Monday, August 20, 2007

1 Year of Inventory

Update: TrendGraphix July 2007 report

From the Sacramento Business Journal:

Existing home sales dropped last month in the Sacramento region, and the median home price fell [month-over-month] in three of the four counties, according to a report released Monday. It was a mixed bag of mostly disappointing news for the hard-hit housing market, as home prices and sales dropped -- and the number of homes listed overall reached a record in July, according to Trendgraphix, a division of Lyon Real Estate. All four counties have at least nine months of inventory of homes, with Sacramento topping the list at 12 months, meaning at the current pace it would take a year to sell all the homes on the market.

5 comments:

norcaljeff said...

Hmmmm, I’m gonna try my best Sippin impression:

“One year’s inventory, wow, kinda ugly out there. I know that sounds bad, but two years would be much worst. At least E. Sac is selling, location, location, location.”

serenity said...

mortgage mess going to hampton wannabe's

According to the second-quarter survey of the National Association of Realtors, home prices are now falling in many once-hot areas such as Sacramento (6% year-to-year decline) and Tampa-St. Petersburg (down 4%). check out the story at http://money.cnn.com/2007/08/19/real_estate/mortgage_luxury.fortune/index.htm?postversion=patrick.net

SacramentoCrash said...
This comment has been removed by the author.
SacramentoCrash said...

Add your builder inventory, much slower sales rate due to credit tightening and buyer pessimism and you have close to two years of inventory in the bubble sub markets like Lincoln, Elk Grove, Lodi and Stockton.

Sippn said...

Norcal - you pick this stuff up so fast!