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19
November home sales and price report
Elevated borrowing costs suppress California home sales to the lowest level in 16 years, C.A.R. reports
- Existing, single-family home sales totaled 223,940 in November on a seasonally adjusted annualized rate, down 7.4 percent from October and down 5.8 percent from November 2022.
- November's statewide median home price was $822,200, down 2.2 percent from October and up 6.2 percent from November 2022.
- Year-to-date statewide home sales were down 25.9 percent in November.
LOS ANGELES (Dec. 19) – As borrowing costs remained elevated, California existing home sales registered the biggest monthly decline in the past year and dropped to the lowest level since the Great Recession in November, theCALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Infographic: https://www.car.org/Global/Infographics/2023-11-Sales-and-Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 223,940 in November, 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 2023 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
November's sales pace was down 7.4 percent on a monthly basis from 241,770 in October and down 5.8 percent from a year ago, when a revised 237,730 homes were sold on an annualized basis. Sales of existing single-family homes in California remained below the 250,000-unit pace for the third consecutive month. The annual decline was the 29th straight drop, but the decline was the smallest in the last 20 months.
"Elevated mortgage interest rates and a persistent shortage of homes for sale hindered home sales in November," said 2024 C.A.R. President Melanie Barker, a Yosemite REALTOR®. "With mortgage rates dropping to the lowest level in four months in recent weeks and the Federal Reserve indicating it plans to cut rates more than previously anticipated in 2024, more prospective homebuyers could reenter the market early next year."
November's median home price took a step back from the previous month but rose from the year-ago level for the fifth straight month. California's statewide median price decreased 2.2 percent from October's $840,360 to $822,200 in November and rose 6.2 percent from a revised $774,150 recorded a year ago. The monthly price decline was the largest in 10 months but was smaller than the October-to-November average price adjustment of -2.5 percent observed in the last five years. The year-over-year price gain was the largest in 18 months.
"While sales have been weak for the past several months, a tight supply of homes for sale is keeping home prices from falling," said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "Going into 2024, the recent decline in mortgage rates, along with the upward momentum in home prices, could motivate more would-be sellers to list their homes for sale in the spring homebuying season."
Other key points from C.A.R.'s November 2023 resale housing report include:
- At the regional level, sales in all major regions dipped in November on a year-over-year basis. The Central Valley region experienced the biggest dip of -14.4 percent from a year ago, followed by the Central Coast (-10.4 percent) and were the only two regions with a drop of more than 10 percent from the same month of last year. The San Francisco Bay Area (-6.2 percent), Southern California (-5.6 percent) and the Far North region (-5.5 percent) also recorded sales drops from last November but at a more moderate pace.
- Thirty-four of the 52 counties tracked by C.A.R. registered a sales decline from a year ago, with 23 counties dropping more than 10 percent year-over-year and 12 counties falling more than 20 percent from last November. Calaveras (-33.3 percent) had the biggest sales dip, followed by Butte (-32.3 percent) and Mendocino (-31.9 percent). Fifteen counties recorded sales increases from last year, with San Benito (68.4 percent) gaining the most year-over-year, followed by Mono (66.7 percent) and Lassen (30.0 percent).
- At the regional level, home prices increased in all major regions from a year ago in November. All regions registered at least a 2.7 percent yearly increase in their median prices last month, with Southern California (9.9 percent) posting the biggest year-over-year gain of all regions. The Central Coast region came in second with an increase of 6.1 percent, followed by the Central Valley (5.5 percent), the San Francisco Bay Area (4.4 percent), and the Far North (2.7 percent).
Home prices continued to improve in many counties across the state, with 34 counties registering a year-over-year median price gain in November and 16 counties recording a decline from a year ago. Orange County (18.2 percent) posted the biggest price increase, followed by San Benito (17.2 percent) and Yuba (15.5 percent). At the other end of the spectrum, Napa (-22.7 percent) recorded the biggest price decline, followed by Lassen (-19.1 percent) and Mariposa (-12.0 percent).
