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For release:
February 16, 2023
California home sales inch up in January for second straight month
as prices moderate further, C.A.R. reports
LOS ANGELES (Feb. 16) – California home sales edged up in January for the second straight month, as interest rates continued to take a breather, but still remained below the 250,000-unit sales pace for the third straight month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/Global/Infographics/2023-01-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 241,520 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 2023 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 0.4 percent on a monthly basis from a revised 240,630 in December and down 45.7 percent from a year ago, when a revised 444,400 homes were sold on an annualized basis.
“Thanks to slightly waning interest rates and tempering home prices, California’s housing market kicked off the new year with another step up and continued to improve in January as buyers gained more confidence in purchasing a home and the affordability outlook improving slightly,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR®. “While the monthly sales gains have been nominal over the past two months, the market is moving in the right direction, and more gradual improvements could be coming in the months ahead as the market moves into the spring homebuying season in a few weeks.”
California’s median home price receded in January to $751,330, down 3.0 percent from the $774,850 recorded in December, which was the fifth straight monthly decline. January’s price also was lower on a year-over-year basis for the third consecutive month, declining 1.9 percent from the $766,250 recorded last January.
“Job layoffs in recent months, primarily in the tech sector, have contributed to a decline in both sales and prices in higher-priced housing markets, particularly in the San Francisco Bay Area,” said C.A.R. Vice President and Chief Economist Jordan Levine. “With home prices expected to remain soft and the mix of sales continuing to shift toward less expensive housing units throughout the rest of 2023, the market will see more downward price adjustments in the next few months.”
Other key points from C.A.R.’s January 2023 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 is 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 217,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
# # #
January 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
January 2023 |
Median Sold Price of Existing Single-Family Homes |
Sales |
|||||||
State/Region/County |
Jan. 2023 |
Dec. 2022 |
|
Jan. 2022 |
|
Price MTM% Chg. |
Price YTY% Chg. |
Sales MTM% Chg. |
Sales YTY% Chg. |
Calif. Single-family home |
$751,330 |
$774,850 |
r |
$766,250 |
r |
-3.0% |
-1.9% |
0.4% |
-45.7% |
Calif. Condo/Townhome |
$580,000 |
$590,000 |
|
$600,000 |
|
-1.7% |
-3.3% |
-19.2% |
-43.1% |
Los Angeles Metro Area |
$700,000 |
$716,500 |
|
$700,000 |
|
-2.3% |
0.0% |
-19.8% |
-42.4% |
Central Coast |
$894,500 |
$869,860 |
|
$920,400 |
|
2.8% |
-2.8% |
-19.0% |
-35.1% |
Central Valley |
$425,000 |
$430,000 |
|
$455,000 |
|
-1.2% |
-6.6% |
-30.8% |
-43.3% |
Far North |
$367,000 |
$350,000 |
|
$380,000 |
|
4.9% |
-3.4% |
-18.4% |
-39.6% |
Inland Empire |
$540,000 |
$535,000 |
|
$539,000 |
|
0.9% |
0.2% |
-15.4% |
-49.1% |
San Francisco Bay Area |
$1,000,000 |
$1,075,000 |
r |
$1,171,000 |
r |
-7.0% |
-14.6% |
-38.1% |
-36.9% |
Southern California |
$738,250 |
$743,180 |
|
$740,000 |
|
-0.7% |
-0.2% |
-19.4% |
-41.1% |
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
Alameda |
$1,065,000 |
$1,065,500 |
|
$1,250,000 |
|
0.0% |
-14.8% |
-35.5% |
-32.8% |
Contra Costa |
$736,500 |
$777,500 |
|
$829,000 |
|
-5.3% |
-11.2% |
-41.5% |
-43.6% |
Marin |
$1,201,000 |
$1,500,000 |
|
$1,466,500 |
r |
-19.9% |
-18.1% |
-63.0% |
-52.6% |
Napa |
$790,000 |
$824,000 |
r |
$862,500 |
r |
-4.1% |
-8.4% |
-46.8% |
-41.1% |
San Francisco |
$1,385,000 |
$1,564,000 |
|
$1,630,000 |
|
-11.4% |
-15.0% |
-34.7% |
-22.8% |
San Mateo |
$1,625,000 |
$1,675,000 |
|
$2,000,000 |
|
-3.0% |
-18.8% |
-36.8% |
-31.0% |
Santa Clara |
$1,530,000 |
$1,478,000 |
|
$1,716,000 |
|
3.5% |
-10.8% |
-35.4% |
-39.9% |
Solano |
$580,000 |
$580,000 |
r |
$583,500 |
r |
0.0% |
-0.6% |
-35.2% |
-31.3% |
Sonoma |
$781,930 |
$785,000 |
r |
$799,000 |
r |
-0.4% |
-2.1% |
-34.8% |
-35.9% |
Southern California |
|
|
|
|
|
|
|
|
|
Los Angeles |
$778,540 |
$799,670 |
|
$800,960 |
|
-2.6% |
-2.8% |
-22.0% |
-38.2% |
Orange |
$1,194,500 |
$1,131,760 |
|
$1,195,000 |
|
5.5% |
0.0% |
-20.5% |
-35.6% |
Riverside |
$585,000 |
$575,000 |
|
$590,000 |
|
1.7% |
-0.8% |
-11.7% |
-46.5% |
San Bernardino |
$446,900 |
$466,940 |
|
$450,000 |
|
-4.3% |
-0.7% |
-21.7% |
-53.6% |
San Diego |
$824,950 |
$850,000 |
|
$875,000 |
|
-2.9% |
