12:15 PM » Sacramento Housing in June: Sales up 1.8%, Active Inventory down 12% YoY
During the recession, I started following the Sacramento market to look for changes in the mix of houses sold (equity, REOs, and short sales). For a few years, not much changed. But in 2012 and 2013, we saw some significant changes with a dramatic shift from distressed sales to more normal equity sales. This data suggests healing in the Sacramento market and other distressed markets are showing similar improvement. Note: The Sacramento Association of REALTORS® started breaking out REOs in May 2008, and short sales in June 2009. In June, total sales were up 1.8% from June 2015, and conventional equity sales were up 6.2% compared to the same month last year. In June, 5.0% of all resales were distressed sales. This was down from 7.0% last month, and down from 10.6% in June 2015, and the lowest level since Sacramento started tracking distressed sales. The percentage of REOs was at 2.5% in June, and the percentage of short sales was 2.5%. Here are the statistics . Click on graph for larger image. This graph shows the percent of REO sales, short sales and conventional sales. There has been a sharp increase in conventional (equity) sales that started in 2012 (blue) as the percentage of distressed sales declined sharply. Active Listing Inventory for single family homes decreased 12.1% year-over-year (YoY) in June. This was the fourteenth consecutive monthly YoY decrease in inventory in Sacramento. Cash buyers accounted for 13.9% of all sales (frequently investors). Summary: This data suggests a more normal market with fewer distressed sales, more equity sales, and less investor buying - but limited inventory.