The reason Sacramento home prices are up
Last week I posted on our MagnumOne Realty facebook page an article showing Sacramento is in the top five metro areas with month over month price increase for August. Yes, there is some positive momentum in the Sacramento housing market but the driving force behind the rapid increase in asking prices is the dwindling inventory of homes on the market. Nationwide, inventories of for-sale homes continues to remain at historic lows with 1.84 million units for sale in August, which is down from 18.68 percent compared to a year ago.
The following markets have seen the largest decreases to their inventories in the last year:
1. Oakland, Calif.: -58.35%
2. Stockton-Lodi, Calif.: -45.03%
3. Fresno, Calif.: -43.13%
4. Sacramento, Calif.: -42.24%
5. Riverside-San Bernardino, Calif.: -41.75%
6. Bakersfield, Calif.: -41.36%
7. San Jose, Calif.: -41.10%
8. Seattle-Bellevue-Everett, Wash.: -41.07%
9. San Francisco: -40.15%
10. Atlanta: -37.02%
Sacramento was in the top five areas for price increases in August and in the same position for loss of inventory from last year. Over the past few years we have had too many properties on the market. Now we don't have enough to satisfy demand. Buyers are being forced to make decisions quickly and compete with multiple offers, and to be successful often offer over the asking price.
If you or someone you know is considering selling their property, now may be a good time to contact a Realtor.
I love your feedback; let me know what you are seeing in your neighborhood. I can be reached by email at JulieJ@jalone.com.
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