C.A.R. news release: 2022 Leadership Team installed

For release: November 15, 2021

CALIFORNIA ASSOCIATION OF REALTORS® installs 2022 Leadership team

LOS ANGELES (Nov. 15) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)has installed its 2022 Leadership Team. Leading the team is C.A.R. President Otto Catrina, a full-time Bay Area real estate broker/REALTOR® since 2002. Serving with Catrina are President-elect Jennifer Branchini and Treasurer Heather Ozur. The 2022 officers begin their official term this week at the close of the NATIONAL ASSOCIATION OF REALTORS® (NAR) Conference and Expo held in San Diego.

(Download headshots: https://car.sharefile.com/d-s4fceeb0a84244c3b8e64b88e62f8b4e9)

C.A.R. President Otto Catrina

A full-time real estate broker/REALTOR® in the San Francisco Bay Area since 2002, Otto Catrina serves as C.A.R. president. In addition to serving his clients, Catrina also is active with his local, state, and national associations of REALTORS®.

Catrina serves as a State Director for the CALIFORNIA ASSOCIATION OF REALTORS®, where he has served as C.A.R.’s Federal Chairman and Chairman for C.A.R.’s Legislative Committee. He has served as Public Policy Liaison to C.A.R. Leadership, overseeing federal and state legislation.

Catrina also has served in various leadership positions at the NATIONAL ASSOCIATION OF REALTORS® (NAR) including NAR Director, member of the Issues Mobilization Committee, and REALTOR® Party Member Involvement Committee. He will serve on NAR’s Executive Committee in 2022-2023.

At the local level, Catrina was 2011 president of the Bay East Association of REALTORS®, where he served on various committees, including Strategic Planning, Board of Directors, Marketing, Professional Standards, and Local Government Relations.

Distinguished in the real estate industry, Catrina has been recognized by the Bay East Association of REALTORS® with numerous honors. He received the Association’s prestigious “REALTOR® of The Year” in 2007, the John A. Deadrich Distinguished Service Awards in 2009 and the Outstanding Leadership Award in 2019. He is a member of NAR’s Presidents Circle and in 2016, was inducted into NAR’s Hall of Fame.

Active at the federal legislative level, Catrina is a Federal Political Coordinator for Calif. Congressman Eric Swalwell and a Key Contact for Calif. Assemblymember Bill Quirk.

When he isn’t serving his clients, Catrina serves on the Board of Directors of Alameda County chapter of the 100 Club, which provides financial assistance to families of first-responders who pass away in the line of duty. He is also a financial supporter of the Goodness Village, a community of 28 tiny homes built and managed by Crosswinds Church, providing transitional housing for homeless individuals in Livermore.

C.A.R. President-elect Jennifer Branchini

San Francisco Bay Area REALTOR® Jennifer Branchini serves as C.A.R. president-elect. Branchini has been a REALTOR® since 1998, having worked in management at her family’s brokerage for many years. As an agent and associate sales manager with Compass Real Estate in Pleasanton, she’s also an active REALTOR®, helping her clients achieve their housing needs.

Branchini has held numerous leadership positions during her career.

At the state level, Branchini has served on the Board of Directors of the CALIFORNIA ASSOCIATION OF REALTORS® since 2010 and has served in various capacities on numerous C.A.R. committees. Most recently, Branchini served as C.A.R. treasurer in 2020-2021 and was responsible for leading the Strategic Planning Committee, identifying critical issues of importance to REALTORS® based on the driving forces affecting the evolution of the real estate market and brokerage industry.

Nationally, she has served on the National Association of REALTORS®’ Board of Directors since 2014. Most recently, she served as Member Services Liaison Chair of the Meetings and Conference Committee.

At the local level, she served as the 2014 President of the Bay East Association of REALTORS®. She was instrumental in establishing the Bay East Young Professional Network (YPN) and led the CALIFORNIA ASSOCIATION OF REALTORS® YPN forum. Branchini was honored as the 2010 REALTOR® of the Year and was recognized as the Bay East Outstanding Leader in 2017.

