R
eal estate experts in the Sacramento region are reporting a significant slowdown in home sales, with last month marking one of the worst Junes for sales in at least 25 years. In Fair Oaks, seller Erin Narveaz has been waiting nearly a year to sell her home, far longer than expected. "We were thinking we'd have it sold in a couple months, but it's been almost a year," she said.

    Many sellers are facing similar challenges: fewer buyers, fewer offers, and rising frustration. Real estate agent Johnny Jennings attributes the slowdown to sellers not adjusting to the current market reality. "The key is for homes to be turn-key and priced correctly," he said.

    Jennings warns that buyers waiting for interest rates to drop may be disappointed. "There's no indication from the Federal Reserve that they'll lower rates anytime soon." However, Jennings believes the market may be on the verge of a shift, calling it a "shoulder market" where prices could either continue to decline or start rising again.

    Currently, most pending home sales in the region received just one offer, a significant drop from previous years. The average home price across Placer, El Dorado, Sacramento, and Yolo counties is around $638,000, but sellers had to cut their asking price before receiving an offer in about 40% of cases. Until interest rates drop, experts predict the sluggish pace will continue, leaving both buyers and sellers waiting on the sidelines.