
-7.1
%

33. -2.6
%
0.0
%
Santa Cruz
$
715,000
$
670,000
$
650,000
6.7

34. %
10.0
%
-11.6
%
-1.2
%
Central Valley
Fresno
$
200,600
$
208,210

35. $
182,620
-3.7
%
9.8
%
4.2
%
-1.0
%
Glenn
$
167,500

36. $
147,500
$
125,000
13.6
%
34.0
%
-10.5
%

37. 30.8
%
Kern (Bakersfield)
$
215,000
$
215,000
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r
$
185,000
0.0
%

38. 16.2
%
3.0
%
-5.5
%
Kings County
$
168,670
$
183,330
$
181,000

39. -8.0
%
-6.8
%
-13.1
%
5.8
%
Madera
$
166,000
$

40. 156,670
$
153,330
6.0
%
8.3
%
53.3
%
-36.1
%
Merced

41. $
190,710
$
159,500
$
171,820
19.6
%
11.0
%

42. 0.0
%
-8.0
%
Placer County
$
380,170
$
384,850
$
364,150
-1.2

43. %
4.4
%
0.6
%
11.6
%
Sacramento
$
270,150
$
276,960

44. $
253,560
-2.5
%
6.5
%
-1.0
%
0.1
%
San Benito
$
435,000

45. $
424,000
$
397,500
2.6
%
9.4
%
21.6
%
-2.2

46. %
San Joaquin
$
263,270
$
265,400
$
234,160
-0.8
%
12.4
%

47. 7.6
%
-8.2
%
Stanislaus
$
228,630
$
230,000
$
209,110

48. -0.6
%
9.3
%
7.1
%
-8.7
%
Tulare
$
179,060
$
175,000

49. $
161,330
2.3
%
11.0
%
9.6
%
3.7
%
Other Counties in Calif.
Amador

50. $
265,000
$
225,000
$
198,000
17.8
%
33.8
%
7.9
%

51. 24.2
%
Butte County
$
247,580
$
258,650
$
248,330
-4.3
%

52. -0.3
%
36.5
%
35.3
%
Calaveras
$
245,000
$
238,000
$
225,000

53. 2.9
%
8.9
%
-4.6
%
7.8
%
Del Norte
$
160,000
$

54. 138,000
$
176,600
15.9
%
-9.4
%
11.8
%
-17.4
%
El Dorado County

55. $
355,800
$
364,650
$
367,390
-2.4
%
-3.2
%

56. 12.3
%
7.7
%
Humboldt
$
260,340
$
246,050
$
260,530
5.8

57. %
-0.1
%
26.4
%
31.0
%
Lake County
$
190,000
$
180,000

58. $
196,250
5.6
%
-3.2
%
5.2
%
-14.1
%
Tuolumne
$
219,640

59. $
215,910
$
200,000
1.7
%
9.8
%
37.7
%
21.7

60. %
Mendocino
$
337,500
$
307,690
$
255,000
9.7
%
32.4
%

61. 14.3
%
-4.0
%
Nevada
$
323,000
$
322,500
$
319,000

62. 0.2
%
1.3
%
46.1
%
13.3
%
Plumas
$
242,000
$
270,000

63. $
250,000
-10.4
%
-3.2
%
20.5
%
27.0
%
Shasta
$

64. 220,920
$
222,550
$
208,540
-0.7
%
5.9
%
2.3
%

65. 17.6
%
Siskiyou County
$
161,670
$
155,000
$
156,670
4.3
%

66. 3.2
%
-3.1
%
0.0
%
Sutter
$
213,240
$
206,820
r
$
199,090

67. r
3.1
%
7.1
%
6.2
%
13.1
%
Tehama
$
160,000
$
166,670

68. $
142,500
-4.0
%
12.3
%
43.8
%
119.0
%
Yolo

69. $
344,740
$
344,230
$
311,290
0.1
%
10.7
%
-5.8

70. %
-21.4
%
Yuba
$
210,940
$
219,440
r
$
195,710
r
-3.9
%

71. 7.8
%
13.2
%
14.9
%
r = revised
NA = not available
October 2014 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)
October 2014
Unsold Inventory Index
Median Time on Market

