by Calculated Risk on 8/10/2021 07:40:00 PM

Note: I'm tracking data for many local markets around the U.S. I think it is especially important to watch inventory this year.

From SacRealtor.org: Median sales price dips, inventory rises

July closed ended with 1,574 sales, an 8.6% decrease from June (1,723). Compared to one year ago (1,772), the current figure is down 11.2%.
...
The Active Listing Inventory increased 23.5% from June to July, from 1,297 units to 1,602 units. Compared with June 2020 (1,266), inventory is up 26.5%. The Months of Inventory increased from .8 Months to 1 Month. 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.
emphasis added

Note that inventory in July was up 23.5% from last month, and up 123% from the record low in January 2021.