Starting May 29, users will have access to the optional Concessions in Price (CiP) fields when creating a listing. 

The facts:

• In 2023, nearly 40% of closed residential listings included some form of concessions, including the seller paying for escrow and title fees, loan discount points, and repair and/or upgrade costs.
• 15% of those closed residential listings in 2023 had some sort of advertisement for Concessions being offered in the Private Remarks section of the listing.

With such a large amount of our user base actively offering concessions, we saw an opportunity to create a specific set of dedicated fields for the benefit of our users and their clients. These new CiP fields will allow agents to convey their willingness to offer concessions at the listing level, thus allowing for clearer communication and cooperation between agents and brokers. 

The new fields benefit all parties:

• Listing agents and sellers
  Will gain a dedicated space to advertise/market their willingness to consider concessions at the listing input level
• Buyer's agents
  Will be able to better serve their clients with up-front information on which listings will consider concessions to assist in transaction fees 
• Homebuyers
  Enhanced transparency on which listings are willing to consider concessions to assist with their financial needs  

What's changing?
Currently, concessions are recorded only at the close of a transaction with a mandatory requirement to state the amount of any concession. The new, more descriptive CiP fields will be available for input at the listing level.

To be clear, the new CiP fields will be optional and only reflect a client's willingness to consider concessions. Details regarding the concessions that may be offered must be discussed outside of the MLS and after a written agreement is signed.

The new fields will be titled: 

• Concessions in Price: a text box for numerical input only. This amount should include any and all potential concessions in a single total amount.
• Concessions in Price Type: classify the number above as either $ or %
• Seller Consider Concessions?: either Yes or No. If Yes, then the listing will include the phrase “A Seller may consider a buyer concession if made in an offer.”  

As of May 29, the new fields in your Matrix system will appear here:

Additional CiP Resources
FAQs
The Facts About Concessions Infographic
Concessions in Price Infographic

The Spring 2024 homebuying season kicked off with an encouraging start for home sales and record-high home prices, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

The typical California single-family, detached house for sale now costs more than $900,000, a first-time-in-history, record-breaker for the median price. The April 2024 statewide median home price was $904,210, up 5.8% from the March price of $854,490, and up 11.4% from the $811,510 posted in April 2023.

The year-over-year gain was the 10th straight month of annual price increases in the Golden State.

Seasonal factors and tight housing supply conditions will continue to put upward pressure on home prices across the state in the coming months.

Historically speaking, it was roughly two years ago, in March 2022, when the median crossed $800,000 for the first time. Other statewide $100,000 home-price thresholds include $700,000 in August 2020, $600,000 in May 2018, $500,000 in April 2004, $400,000 in August 2003 and $300,000 in March 2002.

In San Diego County, home prices are still moving higher and approaching $1.1 million. The median sales price of an existing, single-family detached home in April 2024 was $1,047,500, a 2.7% difference from March 2024, when the median price was $1,020,000. In February 2024, the median price was $980,000. A year ago, in April 2023, the median price for a San Diego home was $930,000, a difference of 12.6% from April 2024.

April 2024 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Meanwhile, as prices continue to rise, home sales also are rebounding.

On a statewide basis, the sales pace increased 3% for April 2024, when 275,540 existing, single-family detached homes were sold on a seasonally adjusted annualized rate. The statewide annualized sales figure represents what would be the total number of homes sold during 2024 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The 3% increase is a comparison with the previous month of March 2024, when 267,470 homes were sold. In a year-over-year comparison between April 2024 and April 2023, the sales pace difference was 4.4%. The year-to-date home sales grew 1.6%.

The number of California homebuyers in April 2024 was below 300,000 for the 19th consecutive month. Since 1990, homebuying in the state has averaged 402,000 sales per month.

In San Diego County, sales of existing, single-family homes increased 7.5% in April 2024, compared to March 2024, and 8.8%, compared to April 2023.

“April’s rebound in both home sales and price shows the resilience of California’s housing market and is a signal that buyers and sellers are beginning to adjust to the higher interest rate environment,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “Market fundamentals are showing signs of improvement, and competition is on the rise again; homes are selling faster and nearly half the share of homes is selling above asking price, the highest in nine months.”

