Local Real Estate News

From your local Sacramento neighborhood expert, Carlos Montoya

Home prices keep pushing higher in Sacramento County

Sacramento County’s median resale home price rose by 10 percent in October compared with the same month last year, CoreLogic reported Thursday.

The Irvine-based real estate tracking service said, however, that the number of home sales continued to slip.

“Total Sacramento County sales fell year over year in (October) for the third consecutive month, which reflects the tight supply and affordability constraints,” CoreLogic analyst Andrew LePage wrote in an email.

October’s median home price for detached single-family resale homes in Sacramento County was $339,000, according to CoreLogic.

 

That’s more than double the median price of $155,000 when the housing market hit bottom in late 2011 and about 9 percent less than the peak of the housing bubble in 2005, when the median price of resale homes in Sacramento County stood at $374,000.

The median price is the point at which half of homes sell for more and half for less. It can be influenced by the mix of houses sold.

In this case, a significant increase in sales of homes for more than $500,000 pushed the median higher, LePage noted.

In Sacramento County, the number of homes sold for more than a half-million dollars jumped by more than 50 percent compared with the same time last year. That figure includes both new and resale houses, the analyst said.

The number of all homes sold below $300,000 was 17 percent lower year over year, he said.

 

County Escrows closed Yr/yr % chng Median price Yr/yr % chng1
Amador* 84 16.7% $292,500 6.4%
El Dorado 332 7.4% $413,250 6.2%
Nevada 213 9.2% $452,500 9.7%
Placer 604 -2.1% $450,000 5.3%
Sacramento 1,699 -6.3% $339,000 10.3%
Sutter 108 4.9% $275,000 12.2%
Yolo 170 7.6% $405,000 9.2%
Yuba 109 25.3% $260,000 14.8%

 

County Escrows closed Yr/yr % chng Median price Yr/yr % chng1
El Dorado 1 -88.9% $295,000 32.6%
Nevada 17 41.7% $345,000 55.8%
Placer 44 -36.2% $287,500 -7.3%
Sacramento 203 23.8% $207,500 12.2%
Sutter 2 100.0% $210,000 275.0%
Yolo 10 42.9% $301,000 13.6%

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