Friday, June 19, 2020

Sacramento Housing in May: Sales decline 37% YoY, Active Inventory down 23% YoY

by Calculated Risk on 6/19/2020 01:35:00 PM

Note that May sales are for contracts typically signed in March and April - when the economy was shutdown - so the report for May is pretty weak. Sales will pick up in the June / July reports.

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

May closed with 1,032 sales, up 1.9% from the 1,013 sales in April. Compared to one year ago (1,630), the current figure is a 36.7% drop.
...
The Active Listing Inventory decreased 2.6% from April to May, from 1,823 units to 1,775 units. Compared with May 2019 (2,314), inventory is down 23.3%. The Months of Inventory decreased from 1.8 Months to 1.7 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) increased from 7 to 9 and the Average DOM decreased from 16 to 19. “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 1,032 in May, down 36.7% from 1,630 in May 2019. Sales were up 1.9% from April 2020 (previous month).

2) Active inventory was at 1,775, down from 2,314 in May 2019. That is down 23.3% year-over-year.  This is the thirteenth consecutive month with a YoY decline in inventory.