Thursday, May 10, 2018

Sacramento Housing in April: Sales Increase 5% YoY, Active Inventory up 18% YoY

by Calculated Risk on 5/10/2018 06:58:00 PM

From April 2018 Statistics – Sacramento Housing Market – Single Family Homes

April closed with 1,587 sales, a 13.8% increase from March’s 1,395. Compared April 2017 (1,512) the current figure is up 5%. Of the 1,587 sales this month, 227 (14.3%) used cash financing, 958 (60.4%) used conventional, 274 (17.3%) used FHA, 64 (4%) used VA and 64 (4%) used Other† types of financing.
Active Listing Inventory increased 14.6% from 1,817 to 2,082 units, but the Months of Inventory remained at 1.3 Months. This figure represents the amount of time (in months) it would take for the current rate of sales to deplete the total active listing inventory.  [CR Note: Active inventory is up 17.6% year-over-year]

The Average DOM (days on market) dropped from 25 to 23 month to month and the Median DOM dropped from 11 to 10. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,587 sales this month, 78.8% (1,251) were on the market for 30 days or less and 90.2% (1,431) were on the market for 60 days or less.
emphasis added
CR Note: Inventory is still low, but now increasing year-over-year in Sacramento.

The statistics for April are here.