In California the number of houses for Sale has been increasing but so are home Sales so for example 94% of California's Counties have more houses for sale Compared to one year ago but given this Increase plus a dip in mortgage rates That has contributed to a rise in home Sales this July by the way this is part Two of my two-part video series I make Each and every month for you guys if you Missed my previous video I talked about What's happening at this Statewide level Regarding home prices having hous Inventory and um home sales as well and A lot of other factors as well so if you Missed my previous video take a look at That I posted that about one week ago But I also have a playlist on my YouTube Channel so take a look at that as well I Have a a lot of videos I've been making Over the years regarding what's Happening in the California housing Market and by the way if you guys are Interested in buying or selling a house In the greater secend area where I live And work as a real agent please email me At Jasonjason walter.com Or check out my website which is real Estate TEF finder.com uh you can go There as well if you want if you want to Get linked up with an agent outside my Territory as well so I have a lot to Share in today's video thank you very
Much for joining me in today's video Let's begin so very quickly here let's Have a look at what's happening at the Statewide level uh and then we'll talk About what's happening at the county and Also the regions as well so existing Home sales uh which by the way today's Video is only looking at existing single Family houses exclus ining condos and of Course excluding brand new home Construction uh this is from the uh Month of July from the California Associate rers so sales increased by 4.1% uh this July compared to 12 months Ago the median sale price just under 887 Th000 an increase of 6.5% uh one year ago we were at $833,000 Uh coming off the um from the all-time Record highs of around 98,000 That was set two months ago uh the month Supply is at 2.9 months days in the Market's at 20 days that's a time frame When you list your home for sale until You accept an offer from home buyer That's at 20 days uh one year ago dayson Market was at 16 days so houses taking About only 4 days longer to sell from 12 Months ago all right let's have a look At the five major regions let's first Talk about SoCal um home sales increase By a a big amount 11.4% year-over-year And home prices based on the median sale Price that increased by 6.1% uh the month supply jent Market is
On par with a Statewide average as well As the sale price to list price ratio at 100% which means out of all the houses That did sell um for the month of July They sold for the sellers asking price That's at ratio at 100% now every region Is different though right take a look at This The Central Coast sales increased by 5.8% but home prices increase by 88.0% that's the biggest year- of Increase amongst the five major regions Here in California uh the month supply Decent market and also this ratio is on Par with the Statewide averages in the Central Valley which barely incompasses Sacramento um sales increase by 10.3% One of the biggest increases in sales uh For these regions and also home prices Increase by 2.2% and also these metrics are also the Same across the board now here's where It gets a little bit interesting here The San Francisco Bay Area up by 19.2% in home sales from 12 months ago That's the biggest year your gain Amongst these five major regions prices Uh Rose by 3.6% these other metrics tend to be a Little bit uh more competitive Compared to other markets so for example The months Supply only at two months Compared to the Statewide average at What was it 2.9 months yeah 2.9 months J
The market was also faster as well at 17 Days compared to the 20 days uh for the Statewide average and also houses on Average selling about 1% points higher Compared to the asking price a little Bit higher compared to the average at 100% also something that caught my Attention as well is that the amidan S Price $1.3 million this July compared to Only 500,000 in the Central Valley I Mean we've helped a lot of people move From uh the Bay Area to San Francisco or To Sacramento uh due to um the more Affordable conditions especially Compared to these um high home prices in The Bay Area uh in the far north that Was the only region that posted a Decrease in sales uh from 12 months ago Down by 0.5% Prices rose by 3.1% um also these other metrics tend to Be a little bit softer compared to other Areas as well uh de in the market and Also these ratio this ratio is actually A little bit um softer compared to Especially the Bara all right talking About home sales for the state as a Whole that increased by 4.1% like I Mentioned but a big increase up by 3.6% compared to June uh sales jumped to The highest level since February this Year now it's great to see that sales Rose by 3.6% but providing some context Here just eyeballing this right here uh
