by Bill McBride on 8/10/2018 02:13:00 PM
From SacRealtor.org: Sales, median sales price drop, inventory creeps upward
July closed with 1,598 sales, a 9.6% decrease from the 1,767 sales of June. Compared to July last year (1,634), the figure is a 2.2% decrease. Of the 1,598 sales this month, 214 (13.4%) used cash financing, 975 (61%) used conventional, 291 (18.2%) used FHA, 81 (5.1%) used VA and 37 (2.3%) used Other types of financing.
Active Listing Inventory increased 8.1% from 2,660 to 2,875 units [inventory is up 20.0% YoY from 2,395 in July 2017]. The Months of Inventory increased from 1.5 to 1.8 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 Average DOM (days on market) increased from 21 to 22 from June to July and the Median DOM increased from 10 to 12. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” Of the 1,598 sales this month, 77.3% (1,235) were on the market for 30 days or less and 93.3% (1,491) were on the market for 60 days or less.
CR Note: Inventory is still low, but up significantly year-over-year in Sacramento.