Brisk Sales and Stable Prices Shape Area Real Estate
Active and available inventory 9% less than 2014
Greater Sacramento enjoyed yet another brisk month of exceptional home sales, while remarkably, the median price remained stable at $330,000 for the third straight month.
Inventory ignored the typical end of summer increase by finishing the month of August with 5,457 active and available homes on the market. This number was 9 percent less than last year at this time. Market information was provided by Trendgraphix Inc., a Sacramento-based reporting company, and reported by Lyon Real Estate.
New pending sales of 2,885 reported in August sustained what is now an extraordinary 6 month run. That number was the highest monthly count thus far in 2015 and contributed to a 16 percent summer increase in June, July and August compared to the same period last year.
Sold and closed escrows during the same 3 month period experienced a 14 percent increase when compared to the summer of 2014. This left the 4-county area with slightly more than two months of available housing inventory.
The upper-end market, $750,000 and above, saw the largest jump in inventory with a 17 percent increase over last year. New pending sales in the price point however, increased 26 percent and closed escrows increased 28 percent over June, July and August of 2014. Entry level, below $350,000 always maintains the highest demand and now has 25 percent fewer listings available compared to 2014.
“The tenuous nature of national and international economies is maintaining downward pressure on interest rates,” says Pat Shea, president of Lyon Real Estate. “Locally, the economy is still beaming with good news regarding revitalization, development, jobs and affordability compared to other major California markets. The steady influx of prospective buyers and new inventory coming to market should keep sales figures well above average through fall.”