Sunday, February 15, 2009

Sacramento Home Sales Doubled in 2008 vs. 2007

According to the Sacramento Association of Realtors, homes sales in 2008 (20,587) almost doubled compared to the previous year (10,620), fueled in part by falling prices (see chart above). Sales in 2008 were also 47% above sales in 2006 (13,970) and were the highest since the peak bubble years of 2005 (21,525 units sold) and 2004 (22,816 units).

The Sacramento home sales rebound continued last month, as sales of 1,542 homes were the most for a January this decade, the Sacramento Association of Realtors
reported Friday. Compared to January home sales last year (739), sales increased by 108.7% to 1,542 this year (data here). Thanks to anonymous CD reader for pointing this out that January sales this year were even higher "than the peak bubble years" of 2005 (1,256 January sales) and 2004 (1,234 sales).

As Marketdoc commented on a previous CD post, "Washington better hurry to find a solution to the "toxic asset problem" before market activities correct the problem on their own."


At 2/15/2009 8:48 PM, Blogger KauaiMark said...

A 30% off sale will do that...

At 2/16/2009 12:15 PM, Blogger marketdoc said...

Keep in mind that the so-called "toxic assets" talked about in Washington are actually backed by these properties that are selling. (That is the collateral in the "Collateralized Mortgage Obligations.") If you speak with the successful realtors, as I have, they will tell you there are alot of buyers with cash out there right now, and they are starting to put their cash to use.

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