LOS ANGELES (Dec. 23) – Seasonal factors, combined with shrinking housing affordability, cooled California pending home sales from both the previous month and year in November, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

Pending home sales data:

California pending home sales fell in November, with the Pending Home Sales Index (PHSI)* dropping 13.6 percent in November to 93.8, down from a revised 108.6 in October, based on signed contracts.  The monthly decline was the first double-digit drop in nearly a year.  Pending sales were down 9.4 percent from the 103.5 index recorded in November 2012.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
Distressed housing market data:

The share of equity sales – or non-distressed property sales – grew in November, marking the fifth straight month that equity sales have been more than 80 percent of total sales. The share of equity sales in November increased to 86.4 percent, up from 85.4 percent in October.  Equity sales made up 64.6 percent of sales in November 2012.

Conversely, the combined share of all distressed property sales shrank in November, dropping from 14.6 percent in October to 13.6 percent in November.  Distressed sales were down by nearly two-thirds from a year ago, when the share was 35.4 percent.  Twenty-one of the 38 reported counties showed a month-to-month decrease in the share of distressed sales, with Santa Clara County having the lowest share at 4 percent.

Of the distressed properties, the share of short sales was 8.8 percent in November, down from 9.5 percent in October.  November’s figure was nearly a third of the 23.3 percent recorded in November 2012 and remains at the lowest levels since January 2009.  

The share of REO sales edged down in November to 4.4 percent from 4.7 percent in October.  It was the fourth straight month that REOs made up less than 5 percent of sales.  REOs made up only 11.8 percent of all sales in November 2012.

Housing inventory levels improved slightly for the second consecutive month but were still extremely low.  The Unsold Inventory Index for equity sales inched up from 3.4 months in October to 3.6 months in November.  The supply of REOs rose from 2.7 months in October to 3.4 months in November, and the supply of short sales increased from 3.6 months in October to 4.2 months in November.

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Good News for the Economy = Bad News for Rates

The economy is improving. As an example, the latest employment report showed that the unemployment rate hit a five-year low. We must realize that, as the economic news gets better, the government will consider whether or not to continue the programs they put in place to stimulate the economy. One such program is the Fed’s purchasing of assets which has led to historically low long-term mortgage rates.

Analysts at Capital Economics noted in a recent HousingWire article:

"The 203,000 increase in November's non-farm payrolls, along with the drop in the unemployment rate to a five-year low of 7.0%, gives the Fed all the evidence it needs to begin tapering its asset purchases at the next FOMC meeting later this month."

Whether such ‘tapering’ occurs this month or early next year is questionable. The fact that mortgage rates will spike when it does occur is more a guarantee.

Here are the thoughts of a few Fed presidents regarding whether it is in fact time to cut back on this stimulus program:

James Bullard, President of the Federal Reserve Bank of St. Louis

“To the extent that key labor market indicators continue to show cumulative improvement, the likelihood of tapering asset purchases will continue to rise. The Committee’s 2012 criterion of substantial improvement in labor markets gets easier and easier to satisfy on a cumulative basis as labor markets continue to heal…Based on labor market data alone, the probability of a reduction in the pace of asset purchases has increased.”

Richard Fisher, President of the Federal Reserve Bank of Dallas

“In my view, we at the Fed should begin tapering back our bond purchases at the earliest opportunity…I consider this strategy desirable on its own merit: I would feel more comfortable were we to remove ourselves as soon as possible from interfering with the normal price-setting functioning of financial markets.”

Jeffrey Lacker, President of the Federal Reserve Bank of Richmond

“I expect discussion about the possibility of reducing the pace of asset purchases. The key issue, in my view, is the extent to which the benefits of further monetary stimulus are likely to outweigh the costs.”

If you are thinking about purchasing a home, buying before the tapering will probably mean a lower mortgage interest rate than if you waited.

