Recently released June home sales data for the Sacramento region reveals a 2% reduction in home sales compared to home sales in May. For the month of June, there were 1,465 sales, compared to 1,495 sales in May. Year-over-year sales are down 3.7%, with 1,522 sales in June of 2013 compared to the 1,465 sales in June of 2014.
From May to June the median sales price decreased 1.8% from $275,000 to $270,000, which is 9.8% above the $245,908 median home sales price in June 2013. The June 2014 median sales price is down 31.2% from the all-time high of $392,750 in August 2008.
If you’re looking at homes for sale in Sacramento or you’re considering selling your home, you might be interested in knowing that in the month of June, the Sacramento County active listing inventory increased to 3,258 listings from 2,734 in the month of May, an increase of 19.2%. This June inventory number of 3,258 listings is up a whopping 91% compared to the 1,706 listings a year ago, in June 2013. The number of months of housing inventory has increased to 2.2 months, reflecting the number of months required to deplete the current inventory at the current sales rate.
74.8% of all sales in June used conventional, FHA, or VA financing. 45.9% of all buyers for the month of June used conventional mortgages, 22.9% used FHA, and 6% used VA financing. Sales done with cash accounted for 19.8% of sales, dropping 3.4% from the prior month, and 5.4% of sales were consummated with some other type of financing.