CALIFORNIAHOUSING MARKETUPDATE

Monthly Sales and Price Statistics

September 2015

SALES OF EXISTING DETACHED HOMES

California, Sep 2015 Sales: 425,030 Units, +7.3%YTD, +6.9%YTY

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Jan

-05

Jul-

05

Jan

-06

Jul-

06

Jan

-07

Jul-

07

Jan

-08

Jul-

08

Jan

-09

Jul-

09

Jan

-10

Jul-

10

Jan

-11

Jul-

11

Jan

-12

Jul-

12

Jan

-13

Jul-

13

Jan

-14

Jul-

14

Jan

-15

Jul-

15

*Sales are seasonally adjusted and annualizedSERIES: Sales of Existing Single Family HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Sep-15:425,030

Sep-14:397,490

CALIFORNIA SALES

SERIES: Sales of Existing Single Family Homes, Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

Jan

-10

Ap

r-10

Jul-

10

Oct

-10

Jan

-11

Ap

r-11

Jul-

11

Oct

-11

Jan

-12

Ap

r-12

Jul-

12

Oct

-12

Jan

-13

Ap

r-13

Jul-

13

Oct

-13

Jan

-14

Ap

r-14

Jul-

14

Oct

-14

Jan

-15

Ap

r-15

Jul-

15

Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)

First sign of levelingoff since early 2014

CHANGE IN SALES BY PRICE RANGE

(Year-to-Year)

-11.4%

9.3% 9.0%

16.5%

13.9%17.2%

13.3%10.7%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Sep-15

SERIES: Sales of Existing Detached HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

SALES SHARE BY PRICE RANGE

14%

18%16%

13%

19%

9% 8%

3%

11%

18%16%

14%

20%

10% 9%

3%

0%

10%

20%

30%

Sep-14 Sep-15

SERIES: Sales of Existing Detached HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

BAY AREA SALES (EXISTING SFH)

SERIES: Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Jan

-10

Ap

r-10

Jul-

10

Oct

-10

Jan

-11

Ap

r-11

Jul-

11

Oct

-11

Jan

-12

Ap

r-12

Jul-

12

Oct

-12

Jan

-13

Ap

r-13

Jul-

13

Oct

-13

Jan

-14

Ap

r-14

Jul-

14

Oct

-14

Jan

-15

Ap

r-15

Jul-

15

Bay Area 6 per. Mov. Avg. (Bay Area)

CENTRAL VALLEY SALES (EXISTING SFH)

SERIES: Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Jan

-10

Ap

r-10

Jul-

10

Oct

-10

Jan

-11

Ap

r-11

Jul-

11

Oct

-11

Jan

-12

Ap

r-12

Jul-

12

Oct

-12

Jan

-13

Ap

r-13

Jul-

13

Oct

-13

Jan

-14

Ap

r-14

Jul-

14

Oct

-14

Jan

-15

Ap

r-15

Jul-

15

Central Valley 6 per. Mov. Avg. (Central Valley)

SOUTHERN CALIFORNIA (EXISTING SFH)

SERIES: Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Jan

-10

Ap

r-10

Jul-

10

Oct

-10

Jan

-11

Ap

r-11

Jul-

11

Oct

-11

Jan

-12

Ap

r-12

Jul-

12

Oct

-12

Jan

-13

Ap

r-13

Jul-

13

Oct

-13

Jan

-14

Ap

r-14

Jul-

14

Oct

-14

Jan

-15

Ap

r-15

Jul-

15

So CA 6 per. Mov. Avg. (So CA)

MEDIAN PRICE OF EXISTING DETACHED HOMES

California, Sep 2015: $482,150, -2.3% MTM, +4.3%YTY

$-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

Jan

-05

Jul-

05

Jan

-06

Jul-

06

Jan

-07

Jul-

07

Jan

-08

Jul-

08

Jan

-09

Jul-

09

Jan

-10

Jul-

10

Jan

-11

Jul-

11

Jan

-12

Jul-

12

Jan

-13

Jul-

13

Jan

-14

Jul-

14

Jan

-15

Jul-

15

P: May-07$594,530

T: Feb-09$245,230-59% frompeak

SERIES: Median Price of Existing Single Family HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Sep-15:$482,150

Sep-14:$462,380

CA MEDIAN PRICE (EXISTING SFH)