- Housing inventory improved from last month but was due mostly to the sales decline rather than an increase in active listings. The statewide unsold inventory index (UII) increased 11.1 percent on a month-over-month basis to 3.0 months and fell below last year's level by -6.3 percent.Active listings at the state level dipped again on a year-over year basis for eight straight months, and the decline in each of the last seven months all registered more than 10 percent year-over-year.
- Nearly two-thirds of all counties (31) registered declines in active listings from last year, with 23 of them dropping more than 10 percent on a year-over-year basis. Sutter (-38.7 percent) posted the biggest year-over-year drop in November, followed by Contra Costa (-35.0 percent) and Alameda (-33.3 percent). Eighteen counties recorded a year-over-year gain, with Del Norte registering the largest yearly gain of 38.3 percent, followed by Yolo (27.7 percent) and El Dorado (25.8 percent). On a month-to-month basis, more than four out of five counties (44) dropped in active listings, while only seven counties increased monthly from October as market activity continued to slow during the holiday season.
- However, new active listings increased in 25 of the 50 counties tracked by C.A.R. from a year ago, with Mono surging the most at 633.3 percent, while new active listings in Tehama (100 percent) and Glenn (80 percent) jumped 80 percent or more. Conversely, new active listings in 23 counties declined from a year ago, with San Francisco (-33.7 percent) dropping the most, followed by Mariposa (-31.3 percent) and Lassen (-23.5 percent).
- The median number of days it took to sell a California single-family home was 21 days in November and 29 days in November 2022.
- C.A.R.'s statewide sales-price-to-list-price ratio* was 100 percent in November 2023 and 96.7 percent in November 2022.
- The statewide average price per square foot** for an existing single-family home was $421, up from $388 in November a year ago.
- The 30-year, fixed-mortgage interest rate averaged 7.44 percent in November, up from 6.81 percent in November 2022, according to C.A.R.'s calculations based on Freddie Mac's weekly mortgage survey data.
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 is 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 original 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 51 counties.
