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For release:
February 16, 2022
California housing market remains resilient in January despite rising interest rates, C.A.R. reports
LOS ANGELES (Feb. 16) – California’s housing market kicked off the new year with a bounceback in sales from December’s four-month low, as housing demand remained strong by pre-pandemic standards, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/Global/Infographics/2022-01-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 444,540 in January, 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 2022 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
January’s sales pace was up 3.4 percent on a monthly basis from 429,860 in December and was down 8.3 percent from a year ago, when 484,760 homes were sold on an annualized basis. The year-over-year sales decrease was the seventh straight decline and the smallest in six months.
“The buoyant housing market continues in 2022 as buyers returned from the holiday season to take advantage of the still favorable lending environment before interest rates climb further,” said C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “With prices leveling off, housing supply showing a slight improvement and competition easing during the off season, buyers who missed the opportunity to buy were eager to get back to the market at the start of the new year.”
California home prices continued to decelerate as a shift in the mix of sales toward less expensive homes and seasonal slowdown continued. The statewide median price declined to $765,580 in January, down 3.9 percent from December’s $796,580 and was up 9.4 percent from the $699,920 recorded in January 2021. While January marked the first time since July 2020 that the state did not record a double-digit annual gain in its median price, the statewide median price is expected to edge higher as the market moves into the spring home buying season in the next few months.
“It’s encouraging to see the market momentum from the last two years being carried forward into 2022 and the economy continuing to recover. January’s sales remained above pre-pandemic levels, and new purchase mortgage applications are still registering strong numbers,” said C.A.R. Vice President and Chief Economist Jordan Levine. “However, a surge in interest rates in the past few weeks is concerning and will likely create affordability headwinds for buyers, which may result in housing demand being curtailed in the upcoming months.”