“While the market performed solidly in April, we don’t expect to see a rapid recovery as long as inflation remains sticky and mortgage rates continue to fluctuate despite recent dips,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “However, housing inventory has also started to increase, which will provide much-needed supply to the market and facilitate a higher level of home sales in the second half of the year.”

Sales of homes priced at or above $1 million in California continued to hold up better than their more affordable counterparts in the state during the last few months. Sales in the $1 million-and-higher market segment in April 2024 surged 39.8% year-over-year, while the sub-$500,000 segment declined moderately (-8.0%) during the same timeframe.

The change in the mix of sales of homes priced above $1 million accounted for more than one-third (36.4%) of all sales, which was the largest share in the last five years.  

The growth in sales of higher-priced homes continues to provide upward support to the statewide median price and was partly responsible for the solid increase in the year-over-year growth rate at the start of the second quarter.

Other key points from C.A.R.’s April 2024 resale housing report include:

• April 2024 home sales in all major regions of the state advanced both in month-over-month and year-over-year, including 8.7% in Southern California.
  
  
• At the regional level, all major regions registered an increase in their median price from a year ago, including a double-digit price gain of 12.1%. The San Francisco Bay Area recorded the biggest price jump on a year-over-year basis, increasing 15.5 percent from April 2023.
  
  
• The unsold inventory statewide index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, remained flat at 2.6 months in April 2024, the same number for March 2024. In April 2023, the index was 2.5 months.
  
  

April 2024 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• The unsold inventory index of available existing homes for sales in April 2024 in San Diego County was 2.2 months, a figure that was identical to March 2024. The index was 2.3 months in February 2024 and 2.6 months in January 2024. In April 2023, the index was 1.9 months. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell out given the current rate of sales.
  
  
• New active listings at the state level in April 2024 increased from a year ago for the fourth consecutive month by double digits as more sellers listed their homes up for sale in time for the spring home buying season. Despite the moderate uptick in housing demand last month, the jump in new housing supply contributed to an improvement in the overall active listings.
  
  
• The median number of days it took to sell a California single-family home was 16 days in April 2024, 19 days in March 2024, and 20 days in April 2023.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in April 2024, a figure that was identical to March 2024 and April 2023. For the previous 2024 months, the figure was 13 days in February and 21 days in January. The median represents the time when half the homes sell above it and half below it.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100% in April 2024, a percentage that was identical to March 2024 and February 2024.
  
  
• The 30-year, fixed-mortgage interest rate averaged 6.99 percent in April, up from 6.34 percent in April 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

    Sign up, and be a part of PSAR’s Leadership by becoming an Officer or Director.

The Pacific Southwest Association of REALTORS® (PSAR) is seeking dedicated real estate professionals who have been active on a committee to step up and run for a position on the 2025/26 Board of Directors. Play a vital role in shaping the future of the association and the real estate industry in the region.

Why Get Involved? Contributing your time and leadership to PSAR is an incredible way to give back to the REALTOR® community that helps sustain your business. Have the opportunity to:

• Influence important decisions that impact real estate professionals.
• Stay ahead of the curve on legislative issues, new laws, and industry trends.
• Expand your network by working alongside other high-caliber leaders.
• Gain valuable experience in association governance and leadership.
• Raise your profile and reputation among peers.

The deadline for Submission is Friday, April 26, 2024 (5 PM) for the following positions on the 2025 Board of Directors:

• President-Elect
• Secretary/Treasurer
• Directors (5 positions)

Make your voice heard and help uphold the professional standards and ethical values that incentivize REALTORS® to remain in the business. Submit your nomination today!

Click on the link to access the nomination forms: 

2025/2026 Board and Officer Nomination Form

2025 CAR Director Application

2025 Affiliate Director Nomination

While California’s statewide housing market lost momentum in March after lower home sales, the sales pace did not slow down in San Diego County with a jump of more than 15 percent, plus a return to median home prices exceeding $1 million, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

Statewide, the sales pace for existing, single-family homes fell 7.8 percent from February 2024 to March 2024, and a drop of 4.4 percent from March 2024 to March 2023. March was the first time in three months for statewide home sales to decline on a year-over-year basis.

Also, the statewide sales pace remained below the 300,000-threshold for the 18th consecutive month. On a year-to-date basis, California home sales still exceeded the level experienced in first-quarter 2023 by 0.7 percent, but the gain continued to shrink in March. Year-to-date statewide homes sales were up 0.7 percent.