SHORT SALES NOT SUBJECT TO STATE OR FEDERAL INCOME TAX FOR CANCELLATION OF DEBT

SHORT SALES NOT SUBJECT TO STATE OR FEDERAL INCOME TAX FOR CANCELLATION OF DEBT

Short sales in California are generally not subject to state or federal income tax for cancellation of debt. The Franchise Tax Board (FTB) issued a letter yesterday stating that, as nonrecourse obligations, short sales in California are not subject to state income tax for cancellation of debt. The FTB's position conforms with the federal treatment of short sales stated in an IRS letter as we previously reported on November 15. These letters will provide welcome relief for short sale sellers given that the tax break for a qualified principal residence under the federal Mortgage Forgiveness Debt Relief Act of 2007 will expire at the end of this year, and similar protection under California law already expired in 2012. The FTB letter includes transactions that closed in 2012 but, as always, sellers should consult with their own tax professionals.

According to the recent FTB letter, “a California taxpayer would not have cancellation of indebtedness where the taxpayer was involved in a short sale pursuant to CCP section 580e.” Section 580e of the California Code of Civil Procedure (CCP) generally protects borrowers from owing a deficiency after a short sale of a residential property with one-to-four units, including both first and junior trust deeds. Exceptions include fraud, waste, cross-collateralized loans, and borrowers that are corporations, LLCs, or limited partnerships. For more information, C.A.R. members may refer to our legal article on Short Sale Deficiencies.

As with the IRS letter, the FTB letter states that even if no cancellation of debt income is owed, a taxpayer may nevertheless have capital gains to the extent that the outstanding debt exceeds the tax basis for the property. A principal residence, however, is generally excluded from capital gains tax up to $250,000 for single taxpayers and $500,000 for married couples filing joint returns (under 26 U.S.C. § 121).

Knowing Your Options for the "Fixer Upper"

The fixer-upper properties on the market will give you more purchasing power when shopping for a new home. Bargains can be found in homes that have been foreclosed, seized by the government or just fallen out of repair due to homeowner neglect. While it is true that you will save thousands of dollars on these homes that will need lots of work, there are hidden costs that buyers fail to consider. Ask yourself if it’s worth it and know your options.

Know exactly what you are getting into

Don’t underestimate the cost of renovations and repairs. A home inspection will let you know the fundamental repairs and maintenance that must be done to the home. Without a home inspector, you may end up over paying for the fixer-upper anyway.

The inspector will evaluate any problems with the interior and appliances, roofing, heating and cooling system, plumbing, electrical wiring, insulation and ventilation, and the structural foundation, exterior faults and more. Fixer-uppers may have a lot of problems with these parts of the home, and a realtor can downplay the extent of the issues because of their stake in the outcome of the sale. A home inspector is worth hiring to get an unbiased perspective and uncover problems you can’t see yourself.

You ultimately have to decide how much money you are actually saving by buying the fixer-upper once you add in the costs. Once you spend all the money on repairs to make it habitable, will you still be satisfied with your choice? Will you hire someone to do the repairs or do you have the patience and skill to do it yourself?

Consider a FHA insured HUD 203(K)

It is worth checking to see if you qualify for a program known as HUD 203(k). It allows the buyer to purchase a fixer-upper with a FHA guaranteed loan, and the best part is that it protects you from extra costs if the “fixing” part costs more than estimated. You must submit a comprehensive list of repairs with corresponding cost estimates with your application, so you will need to get a home inspector, have the cost of labor and repair determined, and prepare your detailed plan for accomplishing it all for the FHA and your creditor.

DIY

The ideal fixer-upper would consist of superficial revamps rather than major appliance, ventilation, or structural repairs. Minor renovations would be painting inside and out, installing ceiling fans and light fixtures, and replacing carpets, windows, or doors.

Be patient

Fixing up the house might take longer than you originally planned, but it can be well worth it. Remodeling and minor repairs will most likely take longer than you expect, especially if you are haven’t dealt with this before. You chose to save money with a fixer-upper. It takes time to give a house the proper care that will result in a comfortable house to call your home. Do your homework and make an informed decision.

TURNAROUND TOWNS

HAPPY THANKSGIVING

When Will Mortgage Rates Hit 5%?

