RE-BENCHMARKING OF EXISTING DETACHED HOME SALES

March 15, 2013

What is Getting Revised?• Downward Revision to California Existing Detached Home

Sales• No Revision to Median Home Price• No Revision to Local (County/Region) Sales and Price

Statistics • No Revision to Unsold Inventory Index (Months of Supply

of Inventory)• No Revision to Median Time on Market• No Revision to Housing Affordability Index• No Revision to Distressed Sales Statistics• No Revision to Pending Home Sales Index

Reported and Re-Benchmarked Annual Existing Detached Home Sales

Annual Sales (Previously Reported)

Annual Sales (Re-benchmark) Revision

2000 535,470 470,730 -12.1%

2001 503,990 448,560 -11.0%

2002 572,550 511,740 -10.6%

2003 601,770 550,550 -8.5%

2004 624,740 571,440 -8.5%

2005 624,960 576,240 -7.8%

2006 477,460 438,970 -8.1%

2007 346,940 292,420 -15.7%

2008 441,810 381,420 -13.7%

2009 546,860 474,860 -13.2%

2010 492,290 416,520 -15.4%

2011 497,860 422,550 -15.2%

2012 525,120 440,690 -16.1%

Previously Reported (Old) and Re-Benchmarked (New) Annual Existing Detached Home Sales

(C.A.R. and N.A.R.)

CA (Old) CA (New) Revision US (Old) US (New) Revision

2007 346,940 292,420 -15.7% 4,939,000 4,420,000 -10.5%

2008 441,810 381,420 -13.7% 4,350,000 3,660,000 -15.9%

2009 546,860 474,860 -13.2% 4,566,000 3,870,000 -15.2%

2010 492,290 416,520 -15.4% 4,308,000 3,708,000 -13.9%

4-year Average 456,975 391,305 -14.4% 4,540,750 3,915,000 -13.9%

CA Sales of Existing Detached Homes(Annual)

20002001

20022003

20042005

20062007

20082009

20102011

20120

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Previously Reported Sales Re-Benchmarked Sales

CA Sales of Existing Detached Homes (Monthly)

Jan-00

Oct-00Jul-0

1

Apr-02

Jan-03

Oct-03Jul-0

4

Apr-05

Jan-06

Oct-06Jul-0

7

Apr-08

Jan-09

Oct-09Jul-1

0

Apr-11

Jan-12

Oct-12

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Previously Reported Sales Re-Benchmarked Sales

Reasons for the Difference in Sales Before and After Re-Benchmarking

• C.A.R. expanded data sample size and increased coverage over more sampled geographic areas

• More data is being retrieved electronically through a more reliable process, which allows C.A.R. to collect data more accurately and with more consistency across the board

• Fewer FSBO home sales and more REALTOR®-assisted home sales

• More Homebuilders seek REALTOR®-assistance in listing properties on MLSs