Business & Real Estate

Sacramento’s housing market continues seasonal cool-down

Sacramento

Sacramento County’s housing market continued its traditional seasonal slowdown in November, with the number of sales falling significantly compared with October, CoreLogic DataQuick reported on Tuesday.

And the November calendar didn’t help things, either.

Sales of all homes – new, resale and condos – in Sacramento County totaled 1,459, down 22 percent from 1,871 in October. That was the worst November since 2007, when 1,341 sold.

The story was the same throughout the Sacramento region and statewide.

There were 527 closings in Placer County in November, down 27.4 percent from 726 in October. El Dorado County saw a 38.6 percent decline, from 311 in October to 191 last month. The monthly drop was nearly 19 percent in Yolo County, with 144 closings in November vs. 177 in October.

In the Bay Area, overall home sales of 6,003 last month were down 22 percent from October and marked the worst November in six years. In Southern California, the region’s 15,643 closings dipped nearly 10 percent year-over-year and represented the worst November in seven years.

CoreLogic DataQuick analyst Andrew LePage said the normal seasonal downturn was affected by an unusual November that had five two-day weekends, plus Veterans Day and Thanksgiving holidays. That reduced the number of days to officially record home sales to 17, instead of 19.

“November tends to be a slower month, and a decline from October is normal,” LePage said. “But a portion of these declines were exacerbated by a calendar quirk.”

LePage noted that year-over-year home sales in Sacramento County were down in 10 of the 11 months reported so far this year; the only exception was a tiny 0.2 percent rise in September.

He cited a mix of contributing factors, including inventory constraints in some markets, lack of affordability for some buyers, tight credit for some mortgage applicants and a drop-off in home purchases by investors.

Call The Bee’s Mark Glover, (916) 321-1184.

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