Can asking prices remain steady?

To the dismay of many, as inventory of available homes continues to grow the median asking price has remained almost unchanged. Each month so far this year inventory has grown in the Sacramento area. According to HousingTracker, inventory of available homes has gone from the low 12,000’s in January to the current level of 15,918 as of April 30. All during this buildup the median asking price has not changed much and has been hovering around the $400,000 level. As of April 30 HousingTracker reports a median asking price of $399,000, a .02 percent drop from a month ago.



If inventory continues to expand at the current rate we will see more homes on the market than we did last year when we hit highs of over 18,000 homes for sale in the Sacramento area, as defined by HousingTracker. This will undoubtedly put a great deal of pressure on sellers to lower their asking price to attract buyers. It may be a long hot and disappointing summer for sellers.