When the median sales price of a single-family resale home in Sacramento County slips to $214,000 - as it did in June - it's easy to think the entire market is a crashing mess.
Should we all just jump off a cliff?
Well, true. It isn't pretty out there for sellers and homeowners. But there's some nuance in this kind of a median price that should be pointed out. It's really a reflection of the abundance of bank-owned homes. They're the ones really setting the pace now, ruling the market.
I asked DataQuick's Andrew Lepage about this today. Here's what he said:
"Not to belittle the widespread depreciation out there. But it's clear to me that the median is down sharply as it is because so much of what is selling is distressed in areas that saw a lot of depreciation and foreclosure activity. Those areas account for a great percentage of sales."
Photo: marketoracle.co.uk
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