Only an ex-Californian here, and never was a Realtor in CA when I lived there. However, I have met CAR individuals at Inman meetings, and I actually attended CAR a few years back. CAR is a strong association and more progressive and supportive than most.
The problem with ALL reports that come out of large studies like this one from CAR and also NAR reports is the data is dated by the time the report hits the streets. I have not looked at this report, nor would I even attempt to comment on the state of any particular market in CA, but I noticed the comments Ed and Edward made.
I agree with both to the extent that these types of studies have limitiations and must be subsidized with local updated data. The public and the media look for and to these reports as credible. As Realtors, and as members of our local MLSs, if we made more summary data avaialable to the public, we would be the credible sources. That concept applies to 'local communities' within CA or elsewhere.