Housing market cools off, local realtor says not to panic


SACRAMENTO, Calif. (KTXL) – Houses in the Greater Sacramento area have been selling left and right for months, but new data from the Sacramento Association of Realtors shows things have slowed down.

According to the statistics from this past July, there was an 8.6% decrease in sales from June. Median sales prices also dropped almost 2% from $520,000 to $510,000.

Realtor Steve Heard told FOX40 Saturday that he expected the numbers, especially during this time of year.

“It’s not surprising to me,” Heard explained. “It’s a seasonable thing where kids go back to school traditionally, home prices taper off just a little bit, sales start to taper.”

The data also shows that houses are staying on the market for seven days, now up from six.

“We’ve trained them, or they trained each other to believe that it’s red hot with no end in sight and markets do cycle,” Heard said.

A house in Folsom, for example, has been on the market for three days without any offers. But even with the recent price dips, there’s no need to be concerned, according to Heard.

“People buy homes all year round so I don’t think it’s any time to panic just yet,” he said.

Despite the slowdown, Heard said he’s still getting multiple offers on homes.

“We had 77% of homes had multiple offers in June and then 66% in July, and 44% of the current pending homes had multiple offers,” Heard said.

Heard said those percentages range from 10% to 15% traditionally but believes it’s too early to call the data a new trend for the housing market.  

“If you price the house right, it will sell in any market,” Heard said.

Heard said he will start to be concerned about the housing market when homes are staying on the market for much longer and when there is a decline in multiple offers.