Prices are up. Sales are down.
Figures released by DataQuick this morning show the median price for all homes in Sacramento County rose by 18 percent in December compared with the same month a year before.
But the number of homes sold decreased slightly - by 1.7 percent - from December 2011 to December 2012. One factor constraining sales was is the incredibly tight supply of homes available on the open market. Another was the typical holiday slowdown.
The median price for homes sold in Sacramento County - including resale homes, new homes and condominiums - rose from $155,000 in December 2011 to $183,000 in December 2012, DataQuick reported. The median price last month dropped slightly from the median of $185,000 in November.
Record-low interest rates, heavy investor activity and increasing interest from first-time and move-up buyers are driving prices upward. But would-be buyers are finding market conditions grueling. Well-priced houses, especially those in the lower price ranges, often attract multiple bids, with cash buyers typically winning out.