Monthly sales figures from the California Association of Realtors® (C.A.R.) confirm indications from DataQuick data posted earlier today that the real estate market in American's most populous state have slowed.  C.A.R. data however shows continued growth in 'Attached' (condo and townhome) home sales with the slippage limited to single-family homes. 

C.A.R. reports that sales of single-family detached homes in the state were at a seasonally adjusted annual rate of 434,700 units in August.  This was a decline of 2 percent from a revised 443,500 pace in July and 1.9 percent below the 443,030 reported in August 2012.   Sales of condos and townhouses in contrast were 8 percent above the rate of sales in August 2012 and are five percent higher for the year to date than they were at the same time last year.  The decline in sales occurred across all price ranges but was slightly sharper at the upper ranges.

 

 

DataQuick numbers are not easily compared to those of C.A.R as the former reports actual monthly sales numbers rather than an annualized rate and does not break out sales by property type.  DataQuick reported a month-over-month decrease in sales of 1.9 percent and an annual increase of 3.1 percent. 

While DataQuick shows a slight dip in home prices from July C.A.R. reports a continuing upward trend.  C.A.R. says the median price in August was $441,330 compared to $433,910 in July, an increase of 1.7 percent and the highest price recorded since December 2007.  This represents an increase of 28.4 percent from the median price in August, 2012, the 18th month of annual prices increases and the 14th straight month those increases have been in double digits.  By contrast DataQuick put the median price at $361,000, down 0.6 percent from July and 28.5 percent higher than a year earlier. 

The available supply of existing, single-family detached homes increased from 2.9 months in July to 3.1 months, about the same as a year earlier.  A six- to- seven-month supply is considered typical in a normal market.  It took a median of 28.8 days to sell a home in August compared to 27.8 days in July.  Median marketing time in August 2012 was 41.1 days.

 "Housing inventory levels are improving, especially in homes priced below $750,000.  Indeed, the number of active listings across all price ranges has been rising on a month-to-month basis for the last six months and has reached the highest level since mid-2012," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  "As housing supply loosens up with the seasonal slowdown, annual home price increases are expected to taper as we've observed in the last two months."