In contrast, home sales in San Diego increased 15.7 percent in a month-over-month comparison between March 2024 and February 2024. However, in a year-over-year comparison between March 2024 and March 2023, the sales pace was lower, a decrease of 7.1 percent.

Similarly, San Diego home prices kept moving higher. The median sales price of an existing, single-family detached home in March 2024 was $1,020,000, a 4.1 percent difference from February 2024, when the median price was $980,000. A year ago, in March 2023, the median price for a San Diego home was $915,000, a difference of 11.5 percent with March 2024.

March 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Home prices on a statewide basis also have been higher. The median price of an existing, single-family home in California was $854,490 in March 2024, compared to $806,490 in February 2024, and $793,260 in March 2023.

The year-over-year gain was the ninth straight month of annual price increases for the Golden State. March marked the 11th time in the last 12 months that the median price for an existing single-family home was above $800,000.

Sales of homes priced at or above $1 million dollars in California have been holding up better than their more affordable counterparts in the last few months.

The $1 million-and-higher market segment continued to grow year-over-year in March 2024 by a decent clip (9.9 percent), while the sub-$500,000 segment declined again modestly (-2.4 percent). The change in the mix of sales continued to provide upward support to the statewide median price and was partly responsible for the solid increase in year-over-year growth rate at the end of the first quarter.

“While home sales lost momentum in March, the housing market remains competitive as we’re seeing the statewide median home price reaching the highest level in seven months, and homes selling quicker than last year,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®.  “On the supply side, the market continues to improve with an increasing number of properties being listed on the market as more sellers begin to accept the new normal.”

“With mortgage rates reaching the highest levels since mid-November 2023, the housing market struggled to build on the momentum exhibited in the first two months of this year,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. ”While sales could be hindered by higher rates in the coming weeks, the uptick in recent months suggests that we could see a bounce back in housing activity when the market digests the latest inflation report.”

Other key points from C.A.R.’s March 2024 resale housing report include:

• Home sales in most major regions of the state declined on a year-over-year basis in March 2024, including 7.8 percent in Southern California.
  
  
• At the regional level, all major regions registered an annual increase in their median price from a year ago, including a double-digit price gain of 11.1 percent in Southern California.
  
  
• Unsold inventory statewide decreased 13.3 percent in March 2024 on a month-over-month basis but increased from March 2023 by 23.8 percent. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, dipped from 3.0 months in February 2024 to 2.6 months in March 2023. The index was 2.1 months in March 2023.
  
  

March 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)

• Active listings at the state level in March 2024 increased on a year-over year basis for the second consecutive month, and the increase was the largest in 13 months. It’s an encouraging sign that housing supply could be heading in the right direction as the market enters the spring home-buying season. However, mortgage rates could reach a four-month-high in coming weeks and rates are expected to remain elevated longer than previously anticipated, which could delay some potential sellers in putting their house up on the market.
  
  
• New active listings at the state level increased from a year ago for the third consecutive month by double digits as more sellers listed their homes on the market ahead of the spring home-buying season. The jump in new housing supply, along with a modest slowdown in housing demand last month, contributed to an improvement in the overall active listings.
  
  
• The median number of days it took to sell a California single-family home was 19 days in March 2024, 22 days in February 2024, 32 days in January 2024 and 24 days in March 2023.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 12 days in March, 13 days in February 2024, 21 days in January 2024 and 15 days in March 2023. The median represents the time when half the homes sell above it and half below it.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100 percent in March 2024 and February 2024, 98.9 percent in January 2024 and 99.1 percent in  March 2023.
  
  
• The 30-year, fixed-mortgage interest rate averaged 6.82 percent in March, up from 6.54 percent in March 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

In the wake of emergencies, the real estate industry in California faces unique challenges. Understanding the state's anti-price gouging laws is crucial whether you're a sales agent, broker, or property manager. These laws not only protect consumers during crises but also guide professionals in maintaining ethical standards.

Here's what you need to know: 

The Essence of Price Gouging in Real Estate
Price gouging occurs when prices for housing, rentals, or other essential services are significantly increased to exploit an emergency. For real estate professionals, this typically relates to the pricing of rentals, homes for sale, and emergency lodging. The goal is to prevent undue strain on those affected by disasters, ensuring access to housing remains fair and equitable.

