Real Estate News

Housing prices cool slightly in Sacramento area

Sacramento’s housing market tailed off slightly in August, although prices remain higher compared with the same time last year.

Market researcher CoreLogic reported Thursday that the median sale price fell to $275,000 last month for an existing single-family home in Sacramento County. That was down from $279,000 in July, but up 5.8 percent from the $260,000 recorded a year earlier.

There were 1,905 existing homes that changed hands in Sacramento County last month, down 3.3 percent from July. But the sales volume was 18 percent higher than a year ago, CoreLogic said.

The numbers suggest Sacramento’s market held up slightly better than other major areas of California, where the drop-off in sales activity was more pronounced. CoreLogic said the volume of homes sold fell 12 percent between July and August in both the Bay Area and Southern California. The median sale price was $650,000 in the Bay Area and $438,000 in Southern California.

“Sacramento was able to come closer (than other markets) to holding the pace to what was a fairly strong start to the summer,” said CoreLogic analyst Andrew LePage. He said affordability issues, as well as inventory constraints, probably accounted for the slowdown in sales.

In the Sacramento region’s priciest market, Placer County, resale prices rose to $399,500, up 2.4 percent from July, despite a small drop-off in sales volume.

Dale Kasler: 916-321-1066, @dakasler

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