Housing Inventory Down In Sacramento, Home Values Growing Slower Than In 2018, Zillow Report Says

SACRAMENTO (CBS13) — There were over 1,200 fewer homes on the market in the Sacramento area this September compared to last year, according to a Zillow monthly market report.

This comes as the company reports that U.S. housing inventory has hit new lows after rebounding before the home shopping season.

Whereas the nationwide for-sale inventory saw a 6.4% year-over-year drop, the Sacramento area's inventory was down 16.7% this September from 2018.

While inventory remains constrained, home values have seen slow growths. In the midst of this inventory drop, the typical home in the area is worth on average $414,800 — up 3.1% year-over-year, the report states.

Just by looking at growth in value over the past quarter, the market seems to be accelerating with an annualized growth rate of 2%, which Zillow indicates may be a turning point after a cool down over the past several months.

Rents are also up 4.3% to $1,799 on average in Sacramento — nearly double the nationwide average of 2.2%.