Other key points from C.A.R.’s January 2022 resale housing report include:
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. 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 50 counties.
Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
January 2022 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
January 2022 |
Median Sold Price of Existing Single-Family Homes |
Sales |
|||||||
State/Region/County |
Jan. 2022 |
Dec. 2021 |
|
Jan. 2021 |
|
Price MTM% Chg |
Price YTY% Chg |
Sales MTM% Chg |
Sales YTY% Chg |
Calif. Single-family home |
$765,580 |
$796,570 |
|
$699,920 |
|
-3.9% |
9.4% |
3.4% |
-8.3% |
Calif. Condo/Townhome |
$600,000 |
$612,750 |
|
$515,000 |
|
-2.1% |
16.5% |
-26.3% |
-16.6% |
Los Angeles Metro Area |
$700,000 |
$720,000 |
|
$630,000 |
|
-2.8% |
11.1% |
-29.6% |
-10.8% |
Central Coast |
$920,400 |
$900,000 |
|
$829,900 |
|
2.3% |
10.9% |
-32.5% |
-20.7% |
Central Valley |
$455,000 |
$450,000 |
|
$387,250 |
|
1.1% |
17.5% |
-25.9% |
-3.9% |
Far North |
$380,000 |
$379,000 |
|
$335,000 |
|
0.3% |
13.4% |
-16.5% |
1.9% |
Inland Empire |
$539,000 |
$540,000 |
|
$457,000 |
|
-0.2% |
17.9% |
-23.5% |
-5.7% |
San Francisco Bay Area |
$1,200,000 |
$1,200,000 |
|
$1,050,000 |
|
0.0% |
14.3% |
-38.7% |
-22.3% |
Southern California |
$740,000 |
$749,900 |
|
$650,000 |
|
-1.3% |
13.8% |
-29.3% |
-10.1% |
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
Alameda |
$1,250,000 |
$1,200,000 |
|
$1,060,000 |
|
4.2% |
17.9% |
-39.5% |
-29.7% |
Contra Costa |
$829,000 |
$830,000 |
|
$765,000 |
|
-0.1% |
8.4% |
-33.3% |
-18.7% |
Marin |
$1,450,000 |
$1,510,000 |
|
$1,350,000 |
|
-4.0% |
7.4% |
-48.2% |
-40.0% |
Napa |
$884,000 |
$1,050,000 |
|
$835,000 |
|
-15.8% |
5.9% |
-52.3% |
-17.5% |
San Francisco |
$1,630,000 |
$1,690,000 |
|
$1,672,500 |
|
-3.6% |
-2.5% |
-35.9% |
11.4% |
San Mateo |
$2,000,000 |
$1,945,000 |
|
$1,605,000 |
|
2.8% |
24.6% |
-43.3% |
-22.4% |
Santa Clara |
$1,716,000 |
$1,740,000 |
|
$1,375,000 |
|
-1.4% |
24.8% |
-38.5% |
-26.0% |
Solano |
$579,000 |
$580,000 |
|
$510,000 |
|
-0.2% |
13.5% |
-40.4% |
-18.7% |
Sonoma |
$789,000 |
$794,000 |
|
$715,000 |
|
-0.6% |
10.3% |
-38.6% |
-17.0% |
Southern California |
|
|
|
|
|
|
|
|
|
Los Angeles |
$800,960 |
$826,500 |
|
$704,850 |
r |
-3.1% |
13.6% |
-33.9% |
-12.4% |
Orange |
$1,195,000 |
$1,182,500 |
|
$971,000 |
|
1.1% |
23.1% |
-30.0% |
-18.4% |
Riverside |
$590,000 |
$586,000 |
|
$495,500 |
|
