CALIFORNIA HOUSING MARKET UPDATE

Monthly Sales and Price StatisticsOctober 2015

SALES OF EXISTING DETACHED HOMESCalifornia, Oct 2015 Sales: 403,510 Units, +6.7% YTD, +1.3% YTY

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

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

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

Oct-15: 403,51

0

Oct-14: 398,51

0

CALIFORNIA SALES

SERIES: Sales of Existing Single Family Homes, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Jan-00

Oct-00

Jul-01

Apr-02Jan

-03Oct-

03Jul

-04Apr-

05Jan

-06Oct-

06Jul

-07Apr-

08Jan

-09Oct-

09Jul

-10Apr-

11Jan

-12Oct-

12Jul

-13Apr-

14Jan

-15Oct-

15-60%-40%-20%

0%20%40%60%80%

100%120%140%

Year-over-Year % ChgMoving average (Year-over-Year % Chg)

CALIFORNIA SALES

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

Jan-10Apr-

10Jul

-10Oct-

10Jan

-11Apr-

11Jul

-11Oct-

11Jan

-12Apr-

12Jul

-12Oct-

12Jan

-13Apr-

13Jul

-13Oct-

13Jan

-14Apr-

14Jul

-14Oct-

14Jan

-15Apr-

15Jul

-15Oct-

15-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%Year-over-Year % ChgMoving average (Year-over-Year % Chg)Sign of leveling

off

SALES BY REGION(EXISTING SFH)

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

Jan-13

Mar-13

May-13

Jul-13

Sep-1

3Nov

-13Jan

-14Mar-

14

May-14

Jul-14

Sep-1

4Nov

-14Jan

-15Mar-

15

May-15

Jul-15

Sep-1

5-25%-20%-15%-10%

-5%0%5%

10%15%20%25%

Bay Area Central Valley So CA

BAY AREA SALES (EXISTING SFH)

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

Jan-10

May-10

Sep-1

0Jan

-11

May-11

Sep-1

1Jan

-12

May-12

Sep-1

2Jan

-13

May-13

Sep-1

3Jan

-14

May-14

Sep-1

4Jan

-15

May-15

Sep-1

5-30%

-20%

-10%

0%

10%

20%

30%Bay Area Moving average (Bay Area)

CENTRAL VALLEY SALES (EXISTING SFH)

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

Jan-10

May-10

Sep-1

0Jan

-11

May-11

Sep-1

1Jan

-12

May-12

Sep-1

2Jan

-13

May-13

Sep-1

3Jan

-14

May-14

Sep-1

4Jan

-15

May-15

Sep-1

5-30%

-20%

-10%

0%

10%

20%

30%

Central ValleyMoving average (Central Valley)

SOUTHERN CALIFORNIA (EXISTING SFH)

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

Jan-10

May-10

Sep-1

0Jan

-11

May-11

Sep-1

1Jan

-12

May-12

Sep-1

2Jan

-13

May-13

Sep-1

3Jan

-14

May-14

Sep-1

4Jan

-15

May-15

Sep-1

5-25%-20%-15%-10%

-5%0%5%

10%15%20%25%

So CA Moving average (So CA)

SALES SHARE BY PRICE RANGE

$0 - $

199k

$200

- $29

9k

$300

- $39

9k

$400

- $49

9k

$500

- $74

9k

$750

- $99

9k

$1,00

0 - $1

,999k

$2,00

0k+

0%

10%

20%

30%

15%17% 17%

14%18%

9% 8%

3%

12%

18% 16% 14%

20%

9% 8%

3%

Oct-14 Oct-15

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

CHANGE IN SALES BY PRICE RANGE(Year-to-Year)

$0 - $

199k

$200

- $29

9k

$300

- $39

9k

$400

- $49

9k

$500

- $74

9k

$750

- $99

9k

$1,00

0 - $1

,999k

$2,00

0k+

-25%-20%-15%-10%

-5%0%5%

10%15%

-20.6%

2.6%

-4.7%

4.9%10.3%

6.3%3.7% 1.3%

Oct-15

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

MEDIAN PRICE OF EXISTING DETACHED HOMES

California, Oct 2015: $475,990, -1.3% MTM, +5.7% YTY

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

$-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000 P: May-07$594,530

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

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

Oct-15: $475,99

0Oct-14: $450,46

0

INVENTORY DROPPED SIGNIFICANTLY IN 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. The remaining inventory for the month is defined as the number of properties that were “Active”, “Pending”, and “Contingent” (when available) and divide the sum by the number of “Sold” properties for the month in question.

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-150.01.02.03.04.05.06.07.08.09.0

2.5

3.64.0

Bay Area Central Valley So CA

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

CA MEDIAN PRICE (EXISTING SFH)

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

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

-15%

-10%

-5%

0%

5%

10%

15%Month-to-Month % Chg

INVENTORY CONTINUED TO DECLINE FROM LAST YEAR

Oct 2014: 3.8 Months; Oct 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. The remaining inventory for the month is defined as the number of properties that were “Active”, “Pending”, and “Contingent” (when available) and divide the sum by the number of “Sold” properties for the month in question.

02468

1012141618

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

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

-50%-40%-30%-20%-10%

0%10%20%30%40%50% Condo Single-Family Homes

HOME PRICE APPRECIATIONS HAVE MODERATED SINCE MID 2013

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

YTY% Chg. in Price

PRICE PER SQUARE FOOTOct 2015: $237, Up 0.3% MTM, Up 2.8% YTY

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

$0

$50

$100

$150

$200

$250

$300

$350

$400PRICE PER SQ. FT.

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

SALES-TO-LIST RATIOOct 2015: 98.2%, Down 0.3% MTM, Up 0.7% YTY

86%

88%

90%

92%

94%

96%

98%

100%

102%

98.2%

Sales-to-List Price Ratio

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

DEMAND OUTPACING SUPPLY IN SO CAL AND CENTRAL VALLEY

San Francisco Bay Area Southern California Central Valley-20%

-10%

0%

10%

-9%

1%

5%4%

-10%

-6%

Sales Active ListingsYear-to-Year % Chg

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Oct 2015