Not very surprised over the numbers on the Sacramento Housing Report for January, not even when I spotted the dip in our median home prices. The median price is the middle point between higher and lower numbers. It is indicative, in part, of the way we measure rising or falling markets.
I have definitely felt the slowdown in my practice, rolling downhill from last spring.
In the month of January in Sacramento, our inventory jumped by 25% over last year at this time. Also, sales fell 25%. Increasing inventory and falling sales results in lower median home prices.
California usually leads the nation, and I expect we will see a trickle down wave across the country. You can read more and see all the graphs from Trendgraphix, exclusive to Lyon Real Estate, in my personal blog today at this link: Median Home Prices Drop in Sacramento.