-5.7% |
-17.9% |
-35.1% |
Ventura |
$815,000 |
$818,000 |
|
$850,000 |
|
-0.4% |
-4.1% |
-28.8% |
-40.4% |
Central Coast |
|
|
|
|
|
|
|
|
|
Monterey |
$850,000 |
$775,000 |
|
$875,000 |
|
9.7% |
-2.9% |
-12.6% |
-38.2% |
San Luis Obispo |
$795,750 |
$830,000 |
|
$851,500 |
|
-4.1% |
-6.5% |
-30.4% |
-35.6% |
Santa Barbara |
$890,000 |
$1,055,000 |
|
$912,500 |
|
-15.6% |
-2.5% |
-7.3% |
-35.6% |
Santa Cruz |
$1,170,000 |
$1,175,000 |
|
$1,257,500 |
|
-0.4% |
-7.0% |
-26.5% |
-27.4% |
Central Valley |
|
|
|
|
|
|
|
|
|
Fresno |
$375,000 |
$396,000 |
|
$395,000 |
|
-5.3% |
-5.1% |
-29.7% |
-37.4% |
Glenn |
$392,500 |
$286,750 |
|
$332,500 |
|
36.9% |
18.0% |
50.0% |
-14.3% |
Kern |
$357,500 |
$365,000 |
|
$367,000 |
|
-2.1% |
-2.6% |
-24.0% |
-35.1% |
Kings |
$365,000 |
$337,000 |
|
$322,500 |
|
8.3% |
13.2% |
-8.6% |
-19.7% |
Madera |
$387,460 |
$410,500 |
|
$394,000 |
|
-5.6% |
-1.7% |
-31.6% |
-40.2% |
Merced |
$369,000 |
$340,000 |
|
$387,380 |
|
8.5% |
-4.7% |
-47.5% |
-58.0% |
Placer |
$625,000 |
$622,500 |
|
$670,000 |
|
0.4% |
-6.7% |
-30.2% |
-40.9% |
Sacramento |
$498,000 |
$485,000 |
|
$524,000 |
|
2.7% |
-5.0% |
-32.1% |
-45.7% |
San Benito |
$719,000 |
$765,000 |
|
$842,500 |
|
-6.0% |
-14.7% |
-50.0% |
-50.0% |
San Joaquin |
$478,500 |
$465,000 |
|
$499,950 |
|
2.9% |
-4.3% |
-33.1% |
-49.5% |
Stanislaus |
$403,750 |
$420,000 |
|
$450,000 |
|
-3.9% |
-10.3% |
-36.5% |
-54.3% |
Tulare |
$332,720 |
$353,500 |
|
$333,000 |
|
-5.9% |
-0.1% |
-29.4% |
-40.2% |
Far North |
|
|
|
|
|
|
|
|
|
Butte |
$410,000 |
$408,500 |
|
$456,000 |
|
0.4% |
-10.1% |
-1.4% |
-30.6% |
Lassen |
$260,000 |
$170,000 |
|
$259,000 |
|
52.9% |
0.4% |
-30.8% |
-60.9% |
Plumas |
$350,000 |
$395,000 |
|
$460,000 |
|
-11.4% |
-23.9% |
-52.2% |
-59.3% |
Shasta |
$373,750 |
$348,500 |
|
$375,000 |
|
7.2% |
-0.3% |
-15.9% |
-32.7% |
Siskiyou |
$385,860 |
$295,000 |
|
$296,000 |
|
30.8% |
30.4% |
-52.2% |
-73.8% |
Tehama |
$314,900 |
$285,600 |
|
$359,000 |
|
10.3% |
-12.3% |
-13.8% |
-35.9% |
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
Amador |
$422,500 |
$415,000 |
|
$400,000 |
|
1.8% |
5.6% |
-23.5% |
-33.3% |
Calaveras |
$455,000 |
$449,500 |
|
$467,500 |
|
1.2% |
-2.7% |
-26.8% |
-48.8% |
Del Norte |
$300,000 |
$331,250 |
|
$372,500 |
|
-9.4% |
-19.5% |
-30.0% |
-56.3% |
El Dorado |
$567,500 |
$591,000 |
|
$607,500 |
|
-4.0% |
-6.6% |
-34.7% |
-52.5% |
Humboldt |
$395,000 |
$392,500 |
|
$425,000 |
