Sunday, October 14, 2018

Sacramento Housing in September: Sales Down 15.5% YoY, Active Inventory up 23% YoY

by Bill McBride on 10/14/2018 11:40:00 AM

From SacRealtor.org: September 2018 Statistics – Sacramento Housing Market – Single Family Homes, September sees sales dip 21%, inventory continues rise

The month ended with 1,318 sales, a 21.4% decrease from the 1,676 sales of August. Compared to September last year (1,560), the current figure is a 15.5% decrease. Of the 1,318 sales this month, 183 (13.9%) used cash financing, 800 (60.7%) used conventional, 225 (17.1%) used FHA, 75 (5.7%) used VA and 35 (2.7%) used Other† types of financing.
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The Active Listing Inventory continued an upwards trend, increasing 2.2% month-to-month, from 3,167 to 3,236 units [Up 23% YoY]. The Months of Inventory followed, increasing from 1.9 to 2.5 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. The chart to the right reflects the Months of Inventory in each price range.
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The Average DOM (days on market) continued its increase, rising from 24 to 26 from August to September. The Median DOM also increased, rising from 14 to 15. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,318 sales this month, 71.5% (943) were on the market for 30 days or less and 89.2% (1,176) were on the market for 60 days or less.
emphasis added
CR Note: Inventory is still low - months of inventory is at 2.5 months, probably closer to 4 months would be normal - however inventory is up significantly year-over-year in Sacramento.