Sacramento’s Supply of Resale Homes Drops Below Three MonthsPosted: March 9, 2010
Keep Sacramento on the list of cities that is still not seeing a wave of foreclosures overwhelm housing inventory. The Sacramento Business Journal reports:
“Far from becoming Foreclosure City littered with vacant homes — which was what some predicted for Sacramento as the housing crisis struck — the capital region has among the lowest supply of available housing in the nation.
Existing homes listed for sale are in shorter supply here on a per-capita basis than in 18 major metro areas, including Chicago, Dallas and Atlanta. And unlike areas where condo towers proliferate, such as Las Vegas, the Southern California coast and south Florida markets, Sacramento has among the fewest finished-but-vacant new homes in the country.”
These numbers mean that the inventory of resale homes has now dropped below a 3-month supply. Demand from entry-level and first-time buyers has pressured supply (and prices), whereas the market for move-up and high-end homes remains lackluster.