California’s Stance on Price Gouging
California law, specifically Penal Code Section 396, restricts increasing the price of housing and other essential services by more than 10% following an emergency declaration. This applies to sales, rentals, and services across the board, ensuring that real estate professionals are aligned with legal and ethical pricing standards during critical times.

Timing and Application of the Law
These protections activate immediately upon an emergency declaration by federal, state, or local authorities and are initially set for 30 days. For real estate-related services, like reconstruction and cleanup, the period extends to 180 days. Importantly, officials can extend these timeframes to meet ongoing needs, affecting how properties are marketed and managed.

Staying Informed on Declarations
Real estate professionals should closely monitor emergency declarations to comply with legal requirements. This includes staying updated through the Governor's website and local government channels. Awareness of state and local declarations is key to ensuring your practices align with current regulations. The following locations are under price gouging protections.

Who and What Is Covered?
The statute broadly applies to all entities within the real estate sector, including individuals and companies involved in selling, renting, or managing properties. It covers a wide range of necessities, notably including rental housing, hotels, and motels, ensuring that the industry's response to emergencies is comprehensive and compliant.

Addressing Cost Increases and Violations
If your costs increase due to supplier price hikes, the law allows the cost to be factored into pricing, provided it can be justified. However, compliance with the statute is closely monitored, and violations can lead to severe penalties, including fines and criminal charges. Ensuring transparency and fairness in pricing is crucial to avoid legal repercussions.

Role of Real Estate Professionals in Compliance
As gatekeepers of housing and essential services, real estate professionals have a pivotal role in upholding these laws. This involves adhering to pricing regulations and advising clients and the community on their rights and protections. Your guidance can help navigate the complexities of emergencies, ensuring access to housing remains fair and stable.

Conclusion
For real estate professionals in California, understanding and complying with anti-price gouging laws is essential. These regulations ensure that during emergencies, the industry acts with integrity, maintaining fair pricing and access to housing. By staying informed and adhering to these laws, you play a vital role in supporting communities during their most vulnerable times, reinforcing the ethical standards that define the real estate profession.

This link provides useful guidance for identifying if a state of emergency affecting price gouging in rental housing is in effect. Simply locate your rental property's county on the list and note the code (a letter in parentheses) next to it. Then, refer to the explanations at the bottom of the page to understand which price gouging laws apply to your situation

Important Disclosure
Please note that the information provided in this blog post is for general informational purposes only and does not constitute legal advice. Real estate laws and regulations can be complex and subject to change. While we strive to present accurate and up-to-date information, we cannot guarantee the completeness, reliability, or applicability of the content to your specific situation.

As a real estate professional, it's essential to understand your actions' legal implications, especially in emergencies and price-gouging laws. Therefore, we strongly recommend consulting with a qualified attorney or legal expert to obtain advice tailored to your specific circumstances. Doing so will ensure you navigate these challenges with the utmost compliance and integrity, safeguarding your professional practice and the communities you serve.

Despite a recent uptick in mortgage interest rates, California’s housing market continued to demonstrate resiliency in February 2024, reaching sales levels not seen since September 2022, according to the latest home sales and price report from the California Association of Realtors (C.A.R.).

In San Diego County, homes sales and home prices outpaced statewide levels with greater margins.

Sales of existing, single-family homes in San Diego County increased 20.9 percent in a month-over-month comparison between February 2024 and January 2024. In a year-over-year comparison between February 2024 and February 2023, the sales pace also was higher, an increase of 8.1 percent.

Similarly, statewide home sales for February 2024 increased 12.8 percent in a month-over-month comparison and 1.3 percent year-over-year. The monthly sales increase was the second straight month of double-digit gains for California. It was also the second consecutive month of year-over-year gains.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 290,020 in February, 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 2024 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide sales pace remained below the 300,000 threshold for the 17th consecutive month. While it is likely that sales will stay below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with an increase of 3.4 percent, suggesting a better spring home-buying season than that experienced last year.

Meanwhile, home prices continued to rise in San Diego County in February 2024.

The median sales price of an existing, single-family detached home in San Diego County in February 2024 was $980,000, a 5.9 percent difference from January 2024, when the median was $925,000. A year ago, in February 2023, the median price for a San Diego County home was $878,000, a difference of 11.6 percent with February 2024.

