Local Home Sales Drop, A Pause?

This seems to be a statewide issue, as this story from the Sacramento Bee reports.

An excerpt.

Historically speaking, home sales volume in the Sacramento region drops off from August to September.

This year, however, the seasonal dip was particularly steep, a byproduct of fewer investor buyers, rising prices and other factors.

Resales of single-family detached homes declined from August to September in Sacramento County and seven other counties in the region, according to statistics released Thursday by San Diego-based real estate information service DataQuick.

In Sacramento County, 1,574 such homes sold last month, down from 1,831 in August and 1,611 in September a year ago.

Among all homes, including condos and new homes, there were 1,870 sales last month in Sacramento County, a 14 percent plunge from 2,176 in August. DataQuick analyst Andrew LePage said that was a sharp departure from the historical August-to-September average decline of 5.2 percent, dating back to 1988.

“That was pretty much the way it played out statewide,” LePage said. “Layered on top of the normal seasonal slowdown, you had the impact of higher rates and fewer investors out there … and steep price appreciation. There might be a pause while people adjust to significantly higher prices.”

About David H Lukenbill

I am a native of Sacramento, as are my wife and daughter. I am a consultant to nonprofit organizations, and have a Bachelor of Science degree in Organizational Behavior and a Master of Public Administration degree, both from the University of San Francisco. We live along the American River with two cats and all the wild critters we can feed. I am the founding president of the American River Parkway Preservation Society and currently serve as the CFO and Senior Policy Director. I also volunteer as the President of The Lampstand Foundation, a nonprofit organization I founded in 2003.
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