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Monthly Real Estate Market Report- September 2015

November 4, 2015

DollarHouseThere are some interesting sales trends to take note of in the current California Real Estate market. In looking at figures from September 2015, there are two key pictures that have come into view. First is, compared to the rest of the year, September saw several lows in terms of prices and number of sales, making last month one of the slowest of the year. Second is the bigger picture which should put many at ease; in comparing year over year data, September showed consistent growth over 2014 figures. This is a continuation of the current trend showing the state has a growing real estate market- good news for all of us.

Reviewing the details of month-to-month data, the end of summer spelled for a slowdown in residential homes (single-family homes and condominiums), with 35,629 homes sold in September, 4.3% fewer than the 37,227 homes sold in August. Median prices were 2.4% lower as well, coming in at $405,000 compared to $415,000. Price appreciation also declined or showed no change throughout the state. 21 of the 26 largest counties had lower price listings for the month.

There were some figures which declined for the good in the month of September as well. Foreclosure Notices of Default declined 2.0% compared to August, and the inventory of foreclosed homes dropped 0.6% for the month. These are the lowest levels of foreclosure activity since May 2013, indicating a continued stability of our economy. Another indicator of our increased stability in the state is in home equity levels. Fewer homeowners were in a negative equity position. Approximately 560,000 homeowners owed more than their homes were worth, 0.2% less than in August. As these figures continue to decline, the strength of California’s market will grow.

Reviewing the year over year data, you can see a pattern of continued growth in the real estate market. Home sales were up 5.8% from September 2014, and median prices increased 3.3% compared to the year before. Homes in the state have been appreciating since a year ago as well. The counties which have seen the largest increases in appreciation averages are San Mateo at 11.3%, Santa Clara at 13.8%, Merced at 15/0%, and Santa Cruz at 18.1%.

In looking at the year over year data for distressed properties, you can see that our economy and housing market are continuing to improve. Within home sales of September 2015 compared to September 2014, non-distressed property sales increased 9.4%. This reflects that fewer homes were on the market due to foreclosure. This is also significant compared to the start of 2015, where 1 in 9 homes were underwater; now there are 1 in 15 homes showing as underwater. This is a big, positive change to see in just 9 months. Foreclosures themselves have decreased greatly since September 2014, down 10.2%.

While September saw some seasonal decreases in sales figures and statistics, overall the real estate market in California is steadily growing stronger and is expected to continue forward alongside our strengthening economy. When you are ready to sell or buy a home, myself and my team are ready to help you through the entire process. Our goal is to make your experience both easy and pleasurable. Contact us today at (925) 634-7820, or by email at

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