|
0.6% |
-7.1% |
-40.0% |
-39.3% |
Lake |
$310,000 |
$370,000 |
|
$349,900 |
|
-16.2% |
-11.4% |
-18.9% |
-33.8% |
Mariposa |
$372,500 |
$359,000 |
|
$350,000 |
|
3.8% |
6.4% |
-20.0% |
-25.0% |
Mendocino |
$389,000 |
$599,000 |
r |
$508,500 |
|
-35.1% |
-23.5% |
-12.9% |
-32.5% |
Mono |
$1,125,500 |
$765,000 |
|
$950,000 |
|
47.1% |
18.5% |
-42.9% |
-73.3% |
Nevada |
$470,000 |
$520,000 |
|
$550,000 |
|
-9.6% |
-14.5% |
-29.6% |
-47.7% |
Sutter |
$392,000 |
$383,500 |
|
$415,000 |
|
2.2% |
-5.5% |
0.0% |
-41.7% |
Tuolumne |
$388,000 |
$380,000 |
|
$386,750 |
|
2.1% |
0.3% |
-35.1% |
-33.9% |
Yolo |
$522,500 |
$600,000 |
|
$542,500 |
|
-12.9% |
-3.7% |
6.4% |
-28.6% |
Yuba |
$425,000 |
$420,000 |
|
$402,500 |
|
1.2% |
5.6% |
-50.8% |
-63.6% |
r = revised
January 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
January 2023 |
Unsold Inventory Index |
Median Time on Market |
||||||||
State/Region/County |
Jan. 2023 |
Dec. 2022 |
|
Jan. 2022 |
|
Jan. 2023 |
Dec. 2022 |
|
Jan. 2022 |
|
Calif. Single-family home |
3.6 |
2.7 |
|
1.8 |
|
33.0 |
28.0 |
|
12.0 |
|
Calif. Condo/Townhome |
3.5 |
2.6 |
|
1.8 |
|
32.0 |
28.0 |
|
11.0 |
|
Los Angeles Metro Area |
3.8 |
3.1 |
|
1.9 |
|
34.0 |
28.0 |
|
13.0 |
|
Central Coast |
3.5 |
2.7 |
|
2.1 |
|
30.0 |
27.5 |
|
11.0 |
|
Central Valley |
3.7 |
2.6 |
|
1.7 |
|
32.0 |
27.0 |
|
10.0 |
|
Far North |
5.0 |
4.3 |
|
2.7 |
|
49.0 |
48.0 |
|
27.0 |
|
Inland Empire |
4.4 |
3.7 |
|
1.9 |
|
40.0 |
35.5 |
|
16.0 |
|
San Francisco Bay Area |
2.8 |
1.6 |
|
1.5 |
r |
32.0 |
28.0 |
|
12.0 |
|
Southern California |
3.6 |
2.9 |
|
1.8 |
|
32.0 |
27.0 |
|
12.0 |
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
|
Alameda |
2.2 |
1.4 |
|
1.5 |
|
26.0 |
19.0 |
|
10.0 |
|
Contra Costa |
2.8 |
1.5 |
|
1.4 |
|
27.0 |
28.0 |
|
9.0 |
|
Marin |
4.5 |
1.4 |
|
1.4 |
|
72.0 |
34.0 |
r |
30.0 |
r |
Napa |
5.9 |
2.8 |
|
3.2 |
r |
84.0 |
57.0 |
|
47.5 |
|
San Francisco |
2.9 |
1.5 |
|
2.0 |
|
34.0 |
26.0 |
|
13.0 |
|
San Mateo |
2.4 |
1.4 |
|
1.6 |
|
22.0 |
22.5 |
|
10.0 |
|
Santa Clara |
2.5 |
1.3 |
|
1.6 |
|
22.5 |
17.5 |
|
7.0 |
|
Solano |
2.9 |
2.0 |
r |
1.0 |
r |
58.0 |
50.0 |
r |
30.0 |
r |
Sonoma |
3.3 |
2.2 |
|
1.7 |
r |
43.5 |
44.0 |
r |
40.0 |
r |
Southern California |
|
|
|
|
|
|
|
|
|
|
Los Angeles |
3.7 |
3.1 |
|
2.0 |
|
31.0 |
25.5 |
|
13.0 |
|
Orange |
3.1 |
2.4 |
|
1.6 |
|
30.0 |
23.0 |
|
8.0 |
|
Riverside |
4.3 |
3.7 |
|
1.8 |
|
39.0 |
36.0 |
|
16.0 |
