A shortage of homes for sale in the greater Sacramento area continues to push prices higher, according to a new report by Coldwell Banker Residential Brokerage.
The report said the median sale price for all homes sold in Sacramento, El Dorado and Placer counties in May was $345,000, up 7.5 percent from $321,000 in May 2015.
Sacramento County was the most affordable of the three counties, with a median of $310,000, but that was an 11 percent year-over-year increase. Placer County’s median last month was $422,000; the median was $430,000 in El Dorado County.
Figures are derived from Multiple Listing Service data.
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Coldwell’s report cited a continuing decline in home listings: Active inventory last month in the tri-county region totaled 4,474 listings, down 27 percent from a year ago. The biggest drop was in Sacramento County, which had a 33 percent decline in homes for sale last month.