Sacramento homes are now selling for 2% of asking price

SACRAMENTO – Housing market analysts say the pendulum has swung from a seller’s market to a buyer’s market over the past several months, but how?

“I think it’s too expensive if you’re from here. It’s the Bay Area that we’re paying money to buy.” Aretha Mitchell

Housing analysts told CBS13 that a year ago, Aretha would have been right. By the summer of 2021, homes were selling at an unprecedented rate. On average, buyers paid about 3% of the asking price, and houses spent 12 days on the market, but after a year, everything changed.

“The honeymoon is over, and it’s a different market today,” said Sacramento housing analyst Ryan Lundquist.

But in the summer of 2022, homes are at 2% asking and spending an average of 33 days on the market.

So why did the market shift from favoring sellers to favoring buyers?

“So mortgage rates doubled, and all of a sudden we saw buyers paying $500-$600 more.”

Sacramento real estate analyst and appraiser Ryan Lundquist said monthly budgets are taking a toll and forcing buyers to pull out of deals and sellers to lower their prices.

“Right now, about half of the listings in the region are discounted,” Lundquist said.

Aretha Mitchell says for sale signs that once disappeared quickly now stay up in her neighborhood for weeks.

“I’ve noticed a lot of vacant homes and a lot of for-sale signs going up. They were going up fast, but now they’re pretty stable,” Mitchell said.

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