C.A.R. Treasurer Heather Ozur

Palm Springs REALTOR® Heather Ozur serves as C.A.R. Treasurer. Ozur has been a REALTOR® for more than 20 years, specializing in residential property with Keller Williams in Palm Springs.

Ozur has been an active voice in the REALTOR® community since 2003. At the state level, Ozur has served as a CALIFORNIA ASSOCIATION OF REALTORS® Director since 2008, serving on various committees including Strategic Planning and Finance, Professional Standards, Transaction and Regulatory, Federal, Legislative, and Business Technology Forum.

At the national level, Ozur serves as a Director with the National Association of REALTORS®. She has served as the Chair for Strategic Thinking Advisory Committee, member of the Finance Committee and as a RPAC Major Investor representative for Region 13. She is a graduate of the NAR Leadership Academy and an RPAC Golden R Presidents Circle Hall of Fame.

At the local level, Ozur served as the 2010 and 2011 President of California Desert Association of REALTORS® (CDAR) and as Secretary of Palm Springs Regional Association of REALTORS® (PSRAR) from 2015-2018. In 2013, she was awarded the honor of CDAR’s REALTOR® of the Year.

Also active, with the Women’s Council of REALTORS®, Ozur served as its 2019 National President. Previously, she served as the 2005 Local Network President for Greater Palm Springs and the 2014 President for Women’s Council of REALTORS® California.

As previously announced earlier this year, current chief executive officer, Joel Singer, will retire at year’s end, following 43 years of service with the Association. A search committee is conducting a nationwide search for Singer’s replacement, which is expected to be announced by the end of this year.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

C.A.R. news release: October home sales and price report

For release: November 16, 2021

California home sales remain solid in October as prices level off and low rates continue to provide support to the housing market, C.A.R. reports

• Existing, single-family home sales totaled 434,170 in October on a seasonally adjusted annualized rate, down 0.9 percent from September and down 10.4 percent from October 2020.

• October’s statewide median home price was $798,440, down 1.3 percent from September and up 12.3 percent from October 2020.

• Year-to-date statewide home sales were up 13.4 percent in October.

LOS ANGELES (Nov. 16) – California’s housing market continued to maintain a healthy sales pace above pre-pandemic levels even as sales have dipped from 2020, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. Infographic: https://www.car.org/Global/Infographics/2021-10-Sales-and-Price

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 434,170 in October, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2021 if sales maintained the October pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

October’s sales pace dipped 0.9 percent on a monthly basis from 438,190 in September and was down 10.4 percent from a year ago, when 484,510 homes were sold on an annualized basis. Despite the fourth straight year-over-year sales decrease, statewide home sales maintained a 13.4 percent increase on a year-to-date basis.

“As the housing market moves from 'frenzied' to 'less frenzied' and price growth comes back to earth, fewer homes are selling above asking price and bidding wars are less prevalent, so more buyers who pushed pause earlier this year will be able to take advantage of still-cheap financing," said 2022 C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “With their median price being 30 percent less than that of a single-family home, condominiums and townhomes have been selling particularly well as they are a more affordable option to buyers with a smaller budget.”

California home prices continued to level off as the market moved further into the off-season, dipping below the $800,000 benchmark for the first time in seven months. At $798,440 in October, the statewide median price was down 1.3 percent from September’s $808,890 and was up 12.3 percent from the $711,300 recorded in October 2020. The month-to-month price decline was the second in a row, and the price drop from September was on par with the long run average of -1.5 percent recorded between a September and an October in the past 42 years.

“Despite a slowdown in sales from last year’s robust fall season, the California housing market continues to stabilize and is outperforming the pre-pandemic levels observed in 2017, 2018, and 2019,” C.A.R. Vice President and Chief Economist Jordan Levine said. “Slower sales activity suggests that the market is returning to its typical seasonal pattern and further market normalization can be expected in the upcoming months. While the market is showing signs of cooling off in recent months, 2021 continues to outpace last year’s sale level so far and is expected to post a gain at year-end.”

