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Sacramento home prices rise 14 percent since last year

Sacramento County's median price for resale homes rose by nearly 14 percent in January compared to the same month last year, though the number of sales slumped from December in a typical seasonal pattern, CoreLogic reported Thursday.

"It's normal for sales to drop between January and December, and this year’s 18.5 percent decline in total Sacramento County sales was lower than the average drop of 25.8 percent between those two months over the last 30 years," said Andrew LePage, an analyst with the Irvine-based real estate tracking firm.

The double-digit percentage increase in the median price of resale detached homes in the county was partly a result of overall rising prices and partly a change in the mix of homes sold, LePage noted. The median is the price at which half of homes sell for more and half sell for less. It was $330,000 in Sacramento County in January, up from $290,000 in January 2017.

The Sacramento region's three other counties also saw the median price for resale homes rise year over year. El Dorado County had a 14.7 percent increase. Placer had a 6.7 percent jump, and Yolo had less than a 1 percent gain.

In Sacramento County, "the magnitude of the year-over-year gain in the median mainly reflects the mismatch between housing demand and supply – and especially the supply of more affordable homes – but also a shift toward more of the activity occurring in the mid- to high-end of the market, largely because of how limited supply is in the lower end," LePage said.

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