California home prices and sales are up slightly in the past year, but there are some spooky extremes across the state.
The California Association of Realtors’ September sales report tells us the statewide median selling price was up 3% to $868,150 in the year. Buying activity also quickened 5% over the 12 months.
During the year, the number of homes on the market expanded. House hunters choices grew to a 3.6-month supply from 2.8 months in September 2023, based on comparing homes on the market with the sales pace. That boosted selling times, as the typical home was for sale for 24 days vs. 18 a year earlier.
But this seemingly relatively stable market portrait gets murky when pondering the homebuying differences between the state’s two biggest markets.
In Southern California, prices rose 4% to $850,000 as sales increased 1% over the 12 months. Supply grew to 3.6 months vs. 2.8 while selling time slowed – 24 days on market vs. 20.
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Meanwhile, Bay Area prices dipped 3% to $1,266,250 as sales rose 5% over the 12 months. Supply increased to 2.8 months vs. 2.3 as selling time increased by six days to 20.
Next, contemplate the extremes of the 53 California counties tracked by the report …
Price chasms
The “big city” prices are nerve-wracking, especially when contrasted with the far more affordable remote parts of the state …
Highest prices: San Mateo at a $2.1 million median, then Santa Clara at $1.93 million, Marin at $1.75 million, San Francisco at $1.62 million, and Orange at $1.4 million.
Lowest prices: Trinity at $247,500 median, then Lassen at $265,000, Siskiyou at $290,000, Tehama at $320,000, and Mariposa at $322,500.
The icy markets
Here are California’s cheaper, weaker, slower counties for homebuying …
Biggest price dips: Mariposa, off 25% in a year, Trinity, off 23%, Tuolumne, off 15%, Mono, off 13%, and Siskiyou, off 11%.
Biggest sales dips: Mono, off 50% in a year, then Sutter, off 24%, Merced, off 23%, Calaveras, off 22%, and Glenn, off 18%.
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Fattest supplies: Mariposa at 10.5 months of inventory at current sales pace, Trinity at 10.2, Lake at 9.8, Mendocino at 9, and Calaveras at 8.
Slowest sellers: Glenn and Tehama at 84 days on market, Mendocino at 77, Trinity at 74, and Napa at 72.
Warmer markets
It’s not all dark trends. Here’s where homebuying got stronger and quicker – and costlier …
Biggest price gains: Lassen, up 46% in a year, Lake, up 29%, Mendocino, up 17%, Glenn, up 16%, and San Benito, up 13%.
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Biggest sales gains: Lassen, up 79% in a year, Siskiyou, up 75%, Mariposa, up 50%, Del Norte, up 46%, and Imperial, up 41%.
Tightest supplies: Imperial at 1.9 months of inventory at current sales pace, Santa Clara and Kings at 2.2, San Mateo at 2.2, and Alameda at 2.7.
Fastest sellers: Santa Clara at 10 days on market, San Mateo at 12, Alameda at 14, Imperial at 16, and Monterey at 18.
Scary lack of affordability
Here are the counties which were the financially most challenging for buyers, based on Realtors’ first-time buyer affordability index for the second quarter …
Slimmest share who qualify to buy: Mono at 9%, Santa Barbara at 13%, Orange at 15%, Santa Cruz and Monterey at 18%.
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Largest minimum income required: San Mateo at $384,900, Santa Clara at $351,000, Marin at $314,100, San Francisco at $297,300, and Orange at $251,100.
More affordable
California’s easiest-to-buy counties …
Highest share who qualify to buy: Lassen at 69%, Glenn at 54%, Shasta at 52%, Del Norte and Tehama at 51%.
Lowest minimum income required: Lassen at $43,800, Trinity at $53,100, Siskiyou at $57,900, Glenn at $59,400, and Del Norte at $60,300.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]
