Home prices in the Sacramento area are rising again after a brief winter slump. But the region’s housing market is still awaiting full recovery from the housing market crash.
Median prices for all houses and condos sold in Sacramento County last month rose to $270,000, market researcher CoreLogic reported Thursday. That’s a 2 percent increase over March and an 8 percent increase from a year ago.
Suburban counties also reported higher prices. In Placer County, the median sale price hit $390,000, or 8.1 percent higher from a year earlier. Placer’s prices are the highest in the Sacramento region.
Sales volumes also increased, hitting 2,142 for all types of homes in Sacramento County. That made it the busiest April in six years for home sales, even though available homes for sale are still fairly scarce.
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“In light of the thin inventory in so many markets, it was a pretty good month for sales,” said CoreLogic analyst Andrew LePage.
Inventories are light in part because prices are still well below boom levels. In Sacramento County, for instance, the median sale price last month was 30 percent below the peak of $387,000, recorded in August 2005.
LePage said the absence of full recovery has left many homeowners still “underwater” or unwilling to sell. As a result, real estate agents say, the supply of available housing is still low. Underwater means homeowners owe more on their mortgages than their houses are worth.