GREATER SACRAMENTO HOME SALES REMAIN STEADY

August's new open escrows are 7 percent higher than those of 2023

(SACRAMENTO, CA) - Year-to-date closed home sales across the Greater Sacramento region at month-end were just about even with those of last year. New open escrows in August alone, at 1,769 however, were 7 percent higher than those of last year and at mid-month September, 17 percent higher than in 2023 This market nuance suggests that a stronger run for the remainder of the year may be in play.

On the other side of the spectrum, resale housing supply rested at 3,632 properties available for sale on August 31st. That figure represented a significant 49 percent increase versus August of last year. Looking farther back, however, the current inventory level remains substantially lower than the 5,701 homes available in pre-covid 2019. That is recognized to be a more "normal" or benchmark year.

"The move-up and upper-end price points remain much stronger than prior years and continue to reveal persistent buyer enthusiasm as mortgage interest rates have started to retreat," says Pat Shea, president of Lyon Real Estate. He added that "the $500,000 to $1,000,000 price range saw 522 open escrows last month remarkably similar to both July of this year and August of last year. Over $1,000,000, approximately 482 new escrows opened in June, July and August. That number is very strong by historical standards."

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The average closed sale price of $684,000 for the past 3 months and median price of $605,000 were both approximately two percent higher than those metrics from the same time last year. The market typically experiences a significant level of sales price softening in late fall and winter but right now appears to remain steadier. Homes that successfully closed escrow during August entered the contract at an average of 32 days from the list date and received an average of 98 percent of their original list price. Again, both are deemed very normal in a balanced market.

"August has traditionally been a softer sales month due to last hurrah, summer vacations, and back-to-school priorities," says Shea. "This year, things appear to be a little different. Buyers and sellers alike have been anticipating a pullback in mortgage interest rates after the rapid and steep increases experienced over the past few years. The bottom line though, is that standing inventory, new listings entering the market, new pending sales, and closed sales have all maintained a steady pace. The market sustains a healthier balance as there are still approximately 2 months of housing supply based on the current rate of sales. We are in the process of seeing listing and sales numbers slowly climb back to 2019 levels as mortgage interest rates are clearly starting to fall backward."

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This market information was presented by Lyon Real Estate based upon data provided by Trendgraphix Inc., a Sacramento-based reporting company.

About Lyon Real Estate

Lyon Real Estate is the leading independent real estate brokerage company in Greater Sacramento (Sacramento Business Journal). We are proud to be homegrown, privately owned, and internationally known. Lyon has served the area for over 75 years. Last year, the company closed a total of 3,191 transactions and $1.85 billion in sales volume. Lyon Real Estate has over 700 agents in 14 offices located throughout the region. The company is a member of the Leading Real Estate Companies of the World®, the largest network of premier locally branded firms, as well as LeadingRE's Luxury Portfolio International®program. In addition to its real estate services, Lyon Real Estate offers RELO Direct, a global relocation program. Since 2015, the Lyon Cares Foundation has contributed more than $1,368,365 to local nonprofits.

About TrendGraphix, Inc.

TrendGraphix, Inc. is a real estate data analytics company based in Sacramento that uses local Multiple Listing Service (MLS) data. TrendGraphix provides highly visual performance and market statistical graphs to real estate brokers, agents, and MLS/Realtor associations across the country. TrendGraphix's programs are currently used by tens of thousands of brokers and agents in more than 300 brokerages across the nation. For more information about TrendGraphix, visit www.trendgraphix.com.

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