RESALE HOME SALES STAY THE COURSE

 Active listing level and current rate of sales strike a good balance.

(SACRAMENTO, CA) – On July 31st, 4,723 residential properties were listed as active and available for sale throughout the 4-county Greater Sacramento region. That number is 37 percent higher than it was at this time last year. This marks the second consecutive annual jump in inventory and is a welcome rebound from the critically low supply levels experienced in recent years. The reality is that our housing supply currently rests in a position of reasonable balance for willing buyers and sellers, with approximately 2.5 months available based upon the current rate of sales. 

“A steady level of buyer activity persists in our local market despite less-than-desired mortgage interest rates and upward pressure on homeowner’s insurance,” says Pat Shea, President and CEO of Windermere Signature Properties. “Home sales just keep churning, although fewer see multiple offers and notable bidding above list price. There is no doubt that the market will remain steady for the remainder of our summer and into fall as mortgage interest rate softening has already started to surface.”

During the month of July, 1,701 properties closed escrow, which reflected a 5 percent lift versus June numbers, yet a 4 percent decrease compared to July of last year. Closed sales over the last 3 months combined also represented a 4 percent drop versus those of the same period last year, but our July results may be signaling that a new lift could be coming. 

The rate of new open escrows or pending sales in July also suggested a positive market direction. New sales were up 7 percent compared to June and 4 percent versus July of last year. These encouraging new sales metrics are an indicator that buyers continue to enter the market and are not inclined to delay the pursuit of their housing dreams and goals. 

See What’s Available Now in the Greater Sacramento Region

The average sales price for July came in at $705,000, slightly up from $704,000 posted in June. 

The average sales price for the region over the past 3 months landed at $700,000. This is nearly a 2 percent increase compared to last year for the same period. The median rested at $607,000 for the same 3 months, up from $606,000 last year. All of these metrics are shouting price stability.

Sellers who successfully closed escrow in July averaged 97 percent of their original list price and were on the market an average of 40 days. Both metrics were slightly softer than last year, yet are very solid outcomes for sellers based on historical standards. New listings entering the market in July were 2 percent lighter than those of June; however, 8 percent higher than July of 2024. 

Supply at the entry-level, homes below $500,000, remains a little tighter than other price points with approximately 2.0 months available based upon the current rate of new pending sales. Inventory in the upper-end, $1,000,000 and above, is the greatest, with nearly 4 months of supply. That number, though, also remains quite reasonable by historical standards for that price range. 

“Plenty of national economic news is trending in a positive direction. Tariff fears are waning, inflation is currently on the decline, and employment and wage numbers remain positive. Mortgage rates have already started to slide, and the Federal Reserve Bank continues to get pressure from the current administration to roll back its funds rate,” says Shea. “Inventory has risen to a more favorable level, which will sustain a balanced market as rates finally retreat. There is no doubt that homes that are priced well and placed in show-ready condition will always sell. Sellers should be prepared, however, to negotiate price when needed and entertain some buyer-side closing cost incentives.” 

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This market information was presented by Windermere Signature Properties based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.

ABOUT WINDERMERE REAL ESTATE

Windermere Signature Properties, formerly known as Lyon Real Estate, has served the Greater Sacramento Region for over 79 years. Last year, the company closed over 3,300 transactions and nearly $2 billion in sales volume. Windermere Signature Properties has over 650 agents in 14 offices located throughout the Sacramento 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. Since 2015, Windermere Real Estate has contributed more than $1,525,865 to local nonprofits throughout the Sacramento region.

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.