The big question for homebuyers is when interest rates will begin to rise to the 5% mark. The effect of a rise in mortgage rates could be a dramatic increase in the monthly mortgage payment when purchasing a home. In an article last week, HousingWire quoted two different sources regarding this issue.

Most experts are projecting that rates will rise when the Fed decides to taper the purchase of bonds which has acted as a stimulus to the housing market by keeping long term mortgage rates at historic lows.

In the article, Sterne Agee’s managing director and chief economist Lindsey Piegza pointed out:

"Federal Reserve officials said they might reduce their monthly bond buying program from $85 billion 'in coming months' as the economy continues to improve."

The article also quotes Frank Nothaft, chief economist with Freddie Mac:

“By the end of 2014, rates will probably approach and perhaps touch 5%. A reason we see the uptick in rates is that I do think some point the Federal Reserve will start to taper and scale back its very active purchase on long-term Treasuries and mortgage-backed securities.”

Rates will hit 5% sometime in 2014. It might be better to buy sooner rather than later.

5 Reasons to Sell Before Spring

Many sellers feel that the spring is the best time to place their home on the market as buyer demand increases at that time of year. However, the fall and winter have their own advantages. Here are five reasons to sell now.

Only Serious Buyers Are Out

At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere 'lookers'. The lookers are at the mall or online doing their holiday shopping.

There Is Far Less Competition

Housing supply always shrinks dramatically at this time of year. The choices for buyers will be limited. Don't wait until the spring when all the other potential sellers in your market will put their homes up for sale.

The Process Will Be Quicker

One of the biggest challenges of the 2013 housing market has been the length of time it takes from contract to closing. Banks have been inundated with both purchase and refinancing loan requests. Both of these will slow in the winter cutting timelines and the frustration these delays cause both buyers and sellers.

There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 25% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with historically low interest rates right now. There is no guarantee rates will remain at these levels in years to come.

It's Time to Move On with Your Life

Look at the reason you decided to sell in the first place and decide whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

You already know the answers to the questions we just asked. You have the power to take back control of the situation by pricing your home to guarantee it sells. The time has come for you and your family to move on and start living the life you desire. That is what is truly important.

What Buyer's Want Most in a Home

The Cost of Waiting

How Long Will the Housing Stall Continue?

For the third month in a row, the median home price across Southern California has stayed flat at $382,000. There are multiple factors that are resulting in the current stall: higher mortgage rates, skyrocketing prices, an expanding supply of homes and investors pulling back after swarming the market. This cooling has suppressed the fear of another housing bubble and could signal a return to normality.

The California Association of Realtors predicts that year-over-year price increases will return to 6% next year which is more in line with historic norms. The run-up in prices peaked in June with an outstanding 28% year-over- year increase in the median price. This increase was a result of sellers getting multiple bids over asking price among a heavy demand and scarce supply.

Part of the slowdown is seasonal and another part is attributed to a more empowered class of buyers who won’t buy if they feel the house is not perfect. Buyers are also demanding more repairs from sellers, and getting them.

The housing recovery started in 2012 and shifted into overdrive this year as traditional buyers and investors rushed into the market trying to take advantage of rock-bottom interest rates and below average home prices. Buyers were convinced that the housing crash had finally bottomed out and began placing bids without even touring the homes. Families were forced to do battle with all-cash investors amid a historic shortage of homes.

Now prices and mortgage rates have risen to the point where many buyers have decided to check out. The current waning demand has caused some sellers to reduce their asking prices. As the number of September listings rose in Southern California, a total of 19,112 houses and condos were sold resulting in a 17.1% drop from August.

The slowing is not just a local but a national trend: 20 of the largest metro markets have seen a decline in home sales. Even homes in good locations with the right price are sitting on the market for longer than anticipated. Despite the slow months inventory remains tight and experts say the housing recovery continues to move forward, adding that home prices will rise slowly over the next year.

One of the first stages during the hunt for a new home is crunching the numbers to figure out your budget. And no matter how high or low that budget may be, prospective homebuyers should take into consideration the cost of insuring the home.

