· The Median Price has increased 3 straight months.
160,000 to 163,000 to 165,900 to 169,000
· The Inventory has reached a new all-time low of 0.9 months in Sacramento.
If no new homes came on the market, we would run out of homes for sale in 0.9 months at the current pace.
A “balanced” or “normal” market is between 4 or 5 months.
· Of the 1,633 sales in April: 32% was Cash, Conventional financing was 32.4%, FHA was 27.1% and VA 3.1%.
The simple economics of supply and demand continue to drive the Sacramento Market on an upward trend. For the foreseeable future, as long as interest rates remain low, the demand shall continue to be high. The “price sensitive sellers’ market” is still in effect. The properties that come on the market much higher than true market value and do not show well are sitting. But the homes that show well and come of the market at a good price are being sold within a few days, at or above list price with multiple offers.
clear skies,
Doug Reynolds
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