California Housing Market Update

California
Housing Market
Update
Monthly Sales and
Price Statistics
November 2020

Existing Home Sales
% change+26.3% YTY
California housing market: sales above 500K,
price dipped below $700K, supply lowest in years
page
02
Price
$699,000
+18.5% Y2Y
Unsold
Inventory Index
1.9 months
-38.7% Y2Y
Median Days
on Market
9 days
-64.0% Y2Y
Sales Price to
List Price Ratio
100.5%
+2.1% Y2Y
November 2020
CALIFORNIA ASSOCIATION OF REALTORS®
+1.3% YTD
508,820

Existing Home Sales
% change
+19.1% YTY
November 2020 Southern California Housing Snapshot
page
3
Unsold
Inventory Index
2.0 months
Median Days
on Market
9 days
Sales Price to
List Price Ratio
100.3%
-0.7% YTD
Existing Home Price
% change
$657,820
+14.4% YTY

Existing Home Sales
% change
+33.4% YTY
November 2020 Central Coast Housing Snapshot
page
4
Unsold
Inventory Index
2.1 months
Median Days
on Market
10 days
Sales Price to
List Price Ratio
100.0%
+4.3% YTD
Existing Home Price
% change
$825,000
+18.7% YTY

Existing Home Sales
% change
+18.3% YTY
November 2020 Central Valley Housing Snapshot
page
5
Unsold
Inventory Index
1.6 months
Median Days
on Market
7 days
Sales Price to
List Price Ratio
100.3%
-1.5% YTD
Existing Home Price
% change
$400,000
+17.6% YTY

Existing Home Sales
% change
+34.4% YTY
November 2020 Bay Area Housing Snapshot
page
6
Unsold
Inventory Index
1.6 months
Median Days
on Market
11 days
Sales Price to
List Price Ratio
102.8%
-1.2% YTD
Existing Home Price
% change
$1,100,000
+18.9% YTY

Existing Home Sales
% change
+3.1% YTY
November 2020 Far North Housing Snapshot
page
7
Unsold
Inventory Index
3.0 months
Median Days
on Market
14.5 days
Sales Price to
List Price Ratio
100.0%
-2.6% YTD
Existing Home Price
% change
$340,000
+13.6% YTY

Sales above 500K for the first time in 11 years
page
9
California, November 2020 Sales: 508,820 Units, +1.3% YTD, +26.3% YTY, +5.0% MTM
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
Jan-05
Sep-05
May-06
Jan-07
Sep-07
May-08
Jan-09
Sep-09
May-10
Jan-11
Sep-11
May-12
Jan-13
Sep-13
May-14
Jan-15
Sep-15
May-16
Jan-17
Sep-17
May-18
Jan-19
Sep-19
May-20
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

California home sales had largest year-over-year
growth since May 2009
page
10
26.3%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)

Bay Area sales growth rebounded
page
11
34.4%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
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
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
May-20
Sep-20
YoY%chg.
Bay Area 6 per. Mov. Avg. (Bay Area)

So. California sales growth ticked back up
page
12
19.1%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
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
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
May-20
Sep-20
So CA 6 per. Mov. Avg. (So CA)
YoY%chg.

Central Valley sales bounced back
page
13
18.3%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
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
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
May-20
Sep-20
Central Valley 6 per. Mov. Avg. (Central Valley)
YoY%chg.

Sales growth more robust in higher price segments
page
14
November 2020
(YTY% Chg.)
-31%
0%
19% 26%
61% 63%
75%
-40%
-20%
0%
20%
40%
60%
80%
100% 36%
41%
23%
47%
37%
17%
$0 - $499k
$500 - $999k
$1M+
Share by Price Segment
2020
2019
SERIES: Sales of Existing Detached Homes

Sales take a step back in all price ranges
page
15
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
YTY%Chg.inSales
$0 - $299k $300 - $399k $400 - $499k $500 - $749k
$750 - $999k $1,000 - $1,999k $2,000k+
SERIES: Percent Change in Sales