Leading the way…® in California real estate for more than 117 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.
# # #
November 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
|
November 2023 |
Median Sold Price of Existing Single-Family Homes |
Sales |
|||||||
|
State/Region/County |
Nov. 203 |
Oct. 2023 |
|
Nov. 2022 |
|
Price MTM% Chg |
Price YTY% Chg |
Sales MTM% Chg |
Sales YTY% Chg |
|
Calif. Single-family home |
$822,200 |
$840,360 |
|
$774,150 |
r |
-2.2% |
6.2% |
-7.4% |
-5.8% |
|
Calif. Condo/Townhomes |
$660,000 |
$660,000 |
|
$610,000 |
r |
0.0% |
8.2% |
-13.2% |
-7.5% |
|
Los Angeles Metro Area |
$785,000 |
$785,000 |
|
$720,000 |
|
0.0% |
9.0% |
-13.5% |
-4.0% |
|
Central Coast |
$955,000 |
$1,050,000 |
|
$900,000 |
|
-9.0% |
6.1% |
-23.8% |
-10.4% |
|
Central Valley |
$474,800 |
$473,000 |
|
$450,000 |
r |
0.4% |
5.5% |
-16.9% |
-14.4% |
|
Far North |
$375,000 |
$376,000 |
|
$365,000 |
r |
-0.3% |
2.7% |
-22.1% |
-5.5% |
|
Inland Empire |
$567,500 |
$561,410 |
|
$540,000 |
|
1.1% |
5.1% |
-11.4% |
-6.3% |
|
San Francisco Bay Area |
$1,250,000 |
$1,268,940 |
|
$1,197,000 |
r |
-1.5% |
4.4% |
-15.4% |
-6.2% |
|
Southern California |
$824,500 |
$820,000 |
|
$750,000 |
|
0.5% |
9.9% |
-14.2% |
-5.6% |
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
|
Alameda |
$1,230,000 |
$1,240,000 |
|
$1,150,000 |
r |
-0.8% |
7.0% |
-8.6% |
-8.9% |
|
Contra Costa |
$860,000 |
$824,950 |
|
$860,000 |
r |
4.2% |
0.0% |
-20.4% |
-15.7% |
|
Marin |
$1,649,500 |
$1,712,500 |
|
$1,649,500 |
r |
-3.7% |
0.0% |
-28.9% |
-19.4% |
|
Napa |
$825,000 |
$1,027,500 |
|
$1,067,500 |
|
-19.7% |
-22.7% |
-30.5% |
-17.4% |
|
San Francisco |
$1,535,000 |
$1,650,000 |
|
$1,500,000 |
|
-7.0% |
2.3% |
-3.0% |
6.1% |
|
San Mateo |
$1,805,000 |
$2,100,000 |
|
$1,782,500 |
|
-14.0% |
1.3% |
-5.0% |
10.2% |
|
Santa Clara |
$1,717,500 |
$1,805,000 |
|
$1,600,000 |
|
-4.8% |
7.3% |
-16.3% |
3.2% |
|
Solano |
$570,000 |
$620,000 |
|
$572,000 |
r |
-8.1% |
-0.3% |
-12.1% |
4.0% |
|
Sonoma |
$793,620 |
$857,500 |
|
$833,290 |
r |
-7.4% |
-4.8% |
-26.2% |
-17.4% |
|
Southern California |
|
|
|
|
|
|
|
|
|
|
Los Angeles |
$897,990 |
$893,650 |
|
$836,630 |
|
0.5% |
7.3% |
-15.6% |
-5.1% |
|
Orange |
$1,300,000 |
$1,275,000 |
|
$1,100,000 |
|
2.0% |
18.2% |
-12.4% |
3.7% |
|
Riverside |
$620,000 |
$620,960 |
|
$580,000 |
|
-0.2% |
6.9% |
-7.7% |
-6.7% |
|
San Bernardino |
$475,000 |
$481,500 |
|
$437,500 |
|
-1.3% |
8.6% |
-17.2% |
-5.6% |
|
San Diego |
$952,000 |
$936,250 |