It's easy to overlook insurance, especially since you may be more worried about the number of bedrooms, the school district, or the size of the backyard. But before you can close on the purchase, your lender will require you to line up homeowners insurance. You may be hit with some sticker shock if the home you are about to buy ends up being a high risk- and therefore high cost- home to insure.

Once you’ve got a few homes in your sight, you should get some preliminary home insurance quotes on each property. Just as you will compare asking price and property taxes- figure your insurance costs into the equation as well. Even homes of similar size and style can vary greatly in terms of cost to insure.

Here are a few lesser known home features that affect insurance costs:

Location- The location of a home will have a huge impact on the insurance premiums due to the proximity to a fire station, the fire station ratings and the flood zone it’s located in.

• When you shop for homeowners insurance you will be asked how close the home is to a fire hydrant and to a fire station. In the event of a fire, the quicker the fire department can respond to the home, the less damage will be incurred. The average claim for a residential fire exceeds $33,000, according to the Insurance Information Institute (III). Therefore insurers typically charge lower premiums for homes within a close proximity of each.
• Fire stations in each community each have a specific fire protection class rating which also affects the home insurance premiums on a home.
• Last but certainly not least, the specific type of flood plain that a home is located in may require you to carry a separate flood insurance policy in order to obtain a mortgage. Flood insurance is recommended for all properties, however, in certain high-risk flood plains a flood insurance policy is not only required- but the coverage could double your annual insurance spend.

Roofing- Ask your realtor about the home's roof. You'll want to know how old it is and the material it's made of. Roofs that are 20 or more years old can be considered high risk and may be expensive to insure. Replacing a roof also can be costly so you'll want to weigh the pros and cons. Newer roofs, built with impact-resistant material, are ideal. These roofs are made to withstand nature's harshest elements, and they can also qualify homeowners for more preferred home insurance policies.

Swimming Pool- You might be looking specifically for a house with a pool but you should know swimming pools can drive up your insurance premiums. Accidents frequently happen in and around pools so insurance companies see them as a high-risk home feature. Remember, you can be held liable even if a trespasser has an accident at your pool. For this reason, homes with swimming pools located on the property should meet all local safety codes and carry high limits of liability coverage.

Age- The age of the home can also affect your premium. Typically older homes have outdated electrical wiring and plumbing systems, which can lead to fires or water damage. If you are considering an older home, ask your realtor the age of the plumbing, HVAC and electrical systems. If they have been updated in recent years, this is important to note with your insurance agent. If not, make sure you know what this may cost you in additional premiums and to upgrade in the future.

Security equipment- Security equipment is a plus for obvious reasons- items such as burglar alarms, deadbolt locks, and smoke alarms can make your home a safer environment. In addition, insurance providers offer discounts for homes featuring these items. In fact, you could save 10% or more on your premium. Take note of the types of safety devices in the homes you are comparing so you can get accurate discounts figured into your insurance rates.

You likely won't make a decision on a house because of insurance factors alone. But it's best to have an idea of where you stand as you consider your options. Start by checking out average home insurance rates in your state. Then work with an agent you can trust to compare quotes on various properties. An educated search can help you find the home of your dreams and home insurance premiums that won't break the bank.

Happy Veteran's Day!!

Asking Prices Slowing Down

Asking Prices Slowing Down, But Rise Year Over Year
In October, asking prices for homes listed for sale increased 0.6 percent month-over-month, the second-slowest monthly gain in seven months, according to Trulia’s latest Price Monitor report. This continued slowdown in asking prices is largely due to expanding inventory, rising mortgage rates, and declining investor activity. Asking prices could potentially slow further if consumer confidence suffers from the ongoing budget uncertainty and future shutdown and debt-default worries. Nevertheless, the monthly, quarterly, and yearly gains are all still high compared with historical norms. In fact, asking prices rose 11.7 percent year-over-year – the highest increase since the housing bubble burst.

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Buyer Optimism is Way Up!!

