Capital-area home sales racked up a third straight month of year-over-year gains in June, as closed escrows reached almost a two-year high, DataQuick Information Systems reported today. But median prices continued to fall.
The sales increases were not universal, though. Half of area counties - Sacramento, Sutter, Yolo and Yuba - saw higher sales than the same time last year. Four others - Placer, El Dorado, Amador and Nevada - still showed fewer sales than a year ago.
The La Jolla property research firm reported that 3,922 homes closed escrow during June in Amador, El Dorado, Placer, Sacramento, Sutter, Yolo and Yuba counties.
That was the highest number since September 2006.
The month also marked a 15-month low in the number of homes for sale in El Dorado, Placer, Sacramento and Yolo counties, according to another researcher, TrendGraphix of Sacramento. June ended with 11,854 homes for sale in those counties - 4,073 fewer than last year as buyers scoop up thousands of discounted foreclosed homes being sold by banks.
Among the trends in June, according to DataQuick:
• Sacramento County's 2,053 sales of existing homes was the highest since October 2005. Sales of new and existing homes combined were the highest since June 2006, up 45.7 percent from the same time last year.
• Falling prices still tell much of the story. With bank-repossessed homes dominating sales activity, June's median resale home price of $214,000 for existing homes in Sacramento County is the lowest since $210,000 in February 2003. Median prices for new and existing homes combined slipped to $220,000 in the county. That level was last seen in August 2002.
Median is that point where half cost more and half less.
• Placer County reported 610 sales of new and existing homes combined, 9.9 percent fewer than the same time last year. It was the county's fewest sales since June 1996.
Median prices of all homes declined to $335,000, same as August 2003. Prices of existing homes -- $341,5000 -- were the lowest since March 2004.
• El Dorado County, with 210 sales, was down 9.5 percent from the same time last. Its median price of $380,000 is back to levels seen in July 2004.
• Yolo County reported 293 sales, up 17.7 percent from the same time last year. Its median price, $310,250, is back to levels seen in February 2004.
• Sutter County had 107 June sales, 9.2 percent more than June 2007. Its median price is $208,000, is the lowest since January 2004.
• Yuba County saw a 14.4 percent gain in sales from the same month last year, with 135 sales. Repeating a pattern started in March and April, its median price of $195,000 was below $200,000 for the first time since January 2004.
Call The Bee's Jim Wasserman, (916) 321-1102. Read his Home Front blog at www.sacbee.com/blogs.
Call The Bee's Jim Wasserman, (916) 321-1102.
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