This data suggests healing in the Sacramento market and other distressed markets are showing similar improvement. Note: The Sacramento Association of REALTORS® started breaking out REOs in May 2008, and short sales in June 2009.
In April, total sales were down 3.3% from April 2015, and conventional equity sales were unchanged compared to the same month last year.
In April, 6.5% of all resales were distressed sales. This was down from 10.1% last month, and down from 11.9% in April 2015.
The percentage of REOs was at 3.3% in April, and the percentage of short sales was 3.2%.
Here are the statistics.
Press Release: Inventory stationary, days on market falling, prices inch upward
Sales volume increased 7.9% from 1,440 in April to 1,554. This number is a 3.3% decrease from April 2015 (1,607 sales).
...
Although the total Active Listing Inventory increased 6.5% (1,973 to 2,102), the Months of Inventory remained at 1.4 months. Compared with the total Listing Inventory of April 2015, the current number is down 17.4%, where the Months of Inventory was 1.6 and numbered 2,546 units.
Click on graph for larger image.This graph shows the percent of REO sales, short sales and conventional sales.
There has been a sharp increase in conventional (equity) sales that started in 2012 (blue) as the percentage of distressed sales declined sharply.
Active Listing Inventory for single family homes decreased 17.4% year-over-year (YoY) in April. This was the twelfth consecutive monthly YoY decrease in inventory in Sacramento.
Cash buyers accounted for 16.0% of all sales (frequently investors).
Summary: This data suggests a more normal market with fewer distressed sales, more equity sales, and less investor buying - but limited inventory.
from Calculated Risk http://ift.tt/1X7ig8x
via YQ Matrix
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