Real Estate News

Sacramento County median home prices hit seven-year high

A view of the pool and house listed last year by Annette Black that may be one of the highest priced homes ever sold in Sacramento County. Median sales prices in the county reached a seven-year high earlier this year.
A view of the pool and house listed last year by Annette Black that may be one of the highest priced homes ever sold in Sacramento County. Median sales prices in the county reached a seven-year high earlier this year. hamezcua@sacbee.com

Sacramento-area homeowners who saw their home values plummet during the recession are likely feeling a bit better these days.

Median sales prices for all Sacramento County homes reached $270,000 – a seven-year high – in February, according to the monthly report released Wednesday by Irvine-based CoreLogic DataQuick.

CoreLogic DataQuick analyst Andrew LePage said the increases were a byproduct of an improving residential real estate market, relatively limited inventory and fewer sales of distressed homes.

“The numbers were up,” he said, “but then again, it was just one month ... and we’re not really near where we used to be.”

The median sales price among all homes – new, resale and condos – in Sacramento County last month was $270,000, up nearly 10 percent from $246,000 in January this year and about 9.3 percent higher than $247,000 in February 2014.

For detached single-family homes in Sacramento County, the median sales price was $265,000, up about 8.2 percent from January’s median of $245,000. The year-ago median price in February 2014 also was $245,000.

For perspective, the resale median in August 2005 was $372,000.

Both February 2015 medians were the highest since December 2007, according to CoreLogic DataQuick.

The number of home sales in Sacramento County also rose in February, historically a slow period for residential real estate coming off an even slower January.

Sales of all Sacramento County homes last month totaled 1,446, up 15 percent from 1,257 in January and a nearly 7 percent increase from 1,354 in February 2014. Sales of detached single-family homes totaled 1,180 last month, up 13.4 percent from 1,040 in January and a 6.1 percent gain from 1,112 in the year-ago period. CoreLogic said there were 142 new home sales in Sacramento County in February, up from 97 in January (46.3 percent) and 101 in February 2014 (40.6 percent).

Although February showed some notable increases in home sales, LePage cautioned, “Those are big increases of some very low numbers.”

LePage said February homebuying trends in Sacramento County showed “a shift away from lower-cost purchases,” with sales of $200,000-and-under homes trending downward and increased sales of homes in the $300,000-plus and $500,000-plus brackets. “You had an increase in the middle or above, and those are two main reasons that (median sales prices) increased.”

The combination of low inventory and higher prices is “going to be tough for first-time buyers,” LePage noted.

Call The Bee’s Mark Glover, (916) 321-1184.

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