Real Estate News

Home prices flattened in October


October saw a seasonal cooling of the housing market in Sacramento County, with the number of sales dropping and prices holding steady, CoreLogic DataQuick reported Thursday.

A similar trend played out in parts of the Bay Area and Southern California, the Irvine-based real estate information service said.

“Clearly prices have flattened out across much of the state,” said CoreLogic DataQuick analyst Andrew LePage. “Some of that’s seasonal.”

The median price of a single-family resale home in the county dropped from $263,000 in September to $260,000 in October. Last month’s figure was up nearly 10 percent from October 2013, CoreLogic DataQuick reported.

Sales volume for all homes in the county fell slightly in October from September. There were 1,865 closings last month, down from 1,882 the month before.

Total sales for the month were 14 percent below historical averages in Sacramento County, LePage said. But the decreased volume was mainly caused by the low number of new homes being built, he said.

There were 144 new home sales that closed escrow in October in the county. That was about a quarter of the new homes sold countywide in October 2000, a more-or-less normal year before the housing bubble burst.

Placer and El Dorado counties fared somewhat better, with minor increases in both the median home price and the number of homes sold in October compared to September. Yolo County had mixed results, with more sales but a falling median price.

Call The Bee’s Hudson Sangree, (916) 321-1191.

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