While Yuba and Sutter counties saw rather modest new home sales for the month of August, the entire greater Sacramento region saw an increase for the month when compared to July’s totals.
In Yuba County, there were 17 new home sales for August, according to the North State Building Industry Association. For Sutter County, just five new homes were sold. Meanwhile, Sacramento County saw 96 new home sales for the month and Placer County led all regional counties with 103 new home sales for August.
The North State Building Industry Association said its members reported selling a total of 225 new homes in August, a 42% increase over the 159 in sales that were reported in July.
Building Industry Association President and CEO Michael Strech said the market is likely to be unsettled for the next few months as buyers adjust to higher mortgage interest rates. He said today’s rates are still low by historical standards and a more stable market is likely to evolve over time.
“Builders are still seeing strong interest in their communities but many prospective buyers are taking a wait-and-see approach,” Strech said in a statement. “However, there are still sales taking place, and we know the long-term demand is greater than the supply of new homes. While the historically strong market of the past two years is not likely to return soon, we do expect that sales will gradually increase as buyers adjust to new market realities.”
North State Building Industry Association sales figures cover Sacramento, Placer, El Dorado, Yolo, Yuba, Sutter, Amador and Nevada counties.