Friday, September 13, 2019

Sacramento Housing in August: Sales Down 6.5% YoY, Active Inventory DOWN 22% YoY

by Calculated Risk on 9/13/2019 11:15:00 AM

From SacRealtor.org: Median sale price, sales volume decrease for August

August ended with 1,567 sales, a 7.4% decrease from the 1,693 sales last month. Compared to the same month last year (1,676), the current figure is down 6.5%.
...
The Active Listing Inventory increased 1.4% from 2,425 to 2,460 units. The Months of Inventory increased from 1.4 to 1.6 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 August 2018, inventory is down 22.3%] .
...
The Median DOM (days on market) increased from 11 to 12 and the Average DOM increased from 23 to 25. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,567 sales this month, 74.5% (1,167) were on the market for 30 days or less and 89.8% (1,407) were on the market for 60 days or less.
emphasis added
1) Overall sales decreased to 1,567 in August, down from 1,676 in August 2018. Sales were down 7.4% from July 2019 (previous month), and down 6.5% from August 2018.

2) Active inventory was at 2,460, down from 3,167 in August 2018. That is down 22.3% year-over-year.  This is the fourth consecutive YoY decline following 20 months of YoY increases in inventory.

This is a market that didn't pickup in August, even with the recent decline in mortgage rates.  However, most of the decline in mortgage rates were in August, and sales are reported at the close of escrow, so we will probably see a pickup in coming months.