Real Estate News

Low inventory keeps Sacramento-area home prices high; sales up 3.5 percent

Look inside McKinley Village

The new urban village under construction along the Business 80 freeway in East Sacramento opened to the public in September.
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The new urban village under construction along the Business 80 freeway in East Sacramento opened to the public in September.

Home prices in the Sacramento region have increased by double digits over a year’s time, driven by low inventory, according to Coldwell Banker Residential Brokerage in Sacramento.

Coldwell said the median sale price of a home in Sacramento, El Dorado and Placer counties last month was $345,000, up 11 percent from a median of $311,000 in August 2015.

However, rising costs may be cooling off as last month’s median was unchanged from July’s median of $345,000.

The MAY Building at 11th and K streets in downtown Sacramento opens this week with 21 upscale apartments. Rents will range from about $1,850 to the high $2,000s.

Mark Glover: 916-321-1184, @markhglover

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