Amid limited inventory and relatively strong buyer demand, Sacramento County home sales continued to set a robust pace in October.
Resales of single-family homes in the county totaled 1,802 in October, down about 7.4 percent from 1,946 in September but up 4.5 percent from 1,724 in October 2015, according to Friday’s report by Irvine-based real estate market tracker CoreLogic.
The median sales price among October’s resale transactions was $307,500, down from $310,000 in September but up nearly 11 percent from $278,000 in October last year.
Sacramento County resale home prices, however, remain well short of the record median of $374,000 from August 2005.
Among countywide sales of all dwellings – including new and resale houses and condominiums – there were 2,177 closed escrows in October this year, a nearly 5 percent improvement over 2,075 in October 2015. CoreLogic analyst Andrew LePage noted that October 2016 marked the highest overall sales tally for an October in Sacramento County in four years.
He added that the overall median sales price of $310,500 in October was the highest since August 2007. The October sales price median among all county dwellings was up nearly 11 percent from $280,000 in October 2015.
There were 212 new-home sales in Sacramento County in October, up slightly from 205 in September but up nearly 25 percent from 170 in October 2015. The median sales price among Sacramento County new-home sales in October was $417,500, up about 3 percent from $405,500 in September and a 6.2 percent increase from $393,000 in October last year.
“New home sales in Sacramento County and the region are the highest in years, but still well below historical averages,” LePage said
In the nine-county Bay Area, 7,505 new and resale houses and condominiums sold in October, down 5.4 percent from 7,934 in September and a 1.5 percent decrease from 7,617 in October 2015. CoreLogic said the median price paid for all homes sold in the Bay Area in October was $675,000, up 3.8 percent from $650,000 in September 2016 and up 6.1 percent from $636,000 in October 2015.
In the six-county Southern California region, 19,976 dwellings sold in October, up slightly from 19,920 in October 2015.
Realtor.com predicted last month that greater Sacramento will be the nation’s fourth-hottest housing market next year, with a better forecast than the Bay Area.