Sacramento home sales have hit a summer slump as potential buyers back away from escalating prices and rising mortgage interest rates.
New data shows that 4,300 homes sold in the region in June, a modest amount, but notably nearly 5 percent fewer than the number of sales in June last year, according to CoreLogic, a California real estate data firm.
Elsewhere in California, the June slump was steeper. Bay Area sales dropped 9 percent this June from last year at this time, and sales in Southern California were off 12 percent, according to CoreLogic data.
The number of homes on the market remained low but steady, suggesting the Sacramento region and California as a whole are seeing “buyer fatigue” after six years of nonstop price increases.
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