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Sacramento Housing in February: Sales Down 10% YoY, Active Inventory up 16% YoY

Summary:
From SacRealtor.org: February sees increase in sales volume, sales priceThe month closed with 1,015 total sales, a 13.5% increase from the 894 sales of January. Compared to the same month last year (1,131), the current figure is down 10.3%. ...The Active Listing Inventory decreased, falling 4.8% from 2,095 to 1,994 units. The Months of Inventory decreased 13% from 2.3 to 2 Months. [Note: Compared to February 2018, inventory is up 15.7%] ....The Average DOM (days on market) increased again, rising from 40 to 43. The Median DOM remained at 27. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.” emphasis added CR Note: Inventory is still low - months of inventory is at 2.0 months, probably closer to 4 months would be normal

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From SacRealtor.org: February sees increase in sales volume, sales price
The month closed with 1,015 total sales, a 13.5% increase from the 894 sales of January. Compared to the same month last year (1,131), the current figure is down 10.3%.
...
The Active Listing Inventory decreased, falling 4.8% from 2,095 to 1,994 units. The Months of Inventory decreased 13% from 2.3 to 2 Months. [Note: Compared to February 2018, inventory is up 15.7%] .
...
The Average DOM (days on market) increased again, rising from 40 to 43. The Median DOM remained at 27. “Days on market” represents the days between the initial listing of the home as “active” and the day it goes “pending.”
emphasis added
CR Note: Inventory is still low - months of inventory is at 2.0 months, probably closer to 4 months would be normal - and this is the smallest YoY increase since January 2018.
Bill McBride
A full time blogger, Mr. McBride retired as a senior executive from a small public company in the '90s. Mr. McBride holds an MBA from the University of California, Irvine, and has a background in management, finance and economics.

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