Home prices in Sacramento County climbed significantly in May compared with the same month a year ago but didn’t come close to the huge year-over-year gains of 2013, DataQuick reported Thursday.
In Sacramento County, the median sale price for detached resale homes jumped from $225,000 in May 2013 to $260,550 last month – a gain of 16 percent, the San Diego-based real estate information service said. From May 2012 to May 2013, the median price for resale homes in Sacramento County rose by more than 42 percent, the firm said.
“Price appreciation is ratcheting down. It’s a good sign because what we were seeing was unsustainable,” said DataQuick analyst Andrew LePage.
Sales volumes in May fell below May 2013 levels because of limited supply, decreased affordability and buyers’ difficulty in obtaining credit, LePage said.
There were 1,722 resale houses that changed hands last month in Sacramento County, compared with 2,053 during the same month a year ago. Last month’s figure was 5 percent below the historical average for May, LePage said.
Similar trends played out in Placer, Yolo and El Dorado counties, according to DataQuick.
Decreased demand from investors, who have dropped out of the market as prices have risen, contributed to the lower number of homes sold in Sacramento County and other areas of the state, the firm said.
Absentee and cash buyers, who are generally investors, were at the lowest levels in years, LePage said. About 23 percent of homes in Sacramento County were bought by absentee owners in May, the lowest percentage since November 2009, he said.
Call The Bee’s Hudson Sangree, (916) 321-1191.