Prices softening? Check if your neighborhood saw home-price declines in October
The overall median sales price in Sacramento County in October rose 2.9 percent year-over-year according to new data from real estate analyst CoreLogic. This is the fifth straight month that county price increases have been lower than the same month in 2017.
Sacramento County’s overall median of $350,000 is the lowest since March of this year when it was also $350,000.
Several neighborhoods saw significant declines in home prices from the previous month. Among neighborhoods with more than 10 home sales, Arden Arcade’s 95821 dropped 25 percent between September and October 2018. The 95650 ZIP code (Loomis) fell 21.7 percent, and Roseville’s 95661 saw a 15.5 percent decline.
Even so, most of the region’s neighborhoods saw year-over-year increases in median home price.
Of the 63 neighborhoods that had 10 or more home sales in October, 52 saw increases in the median sales price compared to the same month in 2017, although 35 of these increases were less than 10 percent. Eleven saw declines, nine of which were decreases of less than 10 percent.
The lowest prices, among areas with more than 10 sales, were in the 95815 ZIP code in North Sacramento. That area had 25 home sales with a median price of $214,000.
Nevada County’s 96161 ZIP code in Truckee had the largest year-over-year increase. The median resale home price there rose to $1.6 million in 2018, an increase of 83 percent from $868,000 in October 2017.
The second highest increase was in Sacramento’s Land Park and Curtis Park area. The 95818 ZIP code saw a 44 percent increase to $603,750 from $420,000 in October 2017.
The largest decline in the median sales price for neighborhoods with more than 10 homes sold was in Loomis’ 95650, where prices dropped 23 percent compared to last October. The median sales price was $450,000, down from $587,500 in October 2017.
The 95747 ZIP code in Roseville had the most sales in October at 83. Other active ZIP codes in October included South Lake Tahoe’s 96150, with 80 home sales, and Lincoln’s 95648, with 79.