0.7% |
19.1% |
-23.8% |
-4.5% |
San Bernardino |
$450,000 |
$460,000 |
|
$390,000 |
|
-2.2% |
15.4% |
-23.1% |
-7.7% |
San Diego |
$875,000 |
$836,700 |
|
$730,000 |
|
4.6% |
19.9% |
-28.2% |
-6.7% |
Ventura |
$850,000 |
$850,000 |
|
$776,000 |
|
0.0% |
9.5% |
-36.8% |
-11.7% |
Central Coast |
|
|
|
|
|
|
|
|
|
Monterey |
$875,000 |
$871,000 |
|
$860,000 |
|
0.5% |
1.7% |
-37.7% |
-5.4% |
San Luis Obispo |
$851,500 |
$821,000 |
|
$698,000 |
|
3.7% |
22.0% |
-40.4% |
-34.2% |
Santa Barbara |
$912,500 |
$937,500 |
|
$920,000 |
|
-2.7% |
-0.8% |
-14.9% |
-11.1% |
Santa Cruz |
$1,257,500 |
$1,200,450 |
|
$1,110,000 |
|
4.8% |
13.3% |
-35.4% |
-32.3% |
Central Valley |
|
|
|
|
|
|
|
|
|
Fresno |
$395,500 |
$395,000 |
r |
$325,000 |
|
0.1% |
21.7% |
-30.0% |
-11.2% |
Glenn |
$332,500 |
$345,000 |
|
$247,500 |
|
-3.6% |
34.3% |
-30.0% |
-6.7% |
Kern |
$367,000 |
$350,000 |
|
$302,000 |
|
4.9% |
21.5% |
-22.4% |
-8.9% |
Kings |
$322,500 |
$330,000 |
|
$278,750 |
|
-2.3% |
15.7% |
-38.3% |
-28.3% |
Madera |
$394,000 |
$375,000 |
|
$325,000 |
|
5.1% |
21.2% |
-32.1% |
-15.2% |
Merced |
$387,380 |
$375,000 |
|
$307,000 |
|
3.3% |
26.2% |
-4.8% |
17.6% |
Placer |
$670,000 |
$655,000 |
|
$581,000 |
|
2.3% |
15.3% |
-31.0% |
-4.2% |
Sacramento |
$524,000 |
$515,000 |
|
$450,000 |
|
1.7% |
16.4% |
-27.3% |
-2.4% |
San Benito |
$842,500 |
$790,000 |
|
$695,000 |
|
6.6% |
21.2% |
-46.3% |
-25.0% |
San Joaquin |
$499,950 |
$490,000 |
|
$425,000 |
|
2.0% |
17.6% |
-23.8% |
-4.0% |
Stanislaus |
$450,000 |
$440,000 |
|
$385,000 |
|
2.3% |
16.9% |
-23.4% |
10.8% |
Tulare |
$333,000 |
$320,000 |
|
$306,920 |
|
4.1% |
8.5% |
-9.1% |
10.6% |
Far North |
|
|
|
|
|
|
|
|
|
Butte |
$456,000 |
$439,500 |
|
$420,000 |
|
3.8% |
8.6% |
-27.9% |
-10.1% |
Lassen |
$259,000 |
$292,000 |
|
$249,500 |
|
-11.3% |
3.8% |
4.5% |
9.5% |
Plumas |
$460,000 |
$420,000 |
|
$315,000 |
|
9.5% |
46.0% |
0.0% |
22.7% |
Shasta |
$375,000 |
$371,000 |
|
$329,000 |
|
1.1% |
14.0% |
-21.2% |
3.0% |
Siskiyou |
$296,000 |
$273,000 |
|
$257,000 |
|
8.4% |
15.2% |
7.7% |
-4.5% |
Tehama |
$359,000 |
$322,450 |
|
$250,000 |
|
11.3% |
43.6% |
8.3% |
25.8% |
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
Amador |
$400,000 |
$399,000 |
|
$386,250 |
|
0.3% |
3.6% |
-45.8% |
-35.0% |
Calaveras |
$467,500 |
$489,000 |
|
$398,500 |
|
-4.4% |
17.3% |
-17.5% |
-9.1% |
Del Norte |
$372,500 |
$291,000 |
|
$399,000 |
|
28.0% |
-6.6% |
-44.8% |
-5.9% |
El Dorado |
$607,500 |
$620,000 |
|
