Friday, August 16, 2019

Sacramento Housing in July: Sales Up 6% YoY, Active Inventory DOWN 16% YoY

by Calculated Risk on 8/16/2019 02:26:00 PM

From July sales increase, price unchanged month-to-month

July wrapped up with 1,693 total sales, a 10.9% increase from the 1,527 sales of June. Compared to the same month last year (1,598), the current figure is up 5.9%.
The Active Listing Inventory increased 2.7% from 2,362 to 2,425 units. The Months of Inventory decreased from 1.5 to 1.4 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. [Note: Compared to July 2018, inventory is down 15.7%] .
The Median DOM (days on market) increased from 10 to 11. The Average DOM increased from 22 to 23. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,693 sales this month, 77.6% (1,313) were on the market for 30 days or less and 91.5% (1,548) were on the market for 60 days or less.
emphasis added
1) Overall sales increased to 1,693 in July, up from 1,598 in July 2018. Sales were up 10.9% from June 2019 (previous month), and up 5.9% from July 2018.

2) Active inventory was at 2,425, down from 2,875 in July 2018. That is down 15.7% year-over-year.  This is the third consecutive YoY decline following 20 months of YoY increases in inventory.

This is another market that picked up in July, and with the decline in mortgage rates in August, we will probably see a further pickup in coming months.