Holiday Inventory

It has been a few weeks since I have reported on how inventory of homes on the market. The number of homes currently on the market has been declining for the past two months but not at a very fast rate. As of November 19, according to HousingTracker, we had 17,444 homes on the market in the Sacramento area. That is a decline of over 1,000 homes from the high in September and is down 2.3 percent from a month ago but is still 13 percent higher than it was a year ago.

The median asking price for homes on the market right now is $349,000, which is down 2.2 percent from a month ago and 15.9 percent from last year. Until we see a much more significant decline in the inventory I do not expect to see continued pressure on sellers to lower their price to attract buyers.

Over the past few weeks I have been noticing some increased buyer activity in homes price below $350,000.