In Mid-Q3, Sacramento posted 68 new home sales, the highest sales count reported locally as buyers weighed affordability, economic uncertainty, and current mortgage costs.
A local builders group said Mid-Q3 weakness reflected rising rates, economic uncertainty, and affordability issues, factors that kept some Sacramento buyers from moving forward.
The local MoM slowdown was partly a calendar effect: Early-Q3 had five weeks, and Mid-Q3's avg. weekly pace slightly topped the prior month's.
Mortgage rates near 7% took a toll locally, and an industry official said some prospective Sacramento buyers put purchases on hold recently.
Builders in Sacramento were offering incentives, including rate buy-downs, and encouraged buyers to ask directly about available deals while affordability remained a concern.
