Local home inventory rises 21% in July
The number of homes on the market inSacramento County and the city of West Sacramento jumped by more than 21 percent in July compared with June, helping to ease a severe inventory shortage that has forced up prices this year, the Sacramento Association of Realtors said in its latest report.
In July, there were 2,071 active listings in the group's coverage area, up from 1,706 the month before and more than double the all-time low of 984 units in Jan- uary, the association said.
Housing inventory is typically measured as the time it would take to sell all the homes on the market. In July, there were 1.3 months of inventory, compared with 1.1 months in June. Earlier this year, there was less than a month of inventory on the market. Anything less than three months of inventory is considered a sellers' market.
The ultra-tight supply of homes for sale has been a major factor in pushing prices skyward this year as buyers tried to take advantage of historically low interest rates and relatively low prices.
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