Thursday, July 12, 2018

Sacramento Housing in June: Sales Down 3.1% YoY, Active Inventory up 26% YoY

by Bill McBride on 7/12/2018 06:42:00 PM

Friday:
• At 10:00 AM ET, University of Michigan's Consumer sentiment index (Preliminary for July).

• At 11:00 AM, Federal Reserve Monetary Policy Report to Congress

From SacRealtor.org: June 2018 Statistics – Sacramento Housing Market – Single Family Homes

June closed with 1,767 sales, a 2.1% increase from May’s 1,730. Compared to June last year (1,824), the figure is a 3.1% decrease. Of the 1,767 sales this month, 225 (12.7%) used cash financing, 1,104 (62.5%) used conventional, 302 (17.1%) used FHA, 101 (5.7%) used VA and 35 (2%) used Other† types of financing.
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Active Listing Inventory increased 6% from 2,509 to 2,660 units. The Months of Inventory, however, remained unchanged at 1.5 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 26.4% year-over-year]

The Average DOM (days on market) increased from 20 to 21 from May to June and the Median DOM increased from 9 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 1,767 sales this month, 80.1% (1,415) were on the market for 30 days or less and 92.4% (1,632) were on the market for 60 days or less.
emphasis added
CR Note: Inventory is still low, but now increasing significantly year-over-year in Sacramento.