|
$865,000 |
|
1.7% |
10.1% |
-16.9% |
-12.2% |
|
Ventura |
$902,500 |
$899,000 |
|
$860,000 |
|
0.4% |
4.9% |
-12.5% |
-4.3% |
|
Central Coast |
|
|
|
|
|
|
|
|
|
|
Monterey |
$944,000 |
$1,122,500 |
|
$819,500 |
|
-15.9% |
15.2% |
-13.2% |
2.5% |
|
San Luis Obispo |
$894,500 |
$887,620 |
|
$890,000 |
|
0.8% |
0.5% |
-15.3% |
0.0% |
|
Santa Barbara |
$900,000 |
$1,370,000 |
|
$800,000 |
|
-34.3% |
12.5% |
-31.1% |
-24.0% |
|
Santa Cruz |
$1,300,000 |
$1,229,000 |
|
$1,245,000 |
|
5.8% |
4.4% |
-40.0% |
-23.3% |
|
Central Valley |
|
|
|
|
|
|
|
|
|
|
Fresno |
$415,000 |
$410,000 |
|
$393,000 |
|
1.2% |
5.6% |
-14.7% |
-17.3% |
|
Glenn |
$324,000 |
$363,000 |
|
$309,000 |
|
-10.7% |
4.9% |
7.1% |
7.1% |
|
Kern |
$375,000 |
$395,000 |
|
$370,000 |
|
-5.1% |
1.4% |
-21.8% |
-5.5% |
|
Kings |
$355,000 |
$360,000 |
|
$325,000 |
|
-1.4% |
9.2% |
-43.4% |
-27.7% |
|
Madera |
$414,500 |
$435,000 |
|
$413,000 |
|
-4.7% |
0.4% |
3.1% |
16.3% |
|
Merced |
$367,500 |
$392,750 |
|
$367,750 |
|
-6.4% |
-0.1% |
-21.1% |
-21.1% |
|
Placer |
$659,000 |
$685,000 |
|
$620,000 |
|
-3.8% |
6.3% |
-14.2% |
-16.8% |
|
Sacramento |
$522,290 |
$550,000 |
|
$505,000 |
r |
-5.0% |
3.4% |
-17.4% |
-14.6% |
|
San Benito |
$782,500 |
$780,000 |
|
$667,390 |
|
0.3% |
17.2% |
3.2% |
68.4% |
|
San Joaquin |
$550,000 |
$550,000 |
|
$532,500 |
r |
0.0% |
3.3% |
-25.1% |
-18.0% |
|
Stanislaus |
$470,000 |
$460,000 |
|
$430,000 |
r |
2.2% |
9.3% |
-17.5% |
-29.2% |
|
Tulare |
$375,000 |
$358,500 |
|
$361,990 |
|
4.6% |
3.6% |
1.8% |
-2.3% |
|
Far North |
|
|
|
|
|
|
|
|
|
|
Butte |
$428,500 |
$421,400 |
|
$435,000 |
|
1.7% |
-1.5% |
-32.3% |
-32.3% |
|
Lassen |
$170,000 |
$247,500 |
|
$210,250 |
|
-31.3% |
-19.1% |
-40.9% |
30.0% |
|
Plumas |
$400,000 |
$385,250 |
|
$375,000 |
|
3.8% |
6.7% |
-45.2% |
-20.7% |
|
Shasta |
$367,500 |
$389,500 |
|
$350,000 |
|
-5.6% |
5.0% |
-1.2% |
14.7% |
|
Siskiyou |
$325,000 |
$295,000 |
|
$342,000 |
|
10.2% |
-5.0% |
-40.0% |
-15.6% |
|
Tehama |
$287,000 |
$370,000 |
|
$302,000 |
|
-22.4% |
-5.0% |
23.8% |
0.0% |
|
Trinity |
$211,000 |
$320,000 |
|
$231,500 |
|
-34.1% |
-8.9% |
-81.0% |
0.0% |
|
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
|
Amador |
$403,000 |
$410,000 |
|
$405,000 |
r |
-1.7% |
-0.5% |
-28.3% |
22.6% |
|
Calaveras |
$512,500 |
$405,500 |
|
$444,000 |
|
26.4% |
15.4% |
-33.3% |
-33.3% |
|
Del Norte |
$420,000 |
$307,500 |
|
$367,500 |
|
36.6% |
14.3% |
10.0% |
-31.3% |
|
El Dorado |