The level of home sales right now is Basically on par with what we saw back In 2008 so low level in in home sales uh Historically speaking even though They're up from one year ago and also 12 Months ago as well one more thing I want To mention regarding this regarding What's happening at the countywide level It's pretty remarkable here that uh car States here that 40 of the 53 counties That they actually track recorded sales Increasing from one year ago with sales In 25 of those jumping by more than 10% Therefore 75% of counties reported sales Gains compared to one year ago in my Opinion this is due to a dip in mortgage Rates that we saw back in June and also In May on top of that a big increase in The amount of houses for sale which Together is probably contrib to this Rise of home sales this July the California Association rors also breaks Us down by sales by region so Interesting here that SoCal represented 43% of all home sales this July which Basically is a combination of the Central Valley plus the Bay Area so the Vast majority of sales occurring in SoCal in contrast the far north only had About 3% of all home sales and the Central Coast only at 4% so the main Driver of the Statewide averages is of Course the Central Valley the Bay Area And SoCal all right moving on let's talk
About home prices in the state of California again we're at uh just under 887 th000 that's down 1.6% month to Month and also up by 6.5% year-over-year That by the way is much greater compared To the gain we saw one year ago so for Example from July of 2022 through July Of 2023 Uh prices only increased by 2% this year It Rose by 6.5% this also marks the 13th Consecutive month of year- ofe gains After eight consecutive months of Decreases on a year- ofe basis in Regards to the Medan sale price at $887,000 more or less that's down from The record high of 98,000 that was set Two months ago um also I expect that Prices to basically decrease forther Remainder of the year due to seasonality Effects of our housing market the Housing market tends to cool off Especially during the winter months so It' be entirely normal to see prices Decrease in the last half of the year You basically can see that uh look at 2013 it peaked in the winter or summer Months same goes for 14 15 16 17 18 Etc Um home prices increasing greatly in the Spring home Bine season and then taper Run off for the remain of the Year also Take a look at this here's the share of Houses that sold above the sell's asking Price this July that was at
43.6% so approximately 44% of houses That did sell um sold above the sellers List price this is lower compared to one Year ago when we were at 50.3% to provide some context look at This there was only six of the 53 Counties that are tracked by car in Which houses are selling over asking on Average all six of those counties with The exception of Los Angeles County are Located in the San franisco Bay Area so You know an easy way to look at this uh Graph here is this dotted line is 50% so All the bars above this line means that Houses on average are selling over the Sell's asking price any County below This line means that houses are selling Less than the sell's list price on Average so for example in San Francisco Santa Clara Al Sano Los Angeles and Contra Casa County those are all Counties in which houses are selling Over asking um on average so for example In San Francisco approximately 70% of All houses that sold sold above asking In start contrast look at when was this Del Norte only about 5% are selling over Asking right now in Sacramento County Where I live and work as a real estate Agent um servicing the greater Sacrament Area um we're at approximately 40% so This means that approximately 60% um This July sold um at or below the Seller's asking price in regards to
Housing inventory let's talk about that Because the Statewide average a big Increase of inventory up by 39.3% again we're seeing a rise of home Sales but also big increase of housing Inventory and of course a dip in rates Which which is all contributing to the Rise in sales if that makes sense so uh Inventory uh increased by 39.3% uh increasing to the highest level Since January of 2023 one of the reasons why inventory is Increasing is due to this right here We're seeing more houses being listed For sale in St contrast back in 2022 and 23 we saw a big decrease in the number Of houses being listed for sale but this July it increased by 19.5% approximately 21,000 new listings Hit the market this July quite a bit Higher compared to the nearly 18,000 we Saw back in July of 2023 having said that though even though We're up compared to one year ago we're Still down greatly compared to pre-co Levels down by about 27% from July of 2019 back then over 29,000 new listings hit the market in July that year here's a really good Snapshot looking at these five major Regions and how they fare regarding Housing Supply from one year ago so the Orange bar is the amount of houses for Sale this year the blue bar is what
Happened last year uh the biggest uh Increase I saw here is SoCal one year Ago uh just over 11,000 homes for sale Now there's over 16,000 not a big Difference compared to the far north not A big increase same goes for the Central Coast but big increases in SoCal and Also in the Central Valley as well in Addition active listings or housing Supply has increased compared to one Year ago for all five major regions and This is a fantastic um chart they put Together for us because it really shows The imbalance between Supply and also Demand demand of course is sales and the Supply side of course is active listings Or house inventory the amount of houses For sale and so what do you guys see I See a giant increase of active listings Yet a small gain of closed home sales so Active listings increasing at a much Faster clip compared to sales so for Example in uh the Bay Area active Listings Rose by 39% but sales only Increased by 19% soccal 11% gain in sales but active Listings up by 43% etc etc we're seeing a big increase Of housing Supply sales at relatively Low levels so big picture inventory is Rising faster compared to close home Sales for all these regions um in my Opinion this is due to three main Factors number one houses taking longer