Other key points from C.A.R.’s October 2021 resale housing report include:

• At the regional level, all five regions recorded a decline in sales on a year-over-year basis in October, with three regions dropping by double-digits. Wildfires continued to have a negative impact on market conditions in the Far North as sales in the region dropped 23.4 percent from a year ago. The decline will likely continue as the recovery process from wildfires could take months if not years. The Central Coast had the next biggest sales drop, with all counties within the region falling at least 13.8 percent from the prior year. Sales in Southern California also dipped by double-digits in October, with Orange, Riverside, and San Bernardino counties each dropping 10 percent or more. Central Valley (-9.1 percent) and San Francisco Bay Area (-7.3 percent) also posted sales declines from last year, but the declines were relatively small when compared to other regions.

• More than four out of five counties — 43 of 51 — tracked by C.A.R. recorded a year-over-year decrease in closed sales in October, with 29 counties declining by more than 10 percent. Mariposa experienced the biggest sales decline from last year at -52.9 percent, followed by Plumas (-50.7 percent), and Tehama (-48.2 percent). Two of these counties were threatened by wildfires in late summer, which negatively affected housing demand. Counties recording a year-over-year sales dip had an average decrease of -19.4 percent in October. Seven counties experienced a year-over-year sales growth compared to 10 counties in September. Lassen had the largest sales gain (50.7 percent) from a year ago, followed by Yuba (28.9 percent), and Madera (20.2 percent).

• Almost all California counties experienced year-over-year price growth, as 49 out of 51 counties tracked by C.A.R. showed a gain in their median prices from last year. Forty of them, in fact, increased more than 10 percent from last October. Madera had the largest price growth at 30.4 percent, followed by San Mateo (25.6 percent), Plumas (22.1 percent), and Sutter (22.1 percent). Santa Barbara and Mono were the only two counties that posted a drop, declining 19.3 percent and 0.5 percent, respectively from last October. Eight counties set new record high median prices in October, as compared to seven counties the prior month.

• Market competitiveness remained elevated in October but was less heated than a few months ago. While the statewide median sales-price-to-list-price ratio remained above 100 percent in October, it was the lowest level in eight months. Nearly two-thirds of homes (60.2 percent) still sold above asking price in the latest monthly report, but it was at the lowest level since February 2021.

· California’s Unsold Inventory Index (UII) dipped on a month-to-month basis for the first time in four months, as active listings fell 18.3 percent from last year. October’s UII was 1.8 months in October and 2.0 months in October 2020. The index indicates the number of months it would take to sell the supply of homes on the market at the current rate of sales.

· The median number of days it took to sell a California single-family home inched up to 11 days in October, up from 10 days in September and 10 days in October 2020. The uptick was the first in more than two years.

· C.A.R.’s statewide sales-price-to-list-price ratio* was 101.5 percent in October 2021 and 100.2 percent in October 2020.

· The statewide average price per square foot** for an existing single-family home remained elevated. October’s price per square foot was $389, up from $326 in October a year ago.

· The 30-year, fixed-mortgage interest rate averaged 3.07 percent in October, up from 2.83 percent in October 2020, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.54 percent, compared to 2.89 percent in October 2020.

Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 50 counties.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

C.A.R. news release: 3rd quarter CA housing affordability

For release:

November 10, 2021

California housing affordability improves in third-quarter 2021 as mortgage rates remain low and prices begin leveling off, C.A.R. reports

• Twenty-four percent of California households could afford to purchase the $814,580 median-priced home in the third quarter of 2021, up from 23 percent in second-quarter 2021 but down from 28 percent in third-quarter 2020.

• A minimum annual income of $148,400 was needed to make monthly payments of $3,710, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 3.07 percent interest rate.

• Thirty-seven percent of home buyers were able to purchase the $600,000 median-priced condo or townhome. A minimum annual income of $109,200 was required to make a monthly payment of $2,730.