$650,000 |
$660,000 |
|
$610,000 |
r |
-1.5% |
6.6% |
-15.7% |
-1.9% |
|
Humboldt |
$430,750 |
$432,500 |
|
$449,000 |
|
-0.4% |
-4.1% |
-14.0% |
-7.5% |
|
Lake |
$318,500 |
$365,000 |
|
$336,000 |
|
-12.7% |
-5.2% |
-30.2% |
-22.8% |
|
Mariposa |
$320,000 |
$485,000 |
|
$363,500 |
|
-34.0% |
-12.0% |
-30.8% |
12.5% |
|
Mendocino |
$532,000 |
$430,000 |
|
$530,000 |
r |
23.7% |
0.4% |
-17.9% |
-31.9% |
|
Mono |
$985,000 |
$1,050,000 |
|
$870,000 |
|
-6.2% |
13.2% |
15.4% |
66.7% |
|
Nevada |
$585,000 |
$538,000 |
|
$523,000 |
r |
8.7% |
11.9% |
-28.0% |
-22.1% |
|
Sutter |
$397,000 |
$425,750 |
|
$408,000 |
r |
-6.8% |
-2.7% |
-4.8% |
-14.9% |
|
Tuolumne |
$381,250 |
$410,000 |
|
$385,000 |
|
-7.0% |
-1.0% |
-19.5% |
10.7% |
|
Yolo |
$620,000 |
$629,900 |
|
$625,000 |
|
-1.6% |
-0.8% |
-9.5% |
-3.4% |
|
Yuba |
$461,320 |
$424,900 |
|
$399,450 |
|
8.6% |
15.5% |
-15.9% |
-6.5% |
r = revised
November 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
|
November 2023 |
Unsold Inventory Index |
Median Time on Market |
||||||||
|
State/Region/County |
Nov. 2023 |
Oct. 2023 |
|
Nov. 2022 |
|
Nov. 2023 |
Oct. 2023 |
|
Nov. 2022 |
|
|
Calif. Single-family home |
3.0 |
2.7 |
|
3.2 |
r |
21.0 |
20.0 |
|
29.0 |
r |
|
Calif. Condo/Townhome |
2.9 |
2.8 |
|
2.8 |
|
21.0 |
20.0 |
|
28.0 |
r |
|
Los Angeles Metro Area |
3.1 |
2.9 |
|
3.7 |
|
23.0 |
23.0 |
|
32.0 |
r |
|
Central Coast |
3.4 |
2.9 |
|
3.1 |
|
21.0 |
15.0 |
|
25.5 |
r |
|
Central Valley |
3.2 |
2.8 |
|
3.1 |
r |
20.0 |
17.0 |
|
27.0 |
r |
|
Far North |
4.1 |
4.0 |
|
4.6 |
r |
33.0 |
38.0 |
|
33.0 |
r |
|
Inland Empire |
3.9 |
3.5 |
|
4.3 |
|
28.0 |
26.0 |
|
36.0 |
r |
|
San Francisco Bay Area |
1.8 |
2.0 |
|
2.0 |
r |
17.0 |
16.0 |
|
26.0 |
r |
|
Southern California |
3.0 |
2.8 |
|
3.6 |
|
21.0 |
21.0 |
|
30.0 |
r |
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
|
|
Alameda |
1.3 |
1.6 |
|
1.6 |
r |
13.0 |
13.0 |
|
17.0 |
r |
|
Contra Costa |
1.6 |
1.5 |
|
2.1 |
r |
14.0 |
14.0 |
|
21.5 |
r |
|
Marin |
2.2 |
2.2 |
|
1.6 |
r |
48.5 |
43.5 |
|
51.5 |
r |
|
Napa |
4.8 |
4.0 |
|
3.2 |
r |
62.0 |
50.0 |
|
65.0 |
r |
|
San Francisco |
1.7 |
2.5 |
|
2.2 |
|
47.5 |
36.5 |
|
41.0 |
r |
|
San Mateo |
1.7 |
2.3 |
|
2.2 |
|
13.0 |
12.0 |
|
14.0 |
|
|
Santa Clara |
1.4 |
1.5 |
|
1.8 |
|
10.0 |
8.0 |
|
14.0 |
|
|
Solano |
2.7 |
2.5 |
|
2.4 |
r |
31.0 |
41.0 |
|
47.0 |
r |
|
Sonoma |
3.2 |
2.9 |
|
2.4 |
r |
59.0 |
59.0 |
|
51.5 |
r |
|
Southern California |
|
|
|
|
|