72. State/Region/County
Oct.
2014
Sept.
2014
Oct.
2013
Oct.
2014
Sept.
2014
Oct.
2013
Calif. Single-family (SAAR)
3.8

73. 4.2
3.3
r
41.9
40.0
r
33.4
Calif. Condo/Townhome
3.3

74. 3.5
3.0
41.3
40.3
r
31.9
r
Los Angeles Metro Area
4.2

75. 4.5
3.6
51.7
49.9
40.7
Inland Empire
4.7
4.8

76. 4.1
r
53.9
51.0
r
37.2
San Francisco Bay Area
2.2
2.8
2.3
38.7
39.5
r
38.2

77. r
San Francisco Bay Area
Alameda
2.0
2.3
2.0
49.5
49.8
50.0

78. Contra-Costa (Central Cty.)
2.4
2.9
2.0
r
54.2
52.3
53.0

79. r
Marin
2.5
3.6
2.9
38.9
45.2
38.4

80. Napa
4.7
5.3
4.7
64.8
64.4
49.0
San Francisco

81. 2.0
3.6
2.5
22.5
23.1
25.1
San Mateo

82. 1.6
2.0
1.8
19.5
19.9
19.4
Santa Clara

83. 1.8
2.2
1.9
20.9
21.1
21.4
Solano
2.4

84. 3.8
2.4
45.0
46.3
38.0
Sonoma
3.2

85. 3.0
3.0
50.2
48.4
48.1
Southern California
Los Angeles
3.9

86. 4.2
3.2
45.5
45.1
35.7
Orange County
4.1

87. 4.3
3.8
62.3
57.3
54.5
Riverside County
4.8
4.9

88. 4.3
56.7
53.5
38.1
San Bernardino
4.5
4.8
r

89. 3.7
r
49.6
47.0
r
35.7
r
San Diego
4.3
4.4

90. 3.7
28.3
26.9
28.1
Ventura
4.4
5.1
3.3

91. 63.0
59.2
49.1
Central Coast
Monterey
3.8
4.6
4.3

92. 26.2
26.1
26.8
San Luis Obispo
4.3
5.1
4.8

93. 50.2
46.7
27.5
Santa Barbara
4.4
4.3
4.1

94. 41.5
37.3
33.8
Santa Cruz
3.1
3.1
3.5

95. 33.7
27.6
27.1
Central Valley
Fresno
4.9
5.2
4.3

96. 29.4
27.1
24.3
Glenn
5.5
5.5
6.7

97. 47.9
33.9
69.7
Kern (Bakersfield)
3.6
3.7
2.8
r

98. 28.0
27.0
r
18.0
r
Kings County
3.6
3.2
3.9
44.5

99. 41.9
32.3
Madera
4.9
7.1
2.9
23.2

100. 41.9
28.5
Merced
3.9
4.1
2.5
46.3
34.0

101. 23.1
Placer County
3.5
3.8
3.2
29.6
27.0

102. 24.7
Sacramento
3.3
3.4
3.1
25.8
23.9

103. 21.6
San Benito
3.7
4.5
2.8
40.2
24.3

104. 24.8
San Joaquin
3.4
3.7
2.6
25.5
23.4

105. 20.9
Stanislaus
3.5
3.7
2.5
25.2
24.0
20.4

106. Tulare
4.4
4.9
4.0
42.8
36.2
28.6

107. Other Counties in California
Amador
5.9
6.8
5.6
65.8
64.6
28.9

108. Butte County
3.1
4.6
4.4
35.8
29.8
45.0

109. Calaveras
6.7
6.9
6.2
59.0
72.0
62.0
Del Norte

110. 9.5
11.6
7.3
106.0
103.0
78.0
El Dorado County

111. 4.3
5.2
4.4
55.1
55.2
42.2
Humboldt

112. 5.4
7.2
7.2
52.4
45.5
32.9
Lake County
7.2

113. 8.3
5.5
80.0
58.7
75.5
Tuolumne
6.0

114. 9.0
7.3
73.3
72.6
29.5
Mendocino
7.4

115. 9.0
6.9
91.0
57.8
73.4
Nevada
5.4
8.4

116. 5.1
50.0
51.0
44.0
Plumas
8.1
11.4

117. 7.5
174.0
151.0
158.0
Shasta
5.5
5.8

118. 5.5
56.1
42.0
27.2
Siskiyou County
12.4
12.6
11.2

119. 45.5
38.3
93.9
Sutter
4.1
4.5
3.0

120. r
24.8
48.1
r
21.6
r
Tehama
4.7
7.4
9.4

121. 41.2
61.0
41.9
Yolo
3.4
3.5
2.6

122. 23.3
26.4
21.8
Yuba
2.9
3.9
r
2.9
r

123. 40.0
28.4
r
26.6
r
r = revised
NA = not available