SERIES: Median Price, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

-15%

-10%

-5%

0%

5%

10%

15%

Jan

-05

Jun

-05

No

v-0

5

Ap

r-0

6

Sep

-06

Feb

-07

Jul-

07

Dec

-07

May

-08

Oct

-08

Mar

-09

Au

g-0

9

Jan

-10

Jun

-10

No

v-10

Ap

r-11

Sep

-11

Feb

-12

Jul-

12

Dec

-12

May

-13

Oct

-13

Mar

-14

Au

g-1

4

Jan

-15

Jun

-15

Month-to-Month % Chg

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

Jan

-05

Jul-

05

Jan

-06

Jul-

06

Jan

-07

Jul-

07

Jan

-08

Jul-

08

Jan

-09

Jul-

09

Jan

-10

Jul-

10

Jan

-11

Jul-

11

Jan

-12

Jul-

12

Jan

-13

Jul-

13

Jan

-14

Jul-

14

Jan

-15

Jul-

15

Condo Single-Family Homes

HOME PRICE APPRECIATIONS HAVEMODERATED SINCE MID 2013

SERIES: Sales of SFH and Condo UnitsSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

YTY% Chg. in Price

INVENTORY DROPPED SIGNIFICANTLYIN THE BAY AREA SINCE 2009

BUT REMAINED TIGHT

Note: “Unsold Inventory Index” represents the number of months it would take to sell the remaining inventory for the month in question. Theremaining inventory for the month is defined as the number of properties that were “Active”, “Pending”, and “Contingent” (when available) anddivide the sum by the number of “Sold” properties for the month in question.

2.5

3.6

3.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15

Bay Area Central Valley So CA

SERIES: Unsold Inventory Index of Existing Single Family HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

INVENTORY CONTINUED TODECLINE FROM LASTYEAR

Sep 2014: 4.2 Months; Sep 2015: 3.7 Months

Note: “Unsold Inventory Index” represents the number of months it would take to sell the remaining inventory for the month in question. Theremaining inventory for the month is defined as the number of properties that were “Active”, “Pending”, and “Contingent” (when available) anddivide the sum by the number of “Sold” properties for the month in question.

0

2

4

6

8

10

12

14

16

18

Jan

-05

Jul-

05

Jan

-…

Jul-

06

Jan

-07

Jul-

07

Jan

-…

Jul-

08

Jan

-…

Jul-

09

Jan

-10

Jul-

10

Jan

-11

Jul-

11

Jan

-12

Jul-

12

Jan

-13

Jul-

13

Jan

-14

Jul-

14

Jan

-15

Jul-

15

SERIES: Unsold Inventory Index of Existing Single Family HomesSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

PRICE PER SQUARE FOOT

Sep 2015: $236, Up 0.3% MTM, Up 2.5%YTY

$0

$50

$100

$150

$200

$250

$300

$350

$400

Jan

-07

Ap

r-0

7Ju

l-0

7O

ct-0

7Ja

n-0

8A

pr-

08

Jul-

08

Oct

-08

Jan

-09

Ap

r-0

9Ju

l-0

9O

ct-0

9Ja

n-1

0A

pr-

10Ju

l-10

Oct

-10

Jan

-11

Ap

r-11

Jul-

11O

ct-1

1Ja

n-1

2A

pr-

12Ju

l-12

Oct

-12

Jan

-13

Ap

r-13

Jul-

13O

ct-1

3Ja

n-1

4A

pr-

14Ju

l-14

Oct

-14

Jan

-15

Ap

r-15

Jul-

15

PRICE PER SQ. FT.

SERIES: Median Price Per Square FeetSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

SALES-TO-LIST RATIO

Sep 2015: 98.5%, Down 0.2% MTM, Up 0.5%YTY

98.5%

86%

88%

90%

92%

94%

96%

98%

100%

102%

Jan

-07

Ap

r-0

7Ju

l-0

7O

ct-0

7Ja

n-0

8A

pr-

08

Jul-

08

Oct

-08

Jan

-09

Ap

r-0

9Ju

l-0

9O

ct-0

9Ja

n-1

0A

pr-

10Ju

l-10

Oct

-10

Jan

-11

Ap

r-11

Jul-

11O

ct-1

1Ja

n-1

2A

pr-

12Ju

l-12

Oct

-12

Jan

-13

Ap

r-13

Jul-

13O

ct-1

3Ja

n-1

4A

pr-

14Ju

l-14

Oct

-14

Jan

-15

Ap

r-15

Jul-

15

Sales-to-List Price Ratio

SERIES: Sales-to-List RatioSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

DEMAND OUTPACING SUPPLY

0%

10%

13%

-6%-7%

-4%

-10%

0%

10%

20%

San Francisco Bay Area Southern California Central Valley

Sales Active ListingsYear-to-Year % Chg

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Sep 2015