$600,000 |
|
-2.0% |
1.3% |
-30.5% |
-12.8% |
Humboldt |
$425,000 |
$450,285 |
|
$366,000 |
|
-5.6% |
16.1% |
-26.3% |
-14.3% |
Lake |
$349,900 |
$341,250 |
|
$300,000 |
|
2.5% |
16.6% |
-16.7% |
22.6% |
Mariposa |
$350,000 |
$390,000 |
|
$400,000 |
|
-10.3% |
-12.5% |
-30.4% |
-27.3% |
Mendocino |
$508,500 |
$564,950 |
|
$517,500 |
|
-10.0% |
-1.7% |
-35.6% |
-17.4% |
Mono |
$950,000 |
$972,500 |
|
$1,112,500 |
|
-2.3% |
-14.6% |
-6.3% |
25.0% |
Nevada |
$550,000 |
$520,000 |
|
$525,000 |
|
5.8% |
4.8% |
-10.7% |
3.8% |
Sutter |
$415,000 |
$411,000 |
|
$350,000 |
|
1.0% |
18.6% |
-20.0% |
53.2% |
Tuolumne |
$386,750 |
$369,500 |
|
$350,500 |
|
4.7% |
10.3% |
-47.2% |
-20.0% |
Yolo |
$542,500 |
$609,240 |
r |
$485,000 |
|
-11.0% |
11.9% |
-36.9% |
-23.9% |
Yuba |
$402,500 |
$410,000 |
|
$395,000 |
|
-1.8% |
1.9% |
11.4% |
100.0% |
r = revised
January 2022 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
January 2022 |
Unsold Inventory Index |
Median Time on Market |
||||||||
State/Region/County |
Jan. 2022 |
Dec. 2021 |
|
Jan. 2021 |
|
Jan. 2022 |
Dec. 2021 |
|
Jan. 2021 |
|
Calif. Single-family home |
1.8 |
1.2 |
|
2.0 |
r |
12.0 |
12.0 |
|
11.0 |
|
Calif. Condo/Townhome |
1.8 |
1.1 |
|
2.3 |
r |
11.0 |
11.0 |
|
18.0 |
|
Los Angeles Metro Area |
1.9 |
1.2 |
|
2.1 |
r |
13.0 |
12.0 |
|
12.0 |
|
Central Coast |
2.1 |
1.2 |
|
2.5 |
r |
11.0 |
12.0 |
|
13.0 |
|
Central Valley |
1.7 |
1.3 |
|
1.7 |
|
10.0 |
10.0 |
|
9.0 |
|
Far North |
2.7 |
2.3 |
|
3.0 |
|
27.0 |
22.0 |
|
25.0 |
|
Inland Empire |
1.9 |
1.3 |
|
2.0 |
r |
16.0 |
14.0 |
|
14.0 |
|
San Francisco Bay Area |
1.6 |
0.8 |
|
1.7 |
|
12.0 |
13.0 |
|
13.0 |
|
Southern California |
1.8 |
1.2 |
|
2.0 |
r |
12.0 |
11.0 |
|
11.0 |
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
|
Alameda |
1.5 |
0.7 |
|
1.3 |
|
10.0 |
12.0 |
|
9.0 |
|
Contra Costa |
1.4 |
0.8 |
|
1.4 |
|
9.0 |
10.0 |
|
8.0 |
|
Marin |
2.0 |
0.7 |
|
2.1 |
|
29.0 |
22.5 |
|
38.0 |
|
Napa |
3.4 |
1.5 |
|
3.7 |
|
47.5 |
42.0 |
|
46.0 |
|
San Francisco |
2.0 |
0.9 |
|
2.2 |
r |
13.0 |
14.0 |
|
2.2 |
|
San Mateo |
1.6 |
0.7 |
|
2.2 |
|
10.0 |
10.0 |
|
13.0 |
|
Santa Clara |
1.6 |
0.7 |
|
1.7 |
|
7.0 |
8.0 |
|
9.0 |
|
Solano |
1.3 |
0.8 |
|
1.2 |
|
32.5 |
32.5 |
|
29.0 |
|
Sonoma |
1.9 |
1.1 |
|
2.9 |
|
42.0 |
44.0 |
|
41.0 |
|
Southern California |
|
|
|
|
|
|
|
|
|
|
Los Angeles |
2.0 |
1.3 |
|
2.0 |
r |
13.0 |
12.0 |
|
11.0 |
|
Orange |
1.6 |
1.0 |
|
2.3 |
r |
8.0 |
8.0 |
|
10.0 |
|
Riverside |
1.8 |
