Sacramento homes have been flying off the shelves! Just ask home buyers and they will affirm that real estate is back and going strong. In Sacramento combining all the cities within the County and all types of single family homes, the graph below shows there were fewer homes for sale in August then in July by 1.6% and over a 15 month time period inventory was down by 62.6%. Big change!
Based on the August inventory of closed home sales, there is only 1 month of inventory on the real estate market for sale.
No wonder Sacramento home buyers are having such a hard time getting a house.
Short Sales in Sacramento increased in August with 417 home sellers opting for short sales which is up by 5% over last month. However, based on a 15 month period, short sale sellers opting for a short sale were down by 74.5%. Quite a change! Inventory of short sale homes remaining is quite low at .7 of a month.
Now, let’s take a look at the foreclosed, REO, bank-owned home sales report for August.
I feel like a broken record reporting there are once again very few bank owned homes for sale. Over a 15 month real estate period, inventory is down by 80%. Steady decline in foreclosed homes.
Very good sign for real estate recovery!
Traditional Home Report
Traditional home sold were up from last monthand over a 15 month period home sold were up 24.3%. Inventory though was down 1.9% in August over the preceding month. Based on the homes sold, there is 1.4 months of inventory on the real estate market of homes for sale.
Real Estate is improving and it shows!
Other Real Estate Market Reports: