Supply of homes for sale in the Sacramento area has dropped 8 months in a row.

[Gordon Cuffe]

Last month I posted about how the supply of homes had dropped for seven months in a row since July 2022. We just saw another drop in homes for sale on mls for February 2023. There were only 1690 homes for sale on MLS in February 2023 compared to 4457 homes for sale in July 2022. The drop in homes for sale in February is surprising to me because we are just starting to get into the spring buying season. Many people predicted that home values would drop throughout all of 2023. That is not going to happen. For the next six months home values will stabilize or even go up a little because of the small supply of homes for sale. Pending sales have gone up every month since December which is more evidence that home prices will not decline this spring.

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