Real Estate News

Sacramento housing market continued to hum along in midautumn

Kim Wells rakes leaves away from a storm drain with help from her 10-year-old son Ryan Wells near the corner of Harkness Street and Larkin Way in Land Park on Thursday, December 15, 2016 in Sacramento.
Kim Wells rakes leaves away from a storm drain with help from her 10-year-old son Ryan Wells near the corner of Harkness Street and Larkin Way in Land Park on Thursday, December 15, 2016 in Sacramento. rpench@sacbee.com

Sacramento County’s housing market continued to hum along in November, with significant buyer demand driving midautumn sales.

Resales of single-family homes in the county totaled 1,675 in November, up more than 24 percent from 1,347 in November 2015, according to Wednesday’s report by Irvine-based real estate market tracker CoreLogic.

CoreLogic analyst Andrew LePage noted that home sales in November shot up sharply year over year statewide due to “artificially weak sales” recorded in November 2015. At that time last year, he said, federal lending rules that kicked in during October 2015 resulted in delays that caused some deals to close in December 2015 rather than November 2015. He added that there was one more business day for transactions to be recorded in November this year compared with November 2015.

Even so, LePage called November 2016 “a solid month for home sales” in the Sacramento region.

The median sales price among November’s resale transactions in Sacramento County was $307,750, up just slightly from $307,250 in October but a gain of nearly 11 percent from $278,000 in November last year.

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

November 2016 home price trends Sacramento region 

Among countywide sales of all dwellings – including new and resale houses and condominiums – there were 2,034 closed escrows in November this year, up 22.4 percent from 1,662 in November 2015.

There were 182 new-home sales in Sacramento County last month, down from 214 in October but up almost 10 percent from 166 in November 2015. The median sales price among Sacramento County new-home sales in November was $415,250, down 0.5 percent from $417,500 in October and a 2.2 percent increase from $406,500 in November last year.

Real estate brokerages serving the Sacramento region say limited inventory of available homes has helped push sale prices higher in the last half of 2016.

In the nine-county Bay Area, 7,461 new and resale houses and condominiums sold in November, down 1.2 percent from 7,551 in October and a 19.4 percent increase from 6,248 in November 2015. CoreLogic said the median price paid for all homes sold in the Bay Area in November was $695,000, up slightly from $690,000 in October and up nearly 7 percent from $650,000 in November 2015.

In the six-county Southern California region, 19,530 dwellings sold in November, up 24 percent 15,738 in November 2015.

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

Mark Glover: 916-321-1184, @markhglover

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