1.3 |
|
2.1 |
r |
16.0 |
14.0 |
|
15.0 |
|
San Bernardino |
2.1 |
1.4 |
|
1.8 |
r |
16.0 |
15.0 |
|
13.0 |
|
San Diego |
1.5 |
1.0 |
|
1.9 |
r |
9.0 |
8.0 |
|
7.0 |
|
Ventura |
2.0 |
1.1 |
|
2.3 |
r |
20.0 |
22.0 |
|
29.0 |
|
Central Coast |
|
|
|
|
|
|
|
|
|
|
Monterey |
2.1 |
1.2 |
|
3.0 |
|
10.0 |
14.0 |
|
10.0 |
|
San Luis Obispo |
2.3 |
1.2 |
|
2.5 |
r |
9.0 |
9.0 |
|
16.0 |
|
Santa Barbara |
1.9 |
1.5 |
|
2.3 |
|
12.0 |
11.0 |
|
14.0 |
|
Santa Cruz |
2.0 |
1.0 |
|
1.9 |
|
13.5 |
12.0 |
|
11.0 |
|
Central Valley |
|
|
|
|
|
|
|
|
|
|
Fresno |
1.9 |
1.4 |
|
1.7 |
|
9.0 |
9.0 |
r |
8.0 |
|
Glenn |
3.0 |
2.1 |
|
2.7 |
r |
7.5 |
18.0 |
|
8.0 |
|
Kern |
1.7 |
1.3 |
|
2.0 |
|
9.0 |
12.0 |
|
12.0 |
|
Kings |
2.1 |
1.1 |
|
1.4 |
|
10.0 |
9.0 |
|
7.0 |
|
Madera |
3.1 |
2.0 |
|
2.6 |
|
17.0 |
17.0 |
|
18.0 |
|
Merced |
1.5 |
1.6 |
|
1.9 |
|
14.5 |
10.0 |
|
13.0 |
|
Placer |
1.6 |
1.1 |
|
1.7 |
r |
9.0 |
10.0 |
|
12.0 |
|
Sacramento |
1.4 |
1.0 |
|
1.5 |
r |
8.0 |
9.0 |
|
7.0 |
|
San Benito |
2.2 |
1.1 |
|
2.0 |
|
12.0 |
14.0 |
|
19.0 |
|
San Joaquin |
1.6 |
1.2 |
|
1.5 |
r |
12.5 |
13.0 |
|
8.0 |
|
Stanislaus |
1.4 |
1.2 |
|
1.7 |
|
10.0 |
10.0 |
|
9.0 |
|
Tulare |
1.9 |
1.7 |
|
2.3 |
|
11.0 |
8.0 |
|
12.0 |
|
Far North |
|
|
|
|
|
|
|
|
|
|
Butte |
2.4 |
1.4 |
|
2.3 |
r |
14.5 |
12.0 |
|
16.0 |
|
Lassen |
3.6 |
4.5 |
|
3.3 |
|
80.0 |
87.0 |
|
100.0 |
|
Plumas |
3.1 |
3.1 |
|
5.9 |
|
127.0 |
116.0 |
|
157.0 |
|
Shasta |
2.5 |
2.0 |
|
2.9 |
|
19.0 |
18.5 |
|
20.0 |
|
Siskiyou |
3.5 |
4.1 |
|
2.4 |
|
39.0 |
20.5 |
|
22.5 |
|
Tehama |
2.9 |
3.1 |
|
4.8 |
|
49.0 |
39.5 |
|
47.0 |
|
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
|
Amador |
2.3 |
1.2 |
|
2.3 |
r |
33.0 |
18.5 |
|
29.0 |
|
Calaveras |
2.1 |
1.8 |
|
2.0 |
|
73.0 |
66.0 |
|
62.5 |
|
Del Norte |
4.2 |
2.3 |
|
4.7 |
|
70.0 |
90.0 |
|
151.0 |
|
El Dorado |
2.0 |
1.3 |
|
2.1 |
|
33.0 |
32.0 |
|
27.0 |
|
Humboldt |
3.0 |
2.1 |
|
2.3 |
|
10.0 |
10.0 |
|
10.0 |
|
Lake |
4.2 |
3.6 |
|
5.1 |
r |
39.0 |
30.0 |
|
38.0 |
|
Mariposa |
4.3 |
2.9 |
|
2.7 |
r |
62.0 |
15.0 |
|
22.0 |
|
Mendocino |
5.2 |
3.1 |
|
3.7 |
|
52.5 |
54.0 |
|
55.0 |
|
Mono |
2.5 |
2.1 |
|
3.8 |
|
90.0 |
108.0 |
|
84.5 |
|
Nevada |
2.3 |
1.9 |
|
2.7 |
r |
30.0 |
17.0 |
|
22.0 |
|
Sutter |
1.2 |
1.2 |
|
1.5 |
|
8.0 |
11.0 |
|
7.0 |
|
Tuolumne |
3.4 |
1.7 |
|
2.8 |
|
39.5 |
32.0 |
|
32.5 |
|
Yolo |
1.8 |
1.0 |
|
1.9 |
r |
10.0 |
10.0 |
|
12.0 |
|
Yuba |
1.5 |
1.7 |
|
2.3 |
|
11.0 |
7.0 |
|
15.0 |
|
r = revised