Monday, November 19, 2018

Sacramento Housing in October: Sales Down 4.8% YoY, Active Inventory up 21% YoY

by Bill McBride on 11/19/2018 12:51:00 PM

From SacRealtor.org: October 2018 Statistics – Sacramento Housing Market – Single Family Homes, Sales volume increases, median sales price dips

October closed with 1,413 sales, a 9.1% increase from the 1,318 sales of September. Compared to the same month last year (1,510), the current figure is down 4.8%. Of the 1,413 sales this month, 179 (12.4%) used cash financing, 910 (63.3%) used conventional, 230 (16%) used FHA, 92 (6.4%) used VA and 27 (1.9%) used Other types of financing.
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The Active Listing Inventory decreased, dropping 5.4% from 3,236 to 3,060 units.  [note: year-over-year inventory is up 20.7%] The Months of Inventory decreased from 2.5 to 2.1 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.
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The Average DOM (days on market) continued its increase, rising from 26 to 30 from September to October. The Median DOM also increased, rising from 15 to 19. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,438 sales this month, 65.6% (944) were on the market for 30 days or less and 85.9% (1,236) were on the market for 60 days or less.
emphasis added
CR Note: Inventory is still low - months of inventory is at 2.1 months, probably closer to 4 months would be normal - however inventory is up significantly year-over-year in Sacramento.