California Housing Market Update: Monthly Sales & Price Statistics for September 2021

After setting another record in August, California’s median home price declined to $808,890, down 2.3 percent from $827,940 in August. The September price was 13.5 percent higher than the $712,430 recorded last September. The median price in California remained above the $800,000 benchmark for the sixth consecutive month but the double-digit price year-over-year price gain was the smallest in 14 months. A change in the mix of sales, once again, played a role in the change in the statewide median price, as the sales share of million-dollar continued to shrink on a month-to-month basis, and prices in the high-end market have been growing at a slower pace than the low-end market in the past two months.

• The median number of days it took to sell a California single-family home inched up from 9 days in August to 10 days in September and was slightly lower than the 11 days in September 2020.
• C.A.R.’s statewide sales-price-to-list-price ratio* was 101.9 percent in September 2021 and 100 percent in September 2020.
• The statewide average price per square foot** for an existing single-family home remained elevated. September’s price per square foot was $393, up from $321 in September a year ago.
• The 30-year, fixed-mortgage interest rate averaged 2.90 percent in September, up from 2.89 percent in September 2020, according to Freddie Mac. The five-year, adjustable mortgage interest rate was an average of 2.45 percent, compared to 2.98 percent in September 2020.

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