Real Estate News

Lyon report: Sacramento-area housing market heated up in July

Lyon Real Estate said there 3,065 new open escrows in the greater Sacramento-area market in July, the highest number since May 2012 and a 26 percent spike compared with July 2014.

Lyon noted that the current median sales price is more than $330,000, compared with $195,000 in May 2012.

Inventory at the end of July left 5,572 homes available for sale, 7 percent below July 2014.

Lyon’s report was based on data compiled by the Sacramento-based real estate tracking firm Trendgraphix Inc.

“Buyers just keep coming out of the woodwork,” Pat Shea, president of Lyon, said in a statement. “Boomerang buyers recovering from previous distress sales, new buyers from a solid job market, spillover buyers from unaffordable, San Francisco-to-San Jose communities, as well as locals who are thrilled with exceptional move-up values are all contributing to what for now appears to be an insatiable demand for Sacramento housing.”

Shea noted that the “move-up and upper-end” market has been doing particularly well, with the $350,000 to $750,000 price point seeing a 25 percent increase in closed sales and a 28 percent increase in pending sales compared with 2014. Over that same period, the $750,000-and-up market has seen a 23 percent increase in pending sales and a 42 percent increase in closed sales.