Sales in high-end market continue to outpace
more affordable market
page
16
13.4%
63.3%
93.0%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
YTY%Chg.inSales
$0 - $999k $1M - $2.99M $3M+
SERIES: Percent Change in Sales

Sales by Region
page
17
18.3%
34.4%
19.1%
33.4%
3.1%
28.0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
November 2020 Home Sales
Growth by Region
Central
Valley
21%
S.F. Bay
Area
20%
Southern
California
47%
Central
Coast
4%
Far North
2%
Other
Counties
6%
November 2020
Home Sales by Region

Pending sales dropped by double digits
for first time in 7 months
page
18
-18.2%
-40%
-20%
0%
20%
40%
60%
80%
MTM%Chg.inPendingSales
SERIES: Percent Change in Pending Sales

Pending sales grew more than 20 percent for the
6th consecutive month
page
19
21.5%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
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
Jul-20
Sep-20
Nov-20
YTY%Chg.inPendingSales

Pending sales in the top end remained robust
but growth pace slowed
page
20
15.6%
61.9%
62.5%
-100%
-50%
0%
50%
100%
150%
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
YTY%Chg.inPendingSales
$0 - $999k $1M - $2.99M $3M+

Is it a good time to buy or sell?
51%
59%
55%
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
24%
31%
27%
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Do you think it’s a good time to sell a
home in California?
Do you think it’s a good time to buy a
home in California?
page
21
SERIES: Google Consumer Poll

California median price eased as it dipped below
$700K for 1st time in the last 4 months
page
23
California, November 2020: $699,000, -1.7% MTM, +18.5% YTY
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
Jan-05
Sep-05
May-06
Jan-07
Sep-07
May-08
Jan-09
Sep-09
May-10
Jan-11
Sep-11
May-12
Jan-13
Sep-13
May-14
Jan-15
Sep-15
May-16
Jan-17
Sep-17
May-18
Jan-19
Sep-19
May-20
SERIES: Median Price of Existing Single Family Homes

Condo/Townhome median price unchanged
page
24
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
Jan-05
Aug-05
Mar-06
Oct-06
May-07
Dec-07
Jul-08
Feb-09
Sep-09
Apr-10
Nov-10
Jun-11
Jan-12
Aug-12
Mar-13
Oct-13
May-14
Dec-14
Jul-15
Feb-16
Sep-16
Apr-17
Nov-17
Jun-18
Jan-19
Aug-19
Mar-20
Oct-20
MedianPrice
SERIES: Median Price of Existing Condos/Townhomes
California, November 2019: $485,110, November 2020: $520,000

Median price growth slowed for Condo, but Single-
Family Homes remained strong
page
25
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50% Jan-05
Sep-05
May-06
Jan-07
Sep-07
May-08
Jan-09
Sep-09
May-10
Jan-11
Sep-11
May-12
Jan-13
Sep-13
May-14
Jan-15
Sep-15
May-16
Jan-17
Sep-17
May-18
Jan-19
Sep-19
May-20
YTY%Chg.inPrice
Condo Single-Family Homes
SERIES: Median Price of Existing Condo/Townhomes

Price/Square foot grew from last year by double digits
for the 3rd consecutive month
page
26
November 2020: $332, +1.8% MTM, +15.3% YTY
$0
$50
$100
$150
$200
$250
$300
$350
$400
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
PRICEPERSQ.FT.
SERIES: Median Price Per Square Feet of Existing Single Family Homes

Median Square footage of SFH
page
27
1,820
1,600
1,650
1,700
1,750
1,800
1,850
1,900
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20
SQ.FT.
SERIES: Median Square Footage of Existing Single Family Homes

Price/Square foot: the gap between condo/townhomes
and single-family homes narrowed slightly
page
28
$332
$433
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
PRICEPERSQ.FT.
Diff. in Price/Sq. Ft. SFH Condo/Townhome
SERIES: Median Price Per Square Feet of Existing Single Family Homes