February 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

Home prices on a statewide basis also increased, but at smaller margins compared to San Diego. The median price of an existing, single-family home in California was $806,490 in February 2024, a 2.2 percent difference with the statewide median price of $789,480 in January 2024. A year ago, in February 2023, the statewide median home price was $735,300, a difference of 9.7 percent with February 2024.

The near-double-digit, year-over-year gain was the eighth straight month of annual price increases for the Golden State. It was the tenth time in the last 11 months that the median price for an existing single-family home was above $800,000.

With mortgage rates on the uptick since the start of the year and concerns about rates staying elevated for at least the first half of 2024, the housing market could struggle to build on the momentum exhibited in the first two months of this year. However, tight inventory conditions should keep the market highly competitive and provide support for prices.

Moreover, sales of homes priced at or above $1 million have been holding up better in the last few months than more affordable options. The high-end market segment continued to grow year-over-year in February by double digits, while the more affordable segment declined again modestly. The mix of sales toward higher priced homes continued to provide support to the statewide median price and was partly responsible for the strong surge year-over-year price growth rate in February.

“Housing supply conditions in California continued to improve in February with new active listings rising more than 10 percent for the second straight month,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “This is great news for buyers who have been competing for a dearth of homes for sale, and the momentum will hopefully build further as we enter the spring home buying season.”

“Consumers have been feeling more positive about buying and selling since the beginning of the year, as increases in sales activity and home prices are reflected in the latest improvement in optimism,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “While the recent upward movement in interest rates may result in more moderate sales in March, we expect homebuyers on the sidelines to reenter the market as the economy slows and rates begin to trend down again in the second quarter.”

Other key points from C.A.R.’s February 2024 resale housing report include:

• Home sales in all major regions in the state rose in February 2024, including 7.0 percent in Southern California.
  
  
• At the regional level, home prices increased in February 2024 in all major reasons compared to a year ago, including 10.8 percent in Southern California.
  
  
• The unsold inventory statewide index decreased 6.3 percent in February 2024 on a month-over-month basis, dipping by 3.2 percent from February 2023. The index, which measures the number of months needed to sell the supply of homes on the market at the current sales rate, dipped from 3.2 months in January 2024 to 3.0 months in February 2024. The index was 3.1 months in February 2023.
  
  

  February 2023 County Unsold Inventory and Days on Market
  (Regional and condo sales data not seasonally adjusted)

  

• The unsold inventory index of available existing homes for sales in February 2024 in San Diego County was 2.3 months, a figure that was identical to February 2023. The index was 2.6 months in January 2024. Inventory levels indicate the number of months it would take for the available supply of homes on the market to sell-out given the current rate of sales.
  
  
• Existing active listings at the state level increased on a year-over year basis for the first time in 11 months. February’s increase was the largest in 12 months, an encouraging sign that housing supply could be heading in the right direction as the market approaches the spring home-buying season. However, mortgage rates have increased since the start of the year and are expected to remain elevated, which may cause potential sellers to have second thoughts about listing their house for sale.
  
  
• New active listings in February 2024 at the state level increased from a year ago for the second consecutive month by double digits as more sellers listed their homes on the market ahead of the spring home buying season as mortgage rates dipped at the start of the year. The annual listings increase was the largest since May 2022.
  
  
• The median number of days it took to sell a California single-family home was 22 days in February 2024, 32 days in January 2024 and 35 days in February 2023.
  
  
• In San Diego, the median number of days it took to sell an existing, single-family home was 13 days in February 2024, 21.5 days in January 2024 and 19 days in February 2023. The median represents the time when half the homes sell above it and half below it.
  
  
• C.A.R.’s statewide sales-price-to-list-price ratio was 100 percent in February 2024, 98.9 percent in January 2024 and 97.7 percent in February 2023. In 2023, the statewide, sales-price-to-list-price ratio on a monthly basis was at 99 percent in December, 100 percent in November, October, September, August, July, June, May and April, 99.1 percent in March, 97.7 percent in February and 96.5 percent in January.
  
  
• The 30-year, fixed-mortgage interest rate averaged 6.78 percent in February, up from 6.26 percent in February 2023, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.