As you can see by the Trendgraphix chart above, pending home sales in Sacramento County have risen more than 280% over August of 2007 and are continuing to climb. Inventory is dropping, down from a high of 10,514 homes for sale in August of 2007 to a little over 7,000 in August of 2008. Cloesed sales dropped slightly but may increase in September due to the high volume of REOs that dominate the market. Most REOs take longer than 30 days to close, especially when the banks are located outside of California.
Of interesting note is the per-square-foot cost in Sacramento County rose 1% in August, which could be an early prediction of rising home prices.
Source: Trendgraphix
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Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
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Very encouraging statistics Elizabeth. It looks like things may be leveling off with regards to the decline in the housing market in Sacramento. Do you know if these numbers reflect what is happening in other areas of California?