Thes best way to study the market is to observe trends over a 12 month period. So I looked at some key statistics comparing the current quarter of this year with the same quarter last years.
Placer County up 6%, Sacramento County up 22%
Placer County down 6%, Sacramento County down 3%
Placer County up 7%, Sacramento County up 7 %
Is the market changing? Maybe……
The largest factor I believe that is affecting the market is interest rates. In the last 12 months, interest rates on residential loans have risen .5-.75 of a point. The affect on purchasing power is significant. A buyer who last month could only afford a $400k home, now can only afford a $360K home.
The immediate impact on the market is marketing time. In the last 12 months, days to get a home under contract have risen from 30 to 60 days.
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