After five consecutive months of double-digit percentage gains, sales of single-family homes in the Sacramento area grew at a much slower pace in January.
A monthly report released Thursday by market researcher DataQuick said the number of single-family homes sold in the four-county Sacramento region totaled 2,067 last month, a 2.7 percent increase from January 2011.
Prices, meanwhile, continued to sag as sales of distressed homes accounted for the biggest chunk of the local market.
"The market continued to skew toward lower priced homes and distressed properties," said Andrew LePage, analyst with DataQuick.
He noted that January numbers are somewhat unreliable, since they're based on lower sales volume generally, reflecting a slowdown in home shopping during the holidays.
According to Dataquick, Sacramento County's sales volume was relatively flat last month at 1,395, while closings in El Dorado County dropped 3.4 percent to 171.
January sales in Placer County jumped 17 percent to 385, while the number of escrows closed in Yolo County increased 8.4 percent to 116.
Prices remained weak. The median sales price for a house in Sacramento County dropped 5.2 percent from the prior year to $156,500. The median price for a home in El Dorado County fell 7.6 percent, to $230,000, while half the single-family homes in Placer County sold for $250,000 or less, a 6.7 percent decline.
Yolo County's median price fell 17.8 percent to $180,000.
Median price means half the homes sold for more and half for less.
DataQuick noted that foreclosure-related sales accounted for 45.2 percent of all resales, while short sales – in which lenders take less than what they're owed – represented 20.1 percent of last month's tally.
With prices this low, investors clearly see an opportunity. They were responsible for 35.8 percent of all homes sold last month, which was the highest for this category since January 2000.
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