In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Thursday, September 13, 2018

Sacramento Housing in August: Sales Down 3.3% YoY, Active Inventory up 22% YoY

by Calculated Risk on 9/13/2018 01:59:00 PM

From Inventory continues upward trend, sales price stalls for 3rd month

August closed with 1,676 sales, a 4.9% increase from the 1,566 sales of July. Compared to August last year (1,734), the current figure is a 3.3% decrease.

The Active Listing Inventory increased 10.2% from July to August, up from 2,875 to 3,167 units. [inventory is up 22.1% YoY from 2,593 in August 2017]. The Months of Inventory increased from 1.8 to 1.9 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.

The Average DOM (days on market) increased from 22 to 24 from July to August and the Median DOM increased from 12 to 14. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,676 sales this month, 74.2% (1,244) were on the market for 30 days or less and 91% (1,526) were on the market for 60 days or less.
emphasis added
CR Note: Inventory is still low, but up significantly year-over-year in Sacramento.