|
|
|
|
|
|
Los Angeles |
2.9 |
2.8 |
|
3.6 |
|
20.0 |
21.0 |
|
29.0 |
r |
|
Orange |
2.3 |
2.3 |
|
3.1 |
|
20.0 |
21.5 |
|
30.0 |
r |
|
Riverside |
3.6 |
3.4 |
|
4.2 |
|
28.0 |
26.0 |
|
35.0 |
r |
|
San Bernardino |
4.3 |
3.6 |
|
4.4 |
|
28.5 |
25.0 |
|
39.0 |
r |
|
San Diego |
2.5 |
2.3 |
|
2.9 |
|
15.0 |
14.0 |
|
22.0 |
r |
|
Ventura |
2.7 |
2.6 |
|
3.0 |
|
25.0 |
32.0 |
|
36.0 |
r |
|
Central Coast |
|
|
|
|
|
|
|
|
|
|
|
Monterey |
3.0 |
2.8 |
|
3.6 |
|
22.0 |
14.5 |
|
31.5 |
|
|
San Luis Obispo |
3.3 |
3.0 |
|
3.1 |
|
26.0 |
17.5 |
|
30.0 |
r |
|
Santa Barbara |
3.5 |
2.7 |
|
2.5 |
|
14.0 |
16.0 |
|
22.5 |
|
|
Santa Cruz |
4.0 |
3.0 |
|
3.3 |
|
18.0 |
13.5 |
|
18.0 |
|
|
Central Valley |
|
|
|
|
|
|
|
|
|
|
|
Fresno |
3.5 |
3.1 |
|
3.3 |
|
17.5 |
14.0 |
|
22.0 |
r |
|
Glenn |
2.7 |
3.4 |
|
2.6 |
|
38.0 |
75.0 |
|
29.0 |
r |
|
Kern |
2.8 |
2.3 |
|
3.4 |
|
18.0 |
13.0 |
|
22.0 |
|
|
Kings |
3.6 |
1.9 |
|
3.2 |
|
15.0 |
12.0 |
|
14.0 |
|
|
Madera |
6.2 |
6.6 |
|
5.8 |
|
36.0 |
30.5 |
|
25.0 |
r |
|
Merced |
3.5 |
2.7 |
|
3.4 |
|
28.5 |
17.0 |
|
27.5 |
r |
|
Placer |
3.0 |
2.8 |
|
3.1 |
r |
24.0 |
25.0 |
|
34.0 |
r |
|
Sacramento |
2.5 |
2.2 |
|
2.7 |
r |
21.0 |
16.0 |
|
30.0 |
r |
|
San Benito |
4.1 |
4.5 |
|
6.6 |
|
18.0 |
23.0 |
|
40.0 |
|
|
San Joaquin |
3.3 |
2.6 |
|
2.9 |
r |
19.0 |
18.0 |
|
31.0 |
r |
|
Stanislaus |
2.9 |
2.5 |
|
2.4 |
r |
21.0 |
20.0 |
|
31.5 |
r |
|
Tulare |
3.5 |
3.7 |
|
3.8 |
|
13.0 |
15.0 |
|
20.0 |
|
|
Far North |
|
|
|
|
|
|
|
|
|
|
|
Butte |
4.0 |
2.9 |
|
3.5 |
|
20.0 |
20.0 |
|
33.0 |
r |
|
Lassen |
7.6 |
5.0 |
|
10.8 |
|
19.0 |
46.5 |
|
72.5 |
|
|
Plumas |
4.7 |
3.7 |
|
3.8 |
|
49.0 |
49.5 |
|
50.0 |
r |
|
Shasta |
3.8 |
4.1 |
|
4.7 |
r |
33.0 |
37.5 |
|
20.0 |
|
|
Siskiyou |
NA |
4.6 |
|
5.0 |
|
41.0 |
41.0 |
|
36.0 |
r |
|
Tehama |
4.7 |
6.3 |
|
6.7 |
|
58.5 |
58.0 |
|
47.0 |
|
|
Trinity |
24.3 |
4.6 |
|
NA |
|
76.0 |
91.0 |
|
111.0 |
|
|
Other Counties in California |
|
|
|
|
|
|
|
|
|
|
|
Amador |
5.7 |
4.7 |
|
6.1 |
r |
32.0 |
33.0 |
|
56.0 |
r |
|
Calaveras |
5.5 |
3.9 |
|
4.2 |
|
23.5 |
17.0 |
|
55.0 |
|
|
Del Norte |
7.7 |
8.7 |
|
4.0 |
|
16.0 |
13.0 |
|
39.0 |
r |
|
El Dorado |
4.4 |
4.1 |
|
3.5 |
r |
32.0 |
33.0 |
|
42.0 |
r |
|
Humboldt |
5.9 |
5.6 |
|
5.0 |
|
26.5 |
28.5 |
|
21.0 |
|
|
Lake |
8.5 |
6.4 |
|
6.3 |
|
36.5 |
36.0 |
|
54.0 |
r |
|
Mariposa |
10.8 |
7.9 |
|
9.8 |
|
76.0 |
80.0 |
|
58.0 |
r |
|
Mendocino |
9.6 |
8.4 |
|
5.6 |
r |
80.5 |
66.0 |
|
62.0 |
