Sunday, September 20, 2020

Sacramento Housing in August: Sales decline Slightly YoY, Active Inventory down 50% YoY

by Calculated Risk on 9/20/2020 12:48:00 PM

Note that August sales are for contracts typically signed in June and July.

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

August closed with 1,560 sales, down 11.9% from the 1,755 sales in July. Compared to one year ago (1,567), the current figure is down .4%.
...
The Active Listing Inventory decreased 2.2% from July to August, from 1,266 units to 1,238 units. Compared with August 2019 (2,460), inventory is down 49.7%. The Months of Inventory increased from .7 Months to .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.
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The Median DOM (days on market) dropped from 9 to 7 and the Average DOM dropped from 25 to 21. “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 1,560 in August, down 0.4% from 1,567 in August 2019. Sales were down 11.9% from July 2020 (previous month).

2) Active inventory was at 1,266 down from 2,460 in August 2019. That is down 49.7% year-over-year.  This is the sixteenth consecutive month with a YoY decline in inventory.

Existing home sales for August will be released this coming Tuesday, and will probably be around 5.92 million SAAR.