|Sacramento Economy 2022|
|Sacramento Housing Market Cools Off
The Sacramento housing market has cooled off considerably in the summer of 2022 compared with last year's buying frenzy. This CBS Sacramento report explains how the housing market has taken a major turn from last summer when buyers were paying up to 3 percent above the ask price. At that time homes spent an average of 12 days on the market. This summer homes have been selling for 2 percent below the ask price with an average of 33 days on the market. A similar trend of sellers dropping home prices has occurred in the San Francisco Bay Area this year. A key reason for the slowdown has been mortgage rates doubling.
|Evictions Rise as Rent Prices Fall
Sacramento rent prices have declined in spring 2022, as reported by KCRA News. The station interviewed property managers who say rental decreases are only temporary for a period of a few months. That's the amount of time it will take for property managers to process evictions, which sometimes take up to 12 weeks. After COVID relief on rent expired 03/31/22, eviction notices began to spike as many tenants were unable to pay rent. The average rent for an apartment in Sacramento is nearly $1,800.
|Downtown Housing Projects Underway
This Sacramento Bee video shows images of a planned Downtown housing development on J Street between 10th & 11th Streets. Called Cathedral Square, this project will contain over 150 residential units to be completed by 2023. Another complex will be located at the 1500 block of S Street. It will be an 8-story facility with 137 apartment units.
|Sacramento Faces Cost of Living Crisis
Californians will be disposing food waste into green waste bins after a new organic waste law goes into effect in 2022. The law seeks to lower organic waste in landfills by 75% within five years. CBS Sacramento reports citizens should wait until instructed by local officals. The City of Sacramento will roll out its organic recycling plant in the summer of 2022. California still has about 300 landfills, but only 55 remain in operation.