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| LIFE IN SOLERA | DECEMBER 2022 | 7 The number of single-family home sales in California in September were down 2.5% from August, and 30.2% from September 2021. September's median home sales price was $821,680, down 2.1% from August and up 1.6% from September 2021. Year-to-date statewide home sales were down 16.5% in September from August. Home sales have dipped for 15 straight months on a year-over-year basis. The number of home sales in all price segments continued to drop by 25% or more year-over-year. The sub-$300k price range fell the most by 36.7%. With interest rates rising rapidly, buyers and sellers are having difficulty adapting to the market's new normal. Housing supply in California improved from a year ago. With closed sales dropping more than 25% and pending sales falling over 40%, active listings have been staying on the market significantly longer, which contributed to a surge in for-sale properties by 51.5% in September. The median number of days it took to sell a California single-family home was 22 days in September and only 10 days in September 2021. The statewide sales-price-to-list-price ratio was 97.7% in September and 101.9% in September 2021. The 30-year fixed mortgage rate averaged 6.11% in September, up from 2.90% in September 2021. Existing single-family home sales are forecasted to be 333,450 units in 2023, a decline of 7.2% from 2022's projected total of 359,220. California's median home price is forecast to decline 8.8% in 2023, which follows a projected 5.7% increase in 2022. As sellers adjust their expectations, well-priced homes are still selling quickly. For buyers it means more homes for sale, less competition and fewer homes selling above asking price. This points to a more favorable environment for those who were outbid or sat out during the past two years when the market was fiercely competitive. Source: www.car.org October 2022 By Glenn and Nona Bradd, Broker Associates and Residents Housing Market Trends in California

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