r |
|
Mono |
1.5 |
2.0 |
|
3.2 |
|
46.0 |
36.0 |
|
146.0 |
|
|
Nevada |
5.2 |
4.3 |
|
3.9 |
r |
43.0 |
38.0 |
|
36.0 |
r |
|
Sutter |
2.6 |
2.9 |
|
3.3 |
r |
16.0 |
29.5 |
|
26.0 |
r |
|
Tuolumne |
4.5 |
4.3 |
|
4.7 |
|
38.5 |
30.0 |
|
34.0 |
r |
|
Yolo |
2.6 |
2.5 |
|
2.1 |
r |
19.0 |
18.0 |
|
30.0 |
r |
|
Yuba |
3.6 |
3.3 |
|
3.9 |
r |
25.0 |
21.0 |
|
33.0 |
r |
r = revised
Article belongs to CAR.org
12
ROASTED PORK TENDERLOIN WITH BOK CHOY, PICKLED TOMATOES AND CALIFORNIA AVOCADO
ROASTED PORK TENDERLOIN WITH BOK CHOY, PICKLED TOMATOES AND CALIFORNIA AVOCADO
12
California Mortgage and Refinance Rates
California Mortgage and Refinance Rates
Showing results for: Single-family home, 30 year fixed and 5 year ARM mortgages with all points options.
| Lender | Rate | APR | Mo. payment | as of December 12, 2023 |
|---|---|---|---|---|
NMLS #240415 | State Lic: 01525044 (844) 365-0454
|
5.999% 30 year fixed |
6.218% |
$2,878 |
Next |
|
NMLS #240415 | State Lic: 01525044 (844) 365-0454
|
6.500% 5/6 ARM |
7.645% |
$3,034 |
Next |
NMLS #3030 |
|
Next | ||
|
Find the top mortgages near you
|
||||
Rate offerings change frequentlyCheck back soon or get notified when there are updates by signing up for rate alerts. By clicking "Subscribe", I agree to Bankrate's Privacy Policy. |
||||
|
Market Survey Rates The rates below are intended for educational purposes. The lenders listed are not active participants in Bankrate's mortgage marketplace. |
||||
|
Schools First FCU |
6.250% 5/1 ARM |
7.866% |
$2,955 |
|
|
Star One Credit Union |
6.875% 30 year fixed |
6.877% |
$3,153 |
|
|
Star One Credit Union |
6.625% 5/1 ARM |
7.610% |
$3,073 |
|
|
Schools First FCU |
6.875% 30 year fixed |
6.895% |
$3,153 |
|
|
The Golden 1 CU |
7.000% 30 year fixed |
7.019% |
$3,193 |
|
Current mortgage interest rates in California
As of Tuesday, December 12, 2023, current interest rates in California are 7.34% for a 30-year fixed mortgage and 6.68% for a 15-year fixed mortgage.
Elevated mortgage rates continue to make housing affordability a challenge for California homebuyers, and refinances far less desirable for homeowners. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future.
California mortgage rate trends
Mortgage rates hit record lows in 2021, but they have risen sharply since then. As of September 2023, mortgage rates nationally and in California were at their highest levels since 2000, according to Bankrate's national survey of lenders.
