Thursday, April 19, 2007

Sacramento Association of Realtors - March 2007 Statistics

Sales of existing single-family homes in March dropped 26.4% from the previous year, according to the Sacramento Association of Realtors. March marked the 22nd consecutive month that closed escrows in Sacramento County and West Sacramento have declined on a yearly basis. Sales have fallen by double-digit percentages in each of the last 19 months. The number of new escrows also declined 26.2% compared to March 2006 and 10.4% versus February.

Meanwhile, the median sales price hit its lowest point since peaking in August 2005. The median has dropped $42,750 or 10.9% since its high point. It was the first time this measurement has registered a double-digit percentage drop. Year-over-year, the median fell 6.5%, the largest monthly decline since appreciation went negative last July.

For a comparison to other Sacramento housing price indexes, click here.


Sippn said...

Could be the first qtr in another mediocre year or could just be delayed or impacted by better sales in new homes.

Looking at part of the rest of the regional picture:

Placer Co pendings up year over year and year to date.

Builders said 1st qtr up vs last year. (new homes are almost 1/2 the overall picture).

Some history as we look into the huge number of foreclosures this quarter, the last time we recorded these type of foreclosure heights, '96-'97, we were pulling out of it by early '97.

Don't know enough to predict.

Lander said...

new homes are almost 1/2 the overall picture

According to DataQuick in February, there were 301 closed new home sales in Sacramento County out of 1,363 total sales, or 22%. In December 06, new home sales made up 27% of total sales.

Sippn said...

OK I'll eat my words. Thanks for the source!

RMB said...

During the last foreclosure run up it took 4 or 5 years to hit those peak numbers.
As has been stated before, this run up dwarfs all previous run ups, so as far as previous records (inventory, NOD, foreclosurs, etc.) are concerned I would expect them to be shattered in the coming years.

Patient Renter said...

RMB: Perfectly said.

John said...
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