Slow but maybe...

…there is some good news for the local real estate market around the corner. The Sacramento Bee had a positive story today, “Housing hopes rise on rate dip.” The article is about rates falling for the fifth straight week and the impact it could have on buyers and sellers. It also reminds us of the large inventory and buyers waiting for prices to come down further than they already have.

A quick check of the inventory at HousingTracker and Sacramento Housing Bubble reveal that inventory growth has flattened and may be starting to decline. HousingTracker shows their version of Sacramento with 12,128 homes on the market as of August 21, down from last week for the first time in many weeks. The bubble page shows Placer County with 3,517 homes for sale down from a high of 3,580 on August 13.

Seeing interest rates down unexpectedly is a bonus and inventory starting to decline is good but we are a long way from seeing a balanced market and price appreciation. It Right now it remains a very slow buyers market but with Labor Day approaching we may see a September activity spike.