To sell as houses are taking longer to Sell more new listings hit the market That all contributes to the rise of Inventory levels number two the increase In the number of houses for sale new Listings and number three sales are Still remaining very much sluggish Despite the rise this July they still Remain on par with 2008 levels therefore We're basically on par with the level of Home sales we saw during the Great Recession let's take a deep dive Regarding um housing supply for these 53 Counties tracked by car and this is Absolutely astounding here because it Says housing Supply increase in all but Three Counties this means that 50 of the 50 Three Counties that are tracked by Car reported gains of inventory compared To 12 months ago therefore there's more Homes for sale this July than the Previous year in 94% of California's counties in fact There's only three counties again that Are down those counties are San Francisco down by 18% Glenn County also Down by about 18% and then Trinity County Down by about 5% in start Contrast look at the left here yba County is up by uh nearly 80% same goes For calaris and Almeida County up Greatly as well as sanen up by nearly 75% Sacramento has now posted the fifth Biggest increase of housing Supply up by
About 60% year-over a year all right Let's change gears slightly here and Talk about how each of the counties Fair Regarding prices and sales in regards to Home prices take a look at this prices Based on the median sale price in 35 Counties in California Rose from one Year ago this means that 66% of California's counties reported a Gain in home prices compared to 12 Months ago in regards to home sales 75% Of California's Counties have reported Gains compared to one year ago again I I'm I'm guessing that's due to the dip In rates but also due to this increase Of inventory levels as well well giving More options for home buyers out there Who can start negotiating right so for The state as a whole Prices rose by 6.5% Sales increased by 4.1% um also in the Los Angeles metro uh They saw a big increase in prices there Up by 7.5% the central coast up by 8% and SoCal up by 6% uh in regards to sales Compared to one year ago sales increase In all five major regions except for the Far north decreasing by .5% all right let's have a look at the San Francisco Bay Area look at these Prices Sano $2.1 million that's an Increase of 5.8% year-over-year and Sales Rose by 18% but look at San Francisco sales increased by
35% and Prices rose by 9.6% this is quite the turnaround Compared to when was this um The middle or the end of 2022 uh San Francisco was one of the Areas that were experiencing the biggest Slowdowns across the state and now They're experiencing the biggest runup In sales across the state so what a turn Around in San Francisco I mean 99.6% it was at 1.46 million one year Ago now it's at$ 1.6 million absolutely Crazy Napa also saw a big increase as Well uh the meting so price up by 13.5% Santa Clara also saw a big Increase in sales up by 30% and Sonoma Saw a big gain up by 24.5% let's also have a look at SoCal so Los Angeles uh prices increased by 6.7% uh yet in Imperial County they saw A decrease of 6% the only area or only County in SoCal here that decreased all Other counties increase in the range of About 5 to around 7% in fact the most Expensive County in SoCal Orange County At 1.39 million that's an increase of 6.9% year-over-year and sales surge by 12.4% moving on let's talk about the Central Coast monre absolutely love Monre I was there for car week this year Uh if you guys want to see um you know a Crazy amount of hyper cars and supercars Bugattis pagis kig zegs Etc Check out monre car week absolutely
Insane it makes you uh think how poor You are compared to other people flying In their jets with their cars on their Jets taking their car off their jet Driving around carel and then flying Home after the week absolutely insane The level of wealth you see there during Car week is just absolutely mind-blowing Anyways I'm going off on tangent but Monre absolutely love hre their prices Decrease actually by 4% but in s Louis Abiso they saw a gain of 20.3% by the way these figures are Doesn't mean that you're if you own a House in these areas that prices Increase by 20% this is only based on Closed home sales for the month of July Compared to July of 2023 we're talking About median numbers here right anyways Santa Barbara uh the stats tend to vary Greatly uh by the month depending on um Sales in that region in Santa Cruz uh Prices rose by 4.2 and sales increased By 5.6% all right let's talk about the Central Valley in Sacramento we were at 560,000 one year ago 547 th000 uh that's An increase of 2.4% and sales Rose by nearly 15% in Pler which encompasses part of the Greater Sacramento Area Sales Rose by 8.3 and prices barely squeaked out a Gain up by 1.5% % there's also a lot of Other counties uh in this table so I'll
Just scroll here feel free to pause and Screenshot because I not going to go Over all these counties otherwise this Video would be 13 hours long and this Video is already about uh 20 minutes Long so I appreciate you guys watching Today's video again if you guys want a Real estate agent referral uh then check Out my website which is real estate TEF Finder.com or email me at Jason mejon Walter.com I appreciate you guys so much For watching today's video please like And subscribe have an amazing aming day And look forward to seeing you on the Next video [Music] [Music]
