The Greater Sacramento housing market demonstrated surprising resilience in October, with notable increases in home sales and inventory compared to last year. Below are the key highlights:
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Sales Growth:
- 1,639 resale homes closed escrow, a 9% increase from September and an 18% rise compared to October 2023.
- Despite growth, sales remain 35–40% below October 2018 and 2019 levels.
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Buyer Activity:
- New open escrows reached 1,676, up 2% from September and 30% year-over-year.
- Buyers are taking advantage of more inventory and slightly fluctuating mortgage rates.
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Inventory Levels:
- 3,652 homes were available at the end of October, a 1% drop from September but 37% higher than last year.
- The market has approximately 2.2 months of housing supply, suggesting a balanced market.
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High-End Market Performance:
- Closed transactions for homes priced above $1 million increased 6% from September.
- New escrows for the trailing three months rose 23% compared to last year, though closed sales were up only 6%.
- Inventory in this segment offers a moderate four months of supply.
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Home Prices and Sales Dynamics:
- The average sales price across all price points was $665,000, nearly identical to last year.
- Homes spent an average of 35 days on the market and sold for 97% of their original list price.
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New Listings:
- Listings in October were flat compared to September but 29% higher than October 2023.
- Sellers are increasingly motivated, unlocking existing mortgages and moving forward with life plans.
As Greater Sacramento moves into winter, the region continues to offer a balanced and resilient housing market for buyers and sellers alike.
