Tuesday, November 19, 2019

Sacramento Housing in October: Sales Up 7.1% YoY, Active Inventory DOWN 25% YoY

by Calculated Risk on 11/19/2019 02:03:00 PM

From SacRealtor.org: Sales volume jumps for October, prices remain flat

October saw a 10.6% increase in sales volume, jumping from 1,393 in September to 1,540 units this month. Compared to one year ago (1,438), the current figure is up 7.1%.
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The Active Listing Inventory decreased from 2,457 to 2,301 units. The Months of Inventory decreased from 1.8 to 1.5 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. [Note: Compared to October 2018, inventory is down 24.1%] .
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The Median DOM (days on market) increased from at 12 to 14 and the Average DOM increased from 25 to 28. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,540 sales this month, 71% (1,094) were on the market for 30 days or less and 86.6% (1,335) were on the market for 60 days or less.
emphasis added
1) Overall sales increased to 1,540 in October, up from 1,438 in October 2018. Sales were up 10.6% from September 2019 (previous month), and up 7.1% from October 2018.

2) Active inventory was at 2,301, down from 3,060 in October 2018. That is down 24.8% year-over-year.  This is the sixth consecutive YoY decline following 20 months of YoY increases in inventory.