Monthly market update
Rounding a Corner?
The median home price is continuing to show resiliency, increasing slightly from last month to $548,000 but increasing by 7.5% over this time last year. Buyers are still showing up in droves for well-appointed homes.
On the transaction front, only 837 homes found new owners in Sacramento County last month, reflecting the ongoing competition throughout the nation. Inventory remains a focal point, with only 1.7 months’ worth of available listings, reinforcing the supply-demand imbalance that continues to challenge buyers.
On a positive note, there’s welcome news in the interest rate department. After nearing the 8% mark, interest rates have eased slightly to 7.36%. This shift provides a glimmer of opportunity for buyers and may potentially alleviate some of the affordability concerns that have lingered in recent months. Time will tell.