Sales price-to-list price ratio inched up
page
29
November 2020: 100.5%, +0.3% MTM, +2.1% YTY
90%
92%
94%
96%
98%
100%
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Sales-to-ListPriceRatio
SERIES: Sales to List Ratio of Existing Single Family Homes

List price ticked up while sales price growth
unchanged
page
30
-20%
-10%
0%
10%
20%
30%
40%
50%
60% Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
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
May-20
Sep-20
YTY%Chg.inPrice
Listing Price Sales Price

Price growth up by double digits in all percentiles;
strongest gain in the top end
page
31
SERIES: Median Price of Existing Single Family Homes
20.6% 20.8% 21.0% 21.4%
26.2% 26.8%
25.0%
27.2%
28.8%
0%
5%
10%
15%
20%
25%
30%
35%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100
Percentile
Year-over-Year Price Growth

Price growth slowed faster at top percentile;
all percentiles grew by double-digits from a year ago
page
32
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
YTY%Chg.inPrice
0-20 20-40 40-60 60-80 80-100
SERIES: Percent Change in Price

California Market Velocity and Price Growth
page
33
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
-150%
-100%
-50%
0%
50%
100%
150%
ExistingSFRMedianPrice
Growth
MarketVelocity
Price Growth Market Velocity (12 month trailing average)
SERIES: Market Velocity & Price Growth

Mortgage payment exceeded last year’s level for the
fourth consecutive month
page
34
18.5%
5.5%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Jan-16
Jun-16
Nov-16
Apr-17
Sep-17
Feb-18
Jul-18
Dec-18
May-19
Oct-19
Mar-20
Aug-20
YTY%Chg.
California Median Price vs. Mortgage
Payment
Price Growth Mortgage Pmt Growth
3.70%
2.77%
0%
1%
2%
3%
4%
5%
6%
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
30 Yr. FRM
SERIES: Price Growth vs. Mortgage Payment Growth

Mortgage payment exceeded last year’s level for
the fourth consecutive month
page
35
18.5%
5.5%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
YTY%Chg.
California Median Price vs. Mortgage Payment
Price Growth Mortgage Pmt Growth
SERIES: Price Growth vs. Mortgage Payment Growth

Inventory at the lowest level in over 16 years
page
37
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Jan-05
Sep-05
May-06
Jan-07
Sep-07
May-08
Jan-09
Sep-09
May-10
Jan-11
Sep-11
May-12
Jan-13
Sep-13
May-14
Jan-15
Sep-15
May-16
Jan-17
Sep-17
May-18
Jan-19
Sep-19
May-20
MonthsofSupply
SERIES: Unsold Inventory Index of Existing Single Family Homes
Nov 2019: 3.1 Months; Nov 2020: 1.9 Months

Unsold Inventory remained low in all regions
page
38
1.6
2.0
1.6
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
MonthsofSupply
Bay Area So CA Central Valley
SERIES: Unsold Inventory Index of Existing Single Family Homes

Active listings dipped below last month
to lowest level in over 15 years
page
39
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
California Active Listings by Month
2018 2019 2020

Active listings remain suppressed as new listings
can’t keep up with pent up demand
page
40
-46.6%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
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
Jul-20
Sep-20
Nov-20
Year-over-Year % Chg
SERIES: Active Listing of Existing Single Family Homes

Housing supply remains tight in all regions
page
41
4,747
21,496
8,394
2,159 1,926
3,859
10,972
3,921
1,160 1,154
0
5,000
10,000
15,000
20,000
25,000
San Francisco
Bay Area
Southern
California
Central Valley Central Coast Far North
ActiveListings
Nov-19 Nov-20
SERIES: Active Listings of Existing Single Family Homes