|
San Bernardino |
4.7 |
3.8 |
|
2.1 |
|
42.0 |
34.0 |
|
16.0 |
|
San Diego |
2.7 |
2.2 |
|
1.5 |
|
26.0 |
20.0 |
|
9.0 |
|
Ventura |
3.5 |
2.3 |
|
2.0 |
|
39.0 |
39.0 |
|
20.0 |
|
Central Coast |
|
|
|
|
|
|
|
|
|
|
Monterey |
3.9 |
3.2 |
|
2.1 |
|
33.0 |
36.0 |
|
10.0 |
|
San Luis Obispo |
4.3 |
2.8 |
|
2.3 |
|
32.0 |
21.0 |
|
9.0 |
|
Santa Barbara |
2.6 |
2.3 |
|
1.9 |
|
18.5 |
29.0 |
|
12.0 |
|
Santa Cruz |
3.3 |
2.5 |
|
2.0 |
|
35.0 |
24.0 |
|
13.5 |
|
Central Valley |
|
|
|
|
|
|
|
|
|
|
Fresno |
4.2 |
2.9 |
|
1.9 |
|
29.0 |
26.5 |
|
9.0 |
|
Glenn |
2.9 |
4.0 |
|
3.0 |
|
31.0 |
19.0 |
|
7.5 |
|
Kern |
3.1 |
2.4 |
|
1.7 |
|
32.5 |
24.5 |
|
9.0 |
|
Kings |
3.5 |
3.2 |
|
2.1 |
|
53.0 |
22.5 |
|
10.0 |
|
Madera |
7.2 |
4.6 |
|
3.1 |
|
37.0 |
32.0 |
|
17.0 |
|
Merced |
4.4 |
2.4 |
|
1.5 |
|
40.5 |
30.0 |
|
14.5 |
|
Placer |
4.1 |
2.9 |
|
1.6 |
|
36.0 |
33.0 |
|
9.0 |
|
Sacramento |
2.9 |
2.1 |
|
1.4 |
|
28.0 |
26.0 |
|
8.0 |
|
San Benito |
5.6 |
2.3 |
|
2.2 |
|
27.5 |
44.5 |
|
12.0 |
|
San Joaquin |
3.7 |
2.7 |
|
1.6 |
|
40.0 |
29.0 |
|
12.5 |
|
Stanislaus |
3.6 |
2.4 |
|
1.4 |
|
24.0 |
23.0 |
|
10.0 |
|
Tulare |
3.8 |
2.6 |
|
1.9 |
|
34.5 |
31.0 |
|
11.0 |
|
Far North |
|
|
|
|
|
|
|
|
|
|
Butte |
3.9 |
4.2 |
|
2.4 |
|
42.5 |
44.0 |
|
14.5 |
|
Lassen |
10.9 |
7.3 |
|
3.6 |
|
128.0 |
94.0 |
|
80.0 |
|
Plumas |
6.9 |
3.4 |
|
3.1 |
|
142.0 |
134.0 |
|
127.0 |
|
Shasta |
4.2 |
3.8 |
|
2.5 |
|
41.5 |
33.5 |
|
19.0 |
|
Siskiyou |
13.2 |
6.0 |
|
3.5 |
|
108.0 |
32.0 |
|
39.0 |
|
Tehama |
5.8 |
5.1 |
|
2.9 |
|
66.0 |
72.0 |
|
49.0 |
|
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
|
Amador |
5.5 |
4.4 |
|
2.3 |
|
55.0 |
43.0 |
|
33.0 |
|
Calaveras |
4.4 |
3.4 |
|
2.1 |
|
81.0 |
77.0 |
|
73.0 |
|
Del Norte |
10.1 |
6.5 |
|
4.2 |
|
116.0 |
91.0 |
|
70.0 |
|
El Dorado |
4.4 |
3.0 |
|
2.0 |
|
46.5 |
43.5 |
|
33.0 |
|
Humboldt |
6.8 |
4.1 |
|
3.0 |
|
24.0 |
17.0 |
|
10.0 |
|
Lake |
6.4 |
5.2 |
|
4.2 |
|
56.0 |
71.0 |
|
39.0 |
|
Mariposa |
5.4 |
4.9 |
|
4.3 |
|
57.5 |
20.5 |
|
62.0 |
|
Mendocino |
8.4 |
7.7 |
r |
5.0 |
r |
131.0 |
60.0 |
|
52.5 |
|
Mono |
6.3 |
4.0 |
|
2.5 |
|
160.5 |
129.0 |
|
90.0 |
|
Nevada |
3.9 |
3.0 |
|
2.3 |
|
42.0 |
37.0 |
|
30.0 |
|
Sutter |
2.8 |
3.2 |
|
1.2 |
|
38.0 |
43.0 |
|
8.0 |
|
Tuolumne |
5.2 |
3.9 |
|
3.4 |
|
88.0 |
65.0 |
|
39.5 |
|
Yolo |
3.2 |
3.4 |
|
1.8 |
|
43.5 |
26.0 |
|
10.0 |
|
Yuba |
6.4 |
2.8 |
|
1.5 |
|
36.5 |
41.0 |
|
11.0 |
|
r = revised