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Sacramento County home prices hit highest point in nearly 10 years

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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.

Sacramento County rang up its best March home sales numbers in five years last month, and the median sales price for all homes was the highest since August 2007, according to Thursday’s report by Irvine-based real estate market tracker CoreLogic.

Among countywide sales of all dwellings – including new and resale houses and condominiums – there were 2,080 closed escrows in March, up nearly 36 percent from 1,533 in February and a 6.6 percent gain over 1,951 in March 2016.

The median price among March sales of all homes was $312,000, up almost 6 percent from $295,000 in March last year and the highest in nearly 10 years.

March resales of existing homes in Sacramento County totaled 1,627, up 33 percent from 1,224 in February and a 3.4 percent increase over 1,573 in March 2016. Resales alone accounted for the best March in four years.

The median sales price among last month’s resale transactions in Sacramento County was $310,000, a slight dip from $310,500 in February but a gain of 5.1 percent over $295,000 in March last year.

A historical, east Sacramento multi-generational home has been listed for $3.9 million. The property includes three homes on a half-acre site. The 4,000 square-foot main house's expansive grounds include a Zen garden sanctuary with Koi pond, water

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

CoreLogic analyst Andrew LePage speculated that rainy weather in February likely accounted for the larger-than-usual, month-to-month spike in regional home sales in March.

“Even with the weather, it’s a pretty strong start to the homebuying season,” he said.

LePage said the strong start was evident throughout the greater Sacramento area; he said the combined 3,357 sales of all homes in Sacramento, Placer, El Dorado and Yolo counties last month ranked as the best March in 11 years.

CoreLogic said home sales and median prices picked up in big metro markets throughout California in March.

In the nine-county Bay Area, 7,287 new and resale houses and condominiums sold in March, up 51.5 percent from 4,810 in February and 4.4 percent better than 6,982 in March last year. The median sales price for all homes sold in the Bay Area in March was $709,000, up 9.1 percent from $650,000 in March 2016.

In the six-county Southern California region, 22,042 dwellings sold in March, up 47.6 percent from 14,938 in February and up 7.8 percent over 20,449 in March 2016. The March 2017 sales tally was the highest for that month since 2007. The median price paid for all Southern California homes sold in March was $480,000, the highest since August 2007 when it was $500,000.

Sacramento region home price trends March 2017 by ZIP code 

City Councilman Steve Hansen says Sacramento and other communities where rents are rising need more housing assistance from the state.

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