The median sold price of existing, single-family detached homes climbed sharply year-over-year in Sacramento County and throughout California, according to statistics released today by the California Association of Realtors.
In Sacramento County, December's median of $195,630 was slightly higher than $194,700 in November and significantly greater than $161,840 in December 2011.
The statewide median of $366,930 in December was 5 percent above November's $349,300 and 27 percent higher than $288,950 recorded in December 2011, marking the tenth consecutive month of annual price increases and the sixth consecutive month of double-digit annual gains.
Other regional counties with year-over-year median price gains in December included Placer, $300,420 versus $253,460; El Dorado, $292,420 versus $266,410; and Yolo, $273,860 versus $228,260.
CAR said the median price gains were driven by a "significant increase of higher-priced properties" while inventory constraints continued to constrict sales of lower-priced homes.
"A rush to complete sales of higher-priced homes by the end of the year to avoid an expected increase in capital gains due to the fiscal cliff pushed up sales of homes priced $500,000 and above by nearly 42 percent from December 2011," said CAR President Don Faught.
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