California Housing September 2017

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California housing market eases into fall home buying season!

hello fall
• Statewide, existing single-family home sales totaled 436,920 in September, up 2.2% from August and up 1.6% from September 2016.
• September’s statewide median home price was $555,410, down 1.8% from August and up 7.5% from September 2016.
• All the major regions experienced month-to-month and annual sales declines, with sales in the San Francisco Bay Area declining 4.2% from a year ago, the Inland Empire falling 4.0%, and the Los Angeles metro region decreasing 2.5% from September 2016.
• Statewide active listings continued to decline, dropping 11.2% from a year ago.
• C.A.R.’s Unsold Inventory Index fell from 3.5 months in September 2016 to 3.2 months in September 2017. The index measures 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 typical in a normal market.
• The median number of days it took to sell a single-family home was 20 days in September 2017, compared with 18 days in August and 28 days in September of 2016.
• C.A.R.’s sales price-to-list price ratio was 99.1% statewide in September 2017, 99.5% in August and 98.6% in September 2016. At the county level, San Francisco had the highest ratio at 116.6% and Mariposa had the lowest at 92.5%.
• Mortgage rates declined further in September as the 30-year, fixed-mortgage interest rate averaged 3.81%, down from 3.88% in August but was up from 3.46% in September 2016, according to Freddie Mac.
• All information deemed reliable but not guaranteed. For tax, investment or ownership advice we suggest you contact an attorney or certified public accountant.
• Median = half more/half less.  Taken from CAR.ORG 10/24/17

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