The number of homes sold in Sacramento County in March dropped to the lowest level for the month in six years, DataQuick reported Wednesday.
The median price for detached resale homes in the county was $245,000 19.5 percent higher than March of last year, the San Diego real estate information service said. Yet only 1,456 single-family resale homes closed escrow last month a nearly 15 percent drop from the same month a year ago, DataQuick said.
A low supply of homes for sale was the main reason, said DataQuick analyst Andrew LePage. Fewer sales to investors, decreased affordability for buyers and credit hurdles were other reasons, but tight inventorys at the top of the list, he said.
There are currently about 1.5 months of inventory in Sacramento County, meaning it would take about that long to sell all the homes on the market, the Sacramento Association of Realtors recently said. Anything less than three months is deemed a sellers market.
Sales volume also fell significantly in El Dorado, Placer and Yolo counties last month compared with March 2013, DataQuick reported.