Friday, October 16, 2020

Sacramento Housing in September: Sales increase 22% YoY, Active Inventory down 49% YoY

by Calculated Risk on 10/16/2020 09:55:00 PM

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

From September 2020 Statistics – Sacramento Housing Market – Single Family Homes

September wrapped up with 1,695 sales, up 8.7% from the 1,560 sales in August. Compared to one year ago (1,383), the current figure is up 21.7%.
The Active Listing Inventory increased 1.5% from August to September, from 1,238 units to 1,257 units. Compared with September 2019 (2,457), inventory is down 48.8%. The Months of Inventory decreased from .8 Months to .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 chart below reflects the Months of Inventory in each price range.
The Median DOM (days on market) dropped from 7 to 6 and the Average DOM dropped from 21 to 18. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,695 sales this month, 84% (1,424) were on the market for 30 days or less and 92.4% (1,566) were on the market for 60 days or less.
emphasis added
1) Overall sales increased to 1,695 in September, up 21.7% from 1,383 in September 2019. Sales were up 8.7% from August 2020 (previous month).

2) Active inventory was at 1,238 down from 2,457 in September 2019. That is down 48.8% year-over-year.  This is the seventeenth consecutive month with a YoY decline in inventory.

Existing home sales for September will be released next week.