Real Estate News

Sacramento’s housing market picked up steam in March

Sacramento

Sacramento’s housing market, though not quite the juggernaut of pre-recession days, is picking up steam.

Sales of existing houses in Sacramento County rose 12 percent in March from the same month of 2014, from 1,392 to 1,559. The median sale price of existing homes in the county jumped by 9.8 percent – from $245,000 to $269,000 – year over year, according to CoreLogic.

The March price was $4,000 higher than in February 2015.

Andrew LePage, analyst for Irvine-based CoreLogic, said Friday that the $269,000 median was the highest since December 2007.

“Undoubtedly, there’s upward pressure on home prices,” LePage said. “And to some extent, there’s been a meaningful shift of more sales in the middle- to high-price ranges.”

LePage added that “so many more people now have enough equity (to be in the market) and there’s the effect on people who see a home on their street go for a higher price.”

While the gains are substantial, they fall well short of the high-flying days before the recession. For example, the resale median price of detached single-family homes in Sacramento County in August 2005 was $372,000.

The median sales price among all homes – new, resale and condos – in Sacramento County last month was $265,000, up about 8 percent from $245,000 in March 2014.

All the Sacramento-area counties included in the CoreLogic analysis posted sales increases, with the highest percentage gain in the four largest coming in Placer County. The 591 existing homes that changed hands in Placer represented a 26.3 percent increase over the previous year. The median price rose to $375,000, a 4.2 percent increase. Placer had the highest median price in the Sacramento region.

The region’s real estate market has picked up again in the first few months this year after flattening for much of 2014. And it’s part of a statewide trend.

On Thursday, CoreLogic said 19,603 new and existing houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in March, a whopping 43.6 percent increase over February and an 11 percent gain from March 2014. CoreLogic said Friday that 6,924 new and existing houses and condos sold in the nine-county Bay Area in March, up 46.3 percent from February, typically a slow month, and up 7.9 percent from March 2014.

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

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