During a time of year when new home sales in the greater Sacramento region typically dip to their annual low point, buyers continued purchasing new homes at near-record levels in November, according to the North State Building Industry Association (BIA). BIA members reported selling 524 new homes in the region in November, which was only 1.2% lower than October and 4.6% higher than November 2023. Sales were significantly above the average monthly volume of 356, and November marked the fourth consecutive month in which 500 or more homes were sold. The only exception this year was in July, when sales fell to 433. November’s sales also stood as the second-highest for the month since the record of 821 in 2004, trailing only the 554 homes sold in November 2021.
Tim Murphy, North State’s President and CEO, emphasized that the strong demand persists despite rising mortgage rates, reinforcing the ongoing need for increased new home construction. He noted that excessive regulations and fees averaging over $100,000 per home are significant obstacles to affordability and hinder the ability to meet the region’s housing needs.
“We continue to stress to elected officials throughout the region that excessive regulations and sky-high fees make it more difficult and costly to build the new homes the region needs,” said Murphy. “Reforms to speed the approval process and reduce fee burdens would allow our members to build more homes, improve affordability, and begin to bring supply and demand into balance. These changes are needed statewide, but especially here in Sacramento, which was historically far more affordable than it is today.”
In October, Roseville retained its top position for home sales with 125, followed by Rancho Cordova with 78, Sacramento with 65, Elk Grove with 58, and Folsom with 54. Other notable sales included Natomas with 26, Plumas Lake with 21, El Dorado Hills with 19, Lincoln with 13, and Rocklin with 12.
