Tuesday, May 19, 2020

Sacramento Housing in April: Sales decline 32% YoY, Active Inventory down 15% YoY

by Calculated Risk on 5/19/2020 12:23:00 PM

As expected, the housing market slumped in April. There is some evidence of a pickup in activity recently, but any lasting resurgence will be dependent on the course of the pandemic. Note that April sales are for contracts typically signed in February and March.  So the report for May will probably be even worse (based on March and April contracts).

From SacRealtor.org: April 2020 Statistics – Sacramento Housing Market – Single Family Homes

April closed with 1,013 sales, down 13.4% from the 1,170 sales in March. Compared to one year ago (1,496), the current figure is a 32.3% drop.
...
The Active Listing Inventory increased 10% from March to April, from 1,658 units to 1,823 units. Compared with April 2019 (2,094), inventory is down 14.9%. The Months of Inventory increased from 1.4 to 1.8 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.
...
The Median DOM (days on market) decreased from 8 to 7 and the Average DOM decreased from 26 to 16. “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 1,013 in April, down 32.3% from 1,496 in April 2019. Sales were down 13.4% from March 2020 (previous month).

2) Active inventory was at 1,823, down from 2,094 in April 2019. That is down 14.9% year-over-year.  This is the twelfth consecutive month with a YoY decline in inventory.