Bloomberg News
Mike Imgarten witnessed a frenzy of demand and a dearth of inventory during a two-month house hunt in Sacramento, California. Fearing he would pay too much after a surge in prices, he said he took a break from searching in June.
Sales in Sacramento now are off by more than 25 percent from a year ago and, while inventory remains tight, the supply of homes on the market has almost doubled, according to Erin Stumpf, Imgarten’s real estate agent.
“Several homes I drive by on my way to work have had for- sale signs up for a couple months, while before, they’d be gone within a week,” said Imgarten, a 29-year-old civil engineer.
