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Homes in Sacramento County sold at a record pace in May and commanded the highest prices in a decade.
The median price of a resale single family home in Sacramento County reached $330,000 – the highest for the month since May 2007 and 8 percent higher than the same month last year, CoreLogic reported Wednesday.
The county’s median home price was up by nearly 5 percent in May compared with April’s median of $315,000, the Irvine-based real estate tracking firm said.
An ultra-low supply of homes for sale – and competition among buyers for those homes – helped push prices skyward during the spring buying season.
In May, there were were fewer than 2,000 homes for sale in Sacramento County and the city of West Sacramento, the Sacramento Association of Realtors reported. That represents about a month’s worth of inventory, measured in the time it would take to sell all the houses.
Less than three months of inventory is generally considered a seller’s market. Six months of inventory represents a balanced market.
Homes listed for sale spent a median of eight days on the market – the shortest time ever recorded for homes to be snapped up, according to the Realtors’ association.
Sales volume picked up as well, with 1,969 houses sold in Sacramento County – a 6.4 percent increase over May 2016, CoreLogic said.