Higher interest rates, economic uncertainty cool California home sales and prices in September

LOS ANGELES (Oct. 17,2013) – California home sales declined for the second straight month in September, following rising interest rates and economic uncertainty, which put the demand for housing on hold for buyers.  Meanwhile, housing supply conditions continued to loosen up as the housing market entered its off season, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.

“It’s encouraging that housing inventory has been steadily improving since May, when housing supply hit its recent bottom,” said C.A.R. President Don Faught.  “While inventory remains constrained in the lower-priced home segment and primary home buyers continue to compete with investors, the number of properties for sale overall has been rising since March 2013 and is at its highest level since mid-2012.”

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 412,880 units in September, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in September were down 5.1 percent from a revised 434,910 in August and down 2.6 percent from a revised 424,000 in September 2012.  The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the September pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.

The median home price declined in September for the first time since February but was still higher on a year-to-year basis.  The statewide median price of an existing, single-family detached home was down 2.8 percent from August’s median price of $441,330 to $428,810 in September.  September’s price was 24.4 percent higher than the revised $344,760 recorded in September 2012, marking the 15th straight month of double-digit annual gains.  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.

“The debate leading up to the expected tapering of the Fed’s stimulus program caused interest rates to rise over the past several months and might have put some of the housing demand on hold,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “While interest rates have decreased since the Fed’s decision last month to postpone the pullback, the government shutdown and debt ceiling discussions over the past two weeks are likely to have an adverse effect on October home sales.”

Other key facts of C.A.R.’s September 2013 resale housing report include:

• The available supply of existing, single-family detached homes for sale rose in September to 3.6 months, up from August’s Unsold Inventory Index of 3.1 months. The index was 3.7 months in September 2012.  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 also increased to 29.6 days in September from 28.8 days in August, but was down from a revised 39.2 days in September 2012.

• Mortgage rates have been on the rise for the past five months, with the 30-year, fixed-mortgage interest rate averaging 4.49 percent, up from 4.46 percent in August 2013 and up from 3.47 percent in September 2012, according to Freddie Mac.  Adjustable-mortgage interest rates in September averaged 2.67 percent, up from 2.65 in August and up from 2.60 percent in September 2012.

Charts:

• Unsold Inventory by price range.
• Change in sales by price range.
• Share of sales by price range.

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 may exhibit unusual fluctuation. The change in median prices should not be construed as actual price changes in specific homes.

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 more than 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

