Increase in median sales for July, inventory remains tight.
Sales Volume
- July closed with 907 sales – 6.9% decrease from June (974 sales)
- 16% less sales than July 2022 (1,081 sales)
- Conventional Financing accounts for the 63.8% of sales this month, Cash and FHA at 14.8% and 14%, respectively
Sales Price
- Median sales price increased 3.2% from $530,000 to $547,000
- 0.5% decrease from July 2022 ($549,000)
- The median sales price shows that exactly half the monthly sales are above this price and exactly half the sales are below this price
Listing Inventory
- Listing inventory increased 0.3% from June to July, from 1,263 units to 1,267 units
- Compared with July 2022 (2,505), inventory is down 49.4%
- The Months of Inventory increased from 1.3 months to 1.4 months
- Months of Inventory represents the amount of time (in months) it would take for the current rate of sales to deplete the total active listing inventory
Days on Market
- Median DOM (days on market) increased from 7 to 8, down from 11 in July 2022
- Of the 907 sales this month, 84.2% (764) were on the market for 30 days or less and 95.1% (863) were on the market for 60 days or less
Summary
Sales volume decreases, but median sales price increases. Inventory remains tight. Average price/square foot drips from $348 to $344.
The Sacramento Association of REALTORS ® is a professional association representing over 7,300 real estate professionals doing business in the greater Sacramento metropolitan area. All SAR statistics reports compiled by SAR Director of Communications. Statistics are derived from the MetroList® MLS database for Sacramento County and the City of West Sacramento.
†Other financing includes 1031 exchange, CalVet, Farm Home Loan, Owner Financing, Contract of Sale or any combination of one or more