Sacramento County’s residential real estate market had an expected seasonal dip between October and November, but home sales were up 12.4 percent year-over-year.
Sacramento County sales of all homes – including new and resale homes and condos – totaled 1,663 last month, down 19.8 percent from 2,075 in October but up from 1,479 in November 2014, according to Irvine-based market researcher CoreLogic.
CoreLogic analyst Andrew LePage noted Thursday that the county’s October-to-November home sales decline also was around 20 percent in 2014.
Available inventory possibly played a role this year.
Lyon Real Estate, citing data amassed by Sacramento-based Trendgraphix, said there was a 20 percent decrease in homes active and available for sale in the greater Sacramento-area market last month compared with November of 2014.
“Even though some buyers are taking a holiday break, low inventory will keep the market very competitive over the winter months,” said Pat Shea, president of Lyon. “The entry level below $350,000 continues to experience the most pain because of a 38 percent decrease in homes for sale coupled with a 12 percent increase in new pending sales versus last November.”
The Sacramento region results dovetailed with CoreLogic reports for the Bay Area and Southern California.
CoreLogic said 6,427 new and existing houses and condominiums sold in the nine-county Bay Area last month, down 15.6 percent from 7,617 sales in October but up 6.3 percent from 6,047 a year ago. In the six-county Southern California region, 16,122 new and previously owned houses and condominiums sold in November, down 19 percent from 19,920 in October but up 2.4 percent from 15,747 a year earlier.
New-home sales in Sacramento County last month totaled 166, almost matching 170 in October this year and nearly 18 percent better than 141 in November last year.
There were 1,348 existing homes changing hands in Sacramento County last month, down nearly 22 percent from 1,724 in October but up 11.3 percent from 1,211 in the year-ago period.
Median home sale prices, which were on the rise early in the year, remained flat as 2015 nears an end.
The median sales price of all homes sold in Sacramento County in November was $280,000, matching the October median but 9.4 percent higher than $256,000 last year. The median sales price of an existing home in Sacramento County in November was $278,000, again matching the October median but an 11.2 percent gain from $250,000 in November 2014.
For perspective, the median resale price in August 2005 was $372,000. The median is where half the homes cost more and half cost less.