# # #


September 2013 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

September-13 Median Sold Price of Existing Single-Family Homes Sales
State/Region/County Sep-13 Aug-13 Sep-12 MTM% Chg YTY% Chg MTM% Chg YTY% Chg
CA SFH (SAAR) $428,810 $441,330 $344,760 r -2.8% 24.4% -5.1% -2.6%
CA Condo/Townhomes $344,210 $343,400 $264,800 r 0.2% 30.0% -14.7% 13.4%
Los Angeles Metro Area $390,800 $394,550 $318,470 -1.0% 22.7% -13.5% -0.8%
Inland Empire $252,100 $245,330 $198,270 2.8% 27.1% -15.4% -1.7%
S.F. Bay Area $687,260 $704,830 $554,450 -2.5% 24.0% -15.9% 3.6%
S.F. Bay Area
Alameda $640,340 $654,060 $491,670 -2.1% 30.2% -20.8% 11.8%
Contra-Costa (Cty.) $770,450 $808,560 $655,340 -4.7% 17.6% -15.2% 4.8%
Marin $893,140 $987,740 $769,230 -9.6% 16.1% -14.7% 10.7%
Napa $477,270 $565,970 $381,670 -15.7% 25.0% -8.5% -1.8%
San Francisco $858,330 $871,480 $678,080 -1.5% 26.6% -15.6% 12.9%
San Mateo $908,000 $980,000 $779,000 -7.3% 16.6% -18.5% 4.9%
Santa Clara $778,000 $805,000 $650,000 -3.4% 19.7% -10.9% 3.9%
Solano $286,220 $295,890 $196,980 -3.3% 45.3% -16.8% -12.5%
Sonoma $455,850 $453,790 $368,590 0.5% 23.7% -19.9% -2.3%
Southern California
Los Angeles $459,020 $444,950 $373,020 3.2% 23.1% -10.2% 1.3%
Orange County $672,680 $664,580 $561,830 1.2% 19.7% -15.9% -1.6%
Riverside County $293,560 $290,030 $228,900 1.2% 28.2% -12.8% -5.6%
San Bernardino $185,860 $183,240 $150,090 1.4% 23.8% -19.2% 5.4%
San Diego $490,130 $482,470 $404,880 1.6% 21.1% -20.5% -6.2%
Ventura $550,000 $555,560 $432,790 -1.0% 27.1% -15.9% -6.1%
Central Coast
Monterey $422,500 $407,000 $330,000 3.8% 28.0% -1.8% -1.8%
San Luis Obispo $495,350 $477,420 $424,390 3.8% 16.7% -19.9% -4.2%
Santa Barbara $692,930 $625,000 $415,380 r 10.9% 66.8% -8.1% 18.2%
Santa Cruz $639,500 $629,000 $560,000 1.7% 14.2% -17.1% -13.6%
Central Valley
Fresno $185,830 $184,000 $159,130 1.0% 16.8% -13.0% 0.3%
Glenn $134,000 $135,000 $163,330 -0.7% -18.0% 16.7% 31.3%
Kern (Bakersfield) $195,000 $199,400 r $150,000 -2.2% 30.0% -6.1% 3.2%
Kings County $168,460 $184,000 $156,670 -8.4% 7.5% -3.5% 25.8%
Madera $190,000 $170,000 $120,000 11.8% 58.3% -40.5% -26.7%
Merced $178,570 $155,880 $138,570 14.6% 28.9% -11.2% -3.1%
Placer County $365,290 $361,830 $308,590 1.0% 18.4% -8.2% 1.6%
Sacramento $255,390 $257,660 $180,830 -0.9% 41.2% -12.6% -4.5%
San Benito $428,950 $387,000 $311,000 10.8% 37.9% -24.0% -22.4%
San Joaquin $242,370 $231,390 $179,780 4.7% 34.8% -4.6% 1.0%
Stanislaus $194,890 $203,120 $151,500 -4.1% 28.6% -15.7% -2.4%
Tulare $163,500 $158,460 $137,060 r 3.2% 19.3% -4.7% -12.3%
Other Counties in California
Amador $252,780 $211,110 r $196,670 19.7% 28.5% -13.5% -10.0%
Butte County $250,000 $281,820 $207,140 -11.3% 20.7% -24.2% -6.0%
Calaveras $215,500 $220,000 NA -2.0% NA -16.5% NA
Del Norte $136,500 $100,000 NA 36.5% NA 33.3% NA
El Dorado County $334,900 $355,840 $279,170 -5.9% 20.0% -20.3% -12.4%
Humboldt $251,090 $247,220 $223,610 1.6% 12.3% 5.3% 33.7%
Lake County $150,000 $153,330 $146,670 -2.2% 2.3% -20.5% 0.0%
Tuolumne $207,690 $215,280 $155,710 -3.5% 33.4% -6.8% 4.6%
Mendocino $285,710 $276,670 $211,360 3.3% 35.2% -50.0% -27.7%
Shasta $190,500 $203,650 $166,670 -6.5% 14.3% -30.0% -8.8%
Siskiyou County $155,000 $140,000 $140,000 10.7% 10.7% -4.3% 46.7%
Sutter $204,700 $202,000 NA 1.3% NA -1.3% NA
Tehama $150,000 $146,670 $127,500 2.3% 17.6% -20.6% -22.9%
Yolo $331,030 $320,310 $238,890 3.3% 38.6% -27.7% -17.6%
Yuba $170,000 $186,000 NA -8.6% NA -11.5% NA
r = revised
NA = not available

September 2013 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)

