Sacramento June real estate sales continue positive trend

Posted by Tim

July 15, 2008

Sales of homes in the Sacramento region extended their year-over-year (YoY) gains to a 3rd straight month in June. It appears April was the start of a pretty strong turn around for the region. I wrote about the April results here and the May results here. Today results were released by Trendgraphix showing positive sales numbers gains for June. Total sales increased approximately 4% from May 2008 to June 2008, but the YoY numbers are pretty dramatic:

Sales for June 2008 were 59% higher than June 2007.
For sale inventory of 11,121 was 24% lower than June 2007 and a strong improvement on the 12,266 for sale homes I reported last month.
Sales price per square foot changes from May ranged from -2% to +16% on a county by county basis.

Mike Lyon, publisher of the report and CEO of Lyon Real Estate has this overview of the market:

“Traditionally, we see inventory and sales increase as we enter into summer. In 2008 that tradition has only held true for homes under $200,000,” said Michael Lyon, CEO of Lyon Real Estate. “As you rise above $200,000, inventories continue to drop and sales are flat. Sacramento County is the best example, with 91% of all sales under $400,000 and only 9% above $400,000. Bank-owned properties continue to flood the market under $200,000 while tight credit is really hurting sales above $400,000.”

I will have more facts and figures as they are released. There is usually and additional article or two concerning the market as these reports are released.

Real Estate