Sacramento Housing in September: Sales up 3%, Active Inventory down 3.5% YoY

During the recession, I started following the Sacramento market to look for changes in the mix of houses sold (equity, REOs, and short sales). For a few years, not much changed. But in 2012 and 2013, we saw some significant changes with a dramatic shift from distressed sales to more normal equity sales.

This data suggests healing in the Sacramento market and other distressed markets are showing similar improvement.  Note: The Sacramento Association of REALTORS® started breaking out REOs in May 2008, and short sales in June 2009.

In September, total sales were up 2.9% from September 2015, and conventional equity sales were up 4.8% compared to the same month last year.

In September, 4.5% of all resales were distressed sales. This was down from 5.7% last month, and down from 6.8% in September 2015.

The percentage of REOs was at 2.9% in August, and the percentage of short sales was 1.6%.

Here are the statistics.

Click on graph for larger image.

This graph shows the percent of REO sales, short sales and conventional sales.

There has been a sharp increase in conventional (equity) sales that started in 2012 (blue) as the percentage of distressed sales declined sharply.

Active Listing Inventory for single family homes decreased 3.5% year-over-year (YoY) in September.  This was the seventeenth consecutive monthly YoY decrease in inventory in Sacramento.

Cash buyers accounted for 14.8% of all sales (frequently investors).

Summary: This data suggests a normal market with few distressed sales, and less investor buying - but with limited inventory.

from
http://feedproxy.google.com/~r/CalculatedRisk/~3/F6STR7zRx2c/sacramento-housing-in-september-sales.html