September-13 Unsold Inventory Index Median Time on Market
State/Region/County Sep-13 Aug-13 Sep-12 Sep-13 ##### Sep-12
CA SFH (SAAR) 3.6 3.1 3.7 29.6 28.8 39.2 r
CA Condo/Townhomes 3.1 2.6 3.6 29.7 28.3 46.7
Los Angeles Metro Area 3.6 3.1 3.8 37.4 36.7 47.2
Inland Empire 3.7 3.1 3.8 31.8 34.3 45.3
S.F. Bay Area 2.8 2.4 3.2 37.4 35.9 40.4
S.F. Bay Area
Alameda 2.6 2.1 2.6 49.2 48.7 59.2
Contra-Costa (Central Cty.) 2.5 2.3 2.4 49.2 49.3 63.6
Marin 3.8 3.0 4.7 43.2 40.6 51.6
Napa 5.0 2.0 5.7 53.1 57.3 67.6
San Francisco 3.4 2.8 4.3 23.7 25.4 29.4
San Mateo 2.6 2.1 3.0 20.1 19.7 21.0
Santa Clara 2.1 2.1 2.3 20.1 19.0 20.8
Solano 3.1 2.7 3.7 35.4 32.1 55.5
Sonoma 3.6 2.9 4.3 48.2 46.8 61.5
Southern California
Los Angeles 3.4 2.9 3.7 33.0 31.1 42.8
Orange County 3.8 3.3 4.1 51.0 46.3 56.1
Riverside County 3.8 3.2 3.6 32.2 36.6 46.3
San Bernardino 3.6 3.0 4.1 31.2 29.8 43.7
San Diego 4.2 3.4 4.3 25.5 24.4 40.0
Ventura 3.7 3.2 4.3 45.6 46.9 55.4
Central Coast
Monterey 4.0 4.0 4.2 26.6 23.5 28.2
San Luis Obispo 5.4 4.4 5.1 29.0 26.7 51.8
Santa Barbara 3.6 3.5 5.1 37.2 38.3 55.0
Santa Cruz 3.8 3.2 3.1 22.8 24.8 34.6
Central Valley
Fresno 4.4 3.7 4.7 25.0 23.1 26.8
Glenn 4.5 4.7 3.8 45.5 40.7 31.0
Kern (Bakersfield) 2.7 2.6 3.9 r 15.0 16.0 23.0
Kings County 3.0 2.9 4.1 37.2 50.3 37.2
Madera 5.0 2.4 3.5 27.6 25.4 43.9
Merced 3.2 2.9 3.4 21.9 24.2 27.8
Placer County 3.2 3.1 2.8 22.1 20.8 26.5
Sacramento 3.0 2.7 2.4 20.4 19.7 24.1
San Benito 3.4 2.8 3.0 19.4 22.3 23.9
San Joaquin 2.8 2.8 2.9 19.5 19.5 23.1
Stanislaus 2.7 2.4 2.6 20.1 19.6 24.4
Tulare 4.2 4.1 4.0 24.1 23.3 25.2 r
Other Counties in California
Amador 4.4 3.9 r 5.6 43.1 53.8 r 82.8
Butte County 5.5 4.2 4.6 37.2 25.6 41.2
Calaveras 6.0 5.2 NA 64.0 53.0 NA
Del Norte 8.8 13.1 NA 96.0 107.0 NA
El Dorado County 4.9 4.1 3.8 r 34.2 36.2 48.1
Humboldt 5.1 5.3 6.3 32.9 27.9 64.6
Lake County 5.7 4.9 6.7 74.2 91.0 64.2
Tuolumne 6.5 6.3 6.7 51.1 57.8 58.9
Mendocino 10.8 5.6 7.6 85.9 87.1 93.4
Shasta 5.7 4.1 4.7 38.4 28.0 37.8
Siskiyou County 8.9 9.1 13.2 57.6 71.2 61.0
Sutter 2.7 2.4 NA 14.0 11.0 NA
Tehama 7.6 6.3 6.9 36.4 41.4 52.8
Yolo 3.6 2.7 2.7 21.0 18.8 32.3
Yuba 2.9 2.6 NA 16.0 10.5 NA
r = revised
NA = not available