Listen: North State BIA President and CEO Tim Murphy
Economic Concerns Lead to Drop in Sacramento-Area
New Home Sales, North State BIA Reports
Economic uncertainty and an increase in the number of existing homes on the market led to a decline in new home sales in the Sacramento region in March, the North State Building Industry Association reported today.
BIA members sold 472 homes during the month. That is down 9% from February, down 22% from March 2024 and 11% below the average number of sales reported during the month. March sales were the lowest for the month since the pandemic year of 2020 but were in line with sales immediately preceding the pandemic.
North State BIA President and CEO Tim Murphy said the primary reason for the drop-off appears to be the decline in stock markets and concerns about the economy as the U.S. and its trading partners impose new tariffs.
Roseville remained the most active submarket with 101 sales, followed by Rancho Cordova (76), Sacramento (60), Elk Grove (56) and Folsom (27.) Natomas and Plumas Lake tied for sixth with 22 sales, followed by El Dorado Hills (17), Lincoln (16) and Antelope (13).