Thursday, July 18, 2019

Sacramento Housing in June: Sales Down 13.6% YoY, Active Inventory DOWN 11% YoY

by Calculated Risk on 7/18/2019 10:39:00 AM

From June sales price inches towards August 2005 high

June closed with 1,527 total sales, a 6.3% [decrease] from the 1,630 sales of May. [Sales down 13.6% YoY]
The Active Listing Inventory increased 2.1% from 2,314 to 2,362 units. The Months of Inventory, increased from 1.4 to 1.5 Months. [Note: Compared to June 2018, inventory is down 11.2%] .
The Median DOM (days on market) remained at 10 from May to June. The Average DOM decreased from 25 to 22. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.”
emphasis added
1) Overall sales decreased to 1,527 in June, down from 1,767 in June 2018. Sales were down 6.3% from May 2019 (last month), and down 13.6% from June 2018.

2) Active inventory was at 2,362, down from 2,660 in June 2018. That is down 11.2% year-over-year.  This is the second consecutive YoY decline following 20 months of YoY increases in inventory.

Inventory is still low - months of inventory is at 1.5 months, probably closer to 4 months would be normal.