Industry News
Mortgage Industry News
Home Prices Stable to Increasing below $300,000
09/23/2009
REO listings under $300,000 have seen prices increase 6% since April 2009, while Short-Sales and Non-REO listing prices under $300,000 have been flat over the same time period. “It’s clearly a Seller’s market for all homes priced under $300,000, with current inventory standing at only two months”, states Michael Lyon, CEO-Lyon Real Estate. “However, the opposite is true for homes above $650,000 where inventories stand at 24 months or more, clearly indicating a strong buyer’s market.”
The latest report shows that sales decreased 18 percent during the month of August for the Tri-County region of Sacramento, Placer and El Dorado Counties. August 2009 sales were 20 percent lower than August 2008 sales. Pending sales increased by 2 percent from July to August 2009. August 2009 inventory of 5,920 homes for sale is 52 percent lower than August 2008 inventory. This is a 61 percent decrease for the regional inventory record high of 15,302 set in August 2007.
COUNTY HIGHS AND LOWS
Sacramento County sales decreased 16 percent from July to August 2009. Inventory decreased 6 percent during the month of August. Pending sales increased by 1 percent in the month of August. 54 percent of the homes sold for under $200,000; 41 percent of the homes sold for between $200,000 and $400,000; and 5 percent of the homes sold for over $400,000. The average price per square foot decreased by 1 percent during the month of August to $120.
Placer County sales decreased by 21 percent and inventory decreased by 2 percent during the month of August 2009. Pending sales increased by 1 percent from July to August. 11 percent of the homes sold for under $200,000; 66 percent of the homes sold for between $200,000 and $400,000; and 23 percent of the homes sold for over $400,000. The average price per square foot decreased 2 percent during the month of August at $151.
El Dorado County showed a 28 percent decrease in sales from July to August, and the inventory decreased by 3 percent from July to August. Pending sales have increased 14 percent during the month of August. 23 percent of the homes sold for under $200,000; 43 percent of the homes sold for between $200,000 and $400,000; and 34 percent of the homes sold for over $400,000. The average price per square foot remained the same during the month of August to $154.
Yolo County sales decreased by 15 percent for August 2009 and the inventory decreased by 3 percent. Pending sales decreased 1 percent during the month of August. 32 percent of the homes sold for under $200,000; 49 percent of the homes sold for between $200,000 and $400,000; and 19 percent of the homes sold for over $400,000. The average price per square foot decreased by 9 percent during the month of August to $156.
Nevada County sales have decreased by 41 percent during the month of August, and inventory decreased 3 percent. Pending sales increased by 71 percent. 6 percent of the homes sold for under $200,000; 25 percent of the homes sold for between $200,000 and $400,000; and 69 percent of the homes sold for over $400,000. The average price per square foot remained the same during the month of August at $193.
San Joaquin County sales have decreased by 17 percent during the month of August, and inventory decreased 6 percent from July to August. Pending sales are up 6 percent. 45 percent of the homes sold for under $200,000; 46 percent of the homes sold for between $200,000 and $400,000; and 9 percent of the homes sold for over $400,000. The average price per square foot remained the same during the month of August at $94.
