Home Sales Still on Cruise Control
Monthly Market Update
The Greater Sacramento resale housing market appears to remain on “cruise control,” according Pat Shea, president of Lyon Real Estate. The market is demonstrating consistency, stability and sustainability according to information from Trendgraphix Inc., a Sacramento based reporting company. “Sales, inventory and median price all seemed to have hit their sweet spot,” Shea added, based upon the patterns of activity over the past 3 to 6 months.
Closed sales averaged 2,357 per month in Sacramento, Placer, El Dorado and Yolo counties over the past 6 months. That volume of sales is 28 percent higher than the 1,843 average posted from the previous 6 month period. The 4-county area also experienced 2,377 new open escrows or pending sales, for the month of September. Pending sales were a mere 2 percent below the 6 month open escrow average.
Inventory of active and available resale homes ended September at 6,178. This number was just 1 percent above the trailing three month average and only 8 percent above the previous 6 month average which includes the typically tighter summer selling season.
The median sales price has locked in at $310,000 for the past five months. Shea states that this metric reflects a “continuity and balance of sales occurring in all price points.” The current median is 9 percent above the $285,000 mark posted in September of last year.
“Housing affordability in our region remains a glaring bright spot when compared to the San Francisco Bay area and other metropolitan statistical areas throughout the state,” says Shea.
“Undoubtedly, our individual counties and neighborhoods will experience monthly fluctuations in key housing metrics. However, the prospect of interest rates rising in 2015 coupled with the variety and volume of inventory currently available should keep entry level and move up buyers very engaged throughout the remainder of the year.”