Real Estate News

Sacramento home prices still rising, but more slowly

Home sales continued to chug along in August, as the Sacramento region saw incremental growth in median sale prices.

The median price for resale single-family homes in Sacramento County inched up by $500 to $310,500 in August, according to Tuesday’s report by Irvine-based real estate market tracker CoreLogic. The figure beat out the reported median price in June and July of $310,000, which was the highest in almost nine years.

“It hasn’t changed much in three months,” said CoreLogic analyst Andrew LePage of the median. “That’s something to keep an eye out on whether it flattens out in the next few months.”

Sacramento County home prices remain well short of the record median of $374,000 from August 2005.

The number of sales in the four-county capital region – Sacramento, Placer, Yolo and El Dorado – increased in August compared to July, which LePage attributed to a quirk in the calendar that caused some deals in late July to be recorded in early August.

Sacramento August home price trends map 

“It would be very difficult to quantify, but some of those recordings that might have happened in July got pushed into August,” he said.

Overall, the sales trend is still pointing up for Sacramento County. The number of homes sold in the county for August was the highest for the month since 2008, according to CoreLogic.

“You still have job growth locally and very low interest rates, which is helping to fuel the growth,” LePage said.

The Creamery Development offers suburb-like amenities within walking distance of the state Capitol building. Units sell for $500,000 and up. After years of lagging, housing near downtown Sacramento is hot.

Richard Chang: 916-321-1018, @RichardYChang