Supply continued to drop as sales remain strong
page
42
34.4%
19.1% 18.3%
33.4%
3.1%
-18.7%
-49.0%
-53.3%
-46.3%
-40.1%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
San Francisco
Bay Area
Southern
California
Central Valley Central Coast Far North
Year-to-Year%Chg
Sales Active Listings
November 2020
SERIES: Sales and Listings of Existing Single Family Homes

Active listings dropped in all price segments
page
43
-55.4%
-22.9%
-8.7%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
YTY%Chg.inActiveListings
$0 - $999k $1M - $2.99M $3M+
SERIES: Percent Change in Active Listings

Time on market was the lowest it’s ever been
page
45
0
10
20
30
40
50
60
70
80
Jan-05
Sep-05
May-06
Jan-07
Sep-07
May-08
Jan-09
Sep-09
May-10
Jan-11
Sep-11
May-12
Jan-13
Sep-13
May-14
Jan-15
Sep-15
May-16
Jan-17
Sep-17
May-18
Jan-19
Sep-19
May-20
DaysonMarket
SERIES: Median Time of Market of Existing Single Family Homes
California, November 2019: 25.0 Days; November 2020: 9.0 Days

Median time on market down at all percentiles
page
46
SERIES: Median Time on Market of Existing Single Family Homes
23 24 24
26 26 26
22
24
32
24
8 8 9 10
12 11 11 12
25
9
0
10
20
30
40
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
DaysonMarket
Percentile
Median Time on Market
Nov-19 Nov-20

Sales-to-list price ratio strong,
signaling a very competitive market
page
47
100.0%
100.8% 100.8%
100.5%
100.0% 100.1%
100.3%
100.0%
98.2%
100.5%
96%
97%
97%
98%
98%
99%
99%
100%
100%
101%
101%
102%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
California Sales-to-List Price Ratio by Quintile
Nov-19 Nov-20

Median sales vs. list price growth $1M+ properties
page
48
-10%
-5%
0%
5%
10%
15%
20%
25%
Jan-09
Jun-09
Nov-09
Apr-10
Sep-10
Feb-11
Jul-11
Dec-11
May-12
Oct-12
Mar-13
Aug-13
Jan-14
Jun-14
Nov-14
Apr-15
Sep-15
Feb-16
Jul-16
Dec-16
May-17
Oct-17
Mar-18
Aug-18
Jan-19
Jun-19
Nov-19
Apr-20
Sep-20
YTY%Chg.inPrice
California Median Sales vs. List Price Growth
Listing Price Sales Price

Reduced-Price Listings
page
49
Share of Listings with a Reduced Price: 28.4%; Median Reduction Amount: -4.5%
-10%
-9%
-8%
-7%
-6%
-5%
-4%
-3%
-2%
-1%
0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
1/1/2010
6/1/2010
11/1/2010
4/1/2011
9/1/2011
2/1/2012
7/1/2012
12/1/2012
5/1/2013
10/1/2013
3/1/2014
8/1/2014
1/1/2015
6/1/2015
11/1/2015
4/1/2016
9/1/2016
2/1/2017
7/1/2017
12/1/2017
5/1/2018
10/1/2018
3/1/2019
8/1/2019
1/1/2020
6/1/2020
11/1/2020
Share Reduced Median Reduction
SERIES: Listing Price of Existing Single Family Homes

Growth in Reduced-Price Listings
page
50
Growth in Share of Listings with a Reduced Price: -10.9%
Growth in Median Reduction Amount: 0.1%
-0.4%
-0.3%
-0.2%
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
-15%
-10%
-5%
0%
5%
10%
1/1/2015
4/1/2015
7/1/2015
10/1/2015
1/1/2016
4/1/2016
7/1/2016
10/1/2016
1/1/2017
4/1/2017
7/1/2017
10/1/2017
1/1/2018
4/1/2018
7/1/2018
10/1/2018
1/1/2019
4/1/2019
7/1/2019
10/1/2019
1/1/2020
4/1/2020
7/1/2020
10/1/2020
Share Reduced Median Reduction
SERIES: Listing Price of Existing Single Family Homes

California Housing Market Update

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