Resale Home Activity Levels Up a Bit

New pending sales in April were up 13 percent versus March. 

(SACRAMENTO, CA) – Resale housing metrics in April showed signs that current trends may  be pointing toward more stability and perhaps a plateauing out across the Greater Sacramento  region. New pending sales in April were 13 percent higher than those of March and marked the  second straight month of more elevated sales activity. New listings entering the market also  increased steadily over the past 4 months with a notable 15 percent lift in April versus March.  Movement in these key market levers left standing inventory 16 percent higher at month-end  compared to March. 

“The spring to summer market transition will be an evolving story” says Pat Shea, President and  CEO of Lyon Real Estate. “The number of new listings entering the market seems to be  outpacing new buyers just a bit leading to that increase in standing inventory. Even though an  elevated number of both continue to transact, there are currently only 1.5 months of supply  available based upon the rate of new pending sales. Interesting as well, is that there are still multiple offers on approximately fifty percent of the homes going into escrow in the four-county area.” 

Other data points support the idea that there is continued momentum in the resale market.  Specifically, the number of days on the market for homes that closed escrow in April was 27 and  marked the second straight month of improvement. This was also 12 days quicker than April of  2023. Sellers in April also received on average 99 percent of their original list price. This metric has been quite consistent for the past three months. The median sales price of $601,000 and  average sold price of $685,000 in April both reflect numbers not seen since last summer and also  extended a 4-month climb.  

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Thus far in mid-May: new listings, new sales, closed sales and standing inventory are all  showing modest variances to those of April. This indicates that the spring bloom and market  momentum may have reached a plateau for the time being. The upper end or homes over  $1,000,000, is however, showing remarkable enthusiasm with approximately 30 percent more  closed sales year-to-date than last year at this time. New open escrows at mid-May are currently 37 percent greater than those at mid-April strenuously affirming that the heat remains on in the  upper end.  

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“Greater Sacramento experienced a once in lifetime, record setting period of home sales and  price acceleration from the summer of 2020 until the spring of 2022” says Shea. “Subsequently  the Federal Reserve Bank took very aggressive actions in their effort to curb inflation which has  pushed the volume of home sales well below normal for the past 2 years. Many potential buyers  and sellers are still waiting on the sidelines yearning for mortgage interest rates to recede so that  they can more easily get busy with their life plans. Home prices have already rebounded and will  continue to move-upward in Greater Sacramento and that is the tradeoff. Historically speaking,  mortgage interest rates still fall below the 50-year average and thus, it may be best to purchase  now and refinance if rates improve. Spring and summer are always the best time of year to make  your move.”  

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This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix  Inc., a Sacramento-based reporting company. 

About Lyon Real Estate 

Lyon Real Estate is the leading independent real estate brokerage company in Greater Sacramento  (Sacramento Business Journal). We are proud to be homegrown, privately owned, and internationally  known. Lyon has served the area for over 75 years. Last year, the company closed a total of 3,191  transactions and $1.85 billion in sales volume. Lyon Real Estate has over 750 agents in 15 offices located  throughout the region. The company is a member of the Leading Real Estate Companies of the World®,  the largest network of premier locally branded firms, as well as LeadingRE’s Luxury Portfolio  International® program. In addition to its real estate services, Lyon Real Estate offers RELO Direct, a  global relocation program. Since 2015, the Lyon Cares Foundation has contributed more than $1,368,365  to local nonprofits. 

About TrendGraphix, Inc. 

TrendGraphix, Inc. is a real estate data analytics company based in Sacramento that uses local Multiple  Listing Service (MLS) data. TrendGraphix provides highly visual performance and market statistical  graphs to real estate brokers, agents, and MLS/Realtor associations across the country. TrendGraphix’s  programs are currently used by tens of thousands of brokers and agents in more than 300 brokerages  across the nation. For more information about TrendGraphix, visit www.trendgraphix.com.