• Infographic: https://www.car.org/Global/Infographics/HAI-2021-Q3

LOS ANGELES (Nov. 10) – A slightly less competitive housing market combined with modest household income growth allowed more Californians to purchase a median-priced home in the third quarter of 2021, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in third-quarter 2021 edged up to 24 percent from 23 percent in the second quarter of 2021 but was down from 28 percent in the third quarter of 2020, according to C.A.R.’s Traditional Housing Affordability Index (HAI). The third-quarter 2021 figure is less than half of the affordability index peak of 56 percent in the third quarter of 2012.

C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.

A minimum annual income of $148,400 was needed to qualify for the purchase of a $814,580 statewide median-priced, existing single-family home in the third quarter of 2021. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $3,710, assuming a 20 percent down payment and an effective composite interest rate of 3.07 percent. The effective composite interest rate was 3.20 percent in second-quarter 2021 and 3.15 percent in third-quarter 2020.

Despite setting a record high median price in third-quarter 2021, affordability for condominiums and townhomes was unchanged from the previous quarter. Thirty-seven percent of California households earned the minimum income to qualify for the purchase of a $600,000 median-priced condo/townhome in the third quarter of 2021, which required an annual income of $109,200 to make monthly payments of $2,730. The third quarter 2021 figure was down from 42 percent a year ago.

Compared with California, half of the nation’s households could afford to purchase a $363,700 median-priced home, which required a minimum annual income of $66,400 to make monthly payments of $1,660. Nationwide affordability was down from 55 percent a year ago.

Key points from the third-quarter 2021 Housing Affordability report include:

• Compared to the previous quarter, housing affordability declined in 10 tracked counties, improved in 30 counties, and remained unchanged in 11. Compared to the previous year, 41 counties experienced a drop in housing affordability from a year ago, seven counties remained unchanged, and only three counties improved (San Francisco, Monterey, Lassen).

• In the San Francisco Bay Area, affordability improved from the previous quarter in every county, except Napa, which held even at 23 percent. Alameda and San Mateo counties were the least affordable, tied at just 19 percent of households able to purchase the $2 million and $1.3 million median-priced home, respectively. Forty-two percent of Solano County households could afford the $580,000 median-priced home, making it the most affordable Bay Area county.

• In the Southern California region, affordability improved from the previous quarter in four counties (Los Angeles, Orange, San Diego, and Ventura) and was unchanged in Riverside (33 percent), and San Bernardino, which was the most affordable (43 percent).

• In the Central Valley region, Kings County was the most affordable at 56 percent, and San Benito was the least affordable at 27 percent.

• In the Central Coast region, Santa Barbara and Santa Cruz counties were tied for the least affordable, and San Luis Obispo County was the most affordable at 24 percent.

• During the third quarter of 2021, Lassen (68 percent) remained the most affordable county in California in the third quarter of 2021, followed by Kings (56 percent) and Tulare (46 percent). The minimum qualifying income was less than $58,800 for each of these counties. Lassen also had the lowest minimum qualifying income to purchase a median-priced home at $39,200.

• Mono (13 percent), Santa Barbara (17 percent) and Santa Cruz (17 percent) were the least affordable counties in the state, with each of them requiring at least a minimum income of $153,200 to purchase a median-priced home in those counties. Purchasing a median-priced home in San Mateo required the highest minimum annual income, reaching $364,000 in the third quarter of 2021.

• Three additional Bay Area counties required minimum annual incomes of over $300,000 in third-quarter 2021, including San Francisco ($331,600), Marin ($305,200), and Santa Clara ($300,400).

• Housing affordability declined the most on a year-over-year basis in Yuba and Tehama, dropping 13 points and 10 points, respectively. The plunge in affordability was due primarily to the surge in the counties’ median prices from a year ago, relative to the moderate rise in household income. Yuba County’s median price increased 20.9 percent in third-quarter 2021, and Tehama’s grew 25.7 percent year-over-year. Calaveras County had the largest median price growth (29.1 percent) but the fourth largest drop in affordability (8 points) from a year ago.

See C.A.R.’s historical housing affordability data. See first-time buyer housing affordability data.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.