Wednesday, September 10, 2008

Has the Sacramento Real Estate Market Reached the Bottom?

I am often asked this question. Well, the stats are out for Sacramento County for August 2008, and for the first time in a LONG TIME, there was an increase in the median home price. Keep in mind that certain micro-markets within Sacramento County have had ongoing increases to the median price for the better part of 2008...this is not enough information to call it a trend, but this county-wide increase is very exciting. The average price for Sacramento County also increased (graph not shown - increased from $235k to $241k).

What else is happening from a statistal standpoint? The overall number of closed sales in Sacramento County decreased a bit from July 2008 to August 2008 (1,784 closed in August / 2,060 in July), but the pendings went up substantially (2,539 pending in August / 2,238 in July). REO's still dominate a large percentage of the pendings and solds. County-wide, there is 3.9 months of listing inventory. 6 months of inventory is widely regarded as a balanced buyer/seller market. Stay tuned...

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