July 2020 Sacramento County Housing Market Update

July 2020 Sacramento County housing market update written by Josh Amolsch, is a terrific post, very informative, ENJOY!

Come January 2021, we may look back at the year 2020 and conclude that “unprecedented” was the word of the year. I can think of a few more words too, but that would be for a different blog. That word comes in to play for the July 2020 Sacramento housing market update in a couple of areas. But the driving factor here is nothing new. Inventory is the culprit of rising prices. Take a look at the Month of Inventory for July 2020. I could not find one instance in the last 15 years when the Months of Inventory was at .7 months except for July 2020. Unprecedented. This is down 46.5% from July 2019. Sacramento’s real estate has proven to be very strong during the COVID-era. Stronger than ever, in fact. 

Did you hear that one about the 30-year fixed-rate mortgages averaging 2.88% for the week ending August 6th, according to Freddie Mac? Yeah, insane. I have talked to a few people over the last week or so who are waiting to buy “when there is a dip in the market.” Well, a dip may come.

But no one I know sees that happening anytime soon, and I hang out and know some of the best Realtors and Lenders Sacramento has ever seen. Check out the Median Home Price in this July 2020 Sacramento county housing market update. Up 8.5% from July 2019 to $423,000. Unprecedented. We have hit four records for Median Home Price in Sacramento county this year.