July 2018 Sacramento Housing Report Suggests Stability
There are subtle changes in the July 2018 Sacramento housing report from Trendgraphix this month. It re-enforces what I see from my professional practice. Since May, I have noticed a slight change in Sacramento real estate. A bit of cooling from the extreme frenzy, and I’ve discovered there are some strategies that no longer work very well, so I’ve been shifting my approaches accordingly.
In looking through the statistics, what jumps out at me is the big uptick in inventory. However, pending sale numbers are surpassing closed sales for last month, which means August should be a good month for closed sales. Also, although the inventory is up, the new listings are down. Yet the average price per square foot is the highest it has been over the past 15 months, coming in at $237. Our median price is about the same in the July 2018 Sacramento housing report.
Basically, our closed sales are down 4.1% over this time last year. Our inventory is up by 22.1%. When inventory goes up and sales go down, we should see a little bit of cooling in the market. It will be interesting to note when we move into our spring market next year if this trend continues. However, the real number I see is the median sales price which has been fairly stable over the past 3 months, moving from $359K to $360K and back to $359K.
Below are the supporting statistics for the July 2018 Sacramento housing report.
charts: Trendgraphix, used with permission from Lyon Real Estate.