National mortgage rates by loan type
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.32% | 7.34% |
| 15-Year Fixed Rate | 6.74% | 6.77% |
| 5-1 ARM | 6.67% | 7.89% |
| 30-Year Fixed Rate FHA | 6.47% | 7.37% |
| 30-Year Fixed Rate VA | 6.57% | 6.70% |
| 30-Year Fixed Rate Jumbo | 7.39% | 7.40% |
Rates as of Tuesday, December 12, 2023 at 6:30 AM
-
Why trust Bankrate's mortgage rates
Mortgage statistics for California
With beaches, mountains and a vibrant economy, California is home to some of the nation's most expensive housing markets. Affordability is a real challenge here, but over the decades, California homeowners have been rewarded with outsized appreciation. Here are some statistics about mortgages and the housing market in The Golden State:
- Average home value (as of Sept. 2023): $744,280 (Zillow)
- Homeownership rate (as of Dec. 2022): 55.3% (U.S. Census Bureau)
- Average mortgage loan size in 2022: $612,010 (Home Mortgage Disclosure Act)
Mortgage options in California
There are plenty of mortgage options in California. The most common types of loans include:
- California conventional mortgages: Rates and requirements will vary depending on the area you want to live in and your financial situation. You can compare mortgage rates to find the option that's right for you.
- CalHFA: The California Housing Finance Agency (CalHFA) offers state residents access to mortgages, as well as smaller loans designed to help with down payment or closing costs. To get started, borrowers can contact a CalHFA-approved lender or preferred loan officer.
- California FHA loans: Home loans backed by the Federal Housing Administration (FHA) are offered throughout the U.S. While the FHA doesn't offer loans directly, you can find one through an FHA-approved lender in California. They are offered to first-time homebuyers, defined as those that have not purchased a home in the past two years, as well as repeat buyers. FHA loans are generally designed for low- to moderate-income borrowers with lower credit scores.
- California VA loans: Guaranteed by the Department of Veterans Affairs, VA loans are offered to eligible veterans and active-duty service members. While the VA doesn't offer loans directly, you can find one through a VA-approved lender in California. They require no down payment and typically have lower interest rates than conventional mortgages.
First-time homebuyer programs in California
Buying a house in California is a pricey proposition, but first-time homebuyers might qualify for grants or other forms of help. Learn more about California first-time homebuyer programs:
- CalHFA down payment assistance programs: Low- to moderate-income borrowers can apply for small down payment and closing costs assistance loans through CalHFA. One option is the MyHome Assistance program, which allows you to borrow a deferred loan worth up to 3.5 percent of the purchase price or appraised value to help you cover closing costs and the down payment.
- CalHFA and CalPLUS Conventional Loan Programs: With the CalHFA Conventional Loan Program, you can get a 30-year fixed-rate mortgage on the conventional market. This means you'll have access to competitively low interest rates, but you'll also need to meet qualification requirements. The CalPLUS Conventional Loan Program is similar, but with a slightly higher interest rate that can be combined with the CalHFA Zero Interest Program to help pay closing costs.
Additional California mortgage resources
- California loan limits by county: Learn the conforming loan limit for your city or town.
- Search for California mortgage lenders: Explore mortgage lenders in your state.
- Best mortgage lenders in California: Find out Bankrate's top picks.
How to find the best mortgage rate in California for you
- Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
- Step 2: Determine your budget - To find the right mortgage, you'll need a good handle on how much house you can afford.
- Step 3: Know your mortgage options - There are a few different types of mortgages.
- Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
- Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.
Learn more about how to get a mortgage.
ARTICLE BELONGS TO BANKRATE.COM
12
FHFA announces 2024 conforming loan limits
The Federal Housing Finance Agency (FHFA) announced it will increase the 2024 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $766,550 on one-unit properties and a cap of $1,149,825, in high-cost areas.The previous loan limits were $726,200 and $1,089,300, respectively.
C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® (NAR) both have long advocated for loan limits that reflect an area's cost of housing. As a result of C.A.R.'s and NAR's efforts, areas with high median home prices have benefited from a loan limit above the national conforming loan limit.
The conforming loan limit determines the maximum size of a mortgage that government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or "guarantee."