Sacramento County’s real estate market saw its lowest September sales total in three years, the result of low inventory and relatively high prices that have priced some buyers out of the market, according to one housing analyst.
Irvine-based real estate tracker CoreLogic said Friday that September resales of existing homes in Sacramento County totaled 1,695, down nearly 13 percent from 1,946 in September 2016. Countywide sales of all homes totaled 2,188, down 7.2 percent from 2,357 in September 2016.
The market saw its usual end-of-summer drop as well, with a 12.1 percent decrease in sales compared to August. Buyers typically prefer to shop in the summer months before school starts and well before the holidays.
As for the three-year low in September sales, CoreLogic analyst Andrew LePage said there just aren’t many homes on the market, and more buyers may be unwilling to pay high prices.
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“For Sacramento County sales, it’s not a huge difference from the last two years, but it’s down a bit,” LePage said. “I would chalk up the bulk of the decline to the thin inventory. And some buyers might be balking at prices.”
LePage also explained that September 2016 had one more business day than September 2017, “which means one more day for deals to get counted down at the county.”
LePage said it has been an up-and-down year for Sacramento County, with year-over-year declines in five of the nine months to date. And while September’s 7.2 percent dip in sales of all homes with the largest of the year, LePage did not see a red flag in the local sales market, adding “that would involve three to six months of all signs heading in the same direction.”
CoreLogic said Friday that the median price among countywide sales of all dwellings – including new and resale houses and condominiums – in September was $340,000, up slightly from $335,000 in August and a surge of around 10 percent from $309,000 in September 2016. The median sales price among last month’s resale transactions in Sacramento County was $335,000, a gain of 8.1 percent over $310,000 in September last year.
The number of Sacramento County homes that sold for $500,000 or more increased 53.1 percent from September 2016 to September 2017, LePage said.
County home prices remained well short of the record median of $387,000 from August 2005.
The area is coming off a hot summer season, when more homes were sold across the four-county Sacramento region than in any similar period since the peak of the housing bubble in 2005. CoreLogic said more than 12,000 new and existing homes changed hands during June, July and August.