Real Estate News

Sacramento County sees strong year-over-year gains in home sales

Sacramento County’s residential real estate market rang up a solid October, far better on a year-over-year percentage basis than the Bay Area and Southern California.

October sales of all homes in Sacramento County were up 10.2 percent from the same month in 2014, representing the best October showing in three years, market researcher CoreLogic said Thursday.

CoreLogic analyst Andrew LePage said October’s numbers were indicative of more inventory and homeowners “now having enough equity to move on. … Sacramento County certainly did better than a lot of large counties can say in October.”

In its monthly report, the Irvine firm said 2,075 homes – including new and resale homes and condos – sold last month. That was actually down slightly from 2,191 in September, but an increase over 1,883 in October 2014.

There were 1,724 existing homes changing hands in Sacramento County last month, down from 1,815 in September but up 9.2 percent from 1,579 in the year-ago period.

New home sales in Sacramento County in October totaled 170, up 18 percent from 144 last year but down a bit from 177 in September.

Home prices continued to run well ahead of last year. The median sales price of an existing home in Sacramento in October was $278,000, up 7.3 percent from $259,000 in the same month a year ago.

For perspective, the median resale price in August 2005 was $372,000. (The median is where half the homes cost more and half cost less.)

The median sales price among all homes in Sacramento County last month was $280,000, which matched the September median but was 8.5 percent higher than the October 2014 median of $258,000.

CoreLogic said 7,673 new and existing houses and condominiums sold in the nine-county Bay Area last month, down 2.5 percent from 7,867 sales in October 2014.

“October marked the first time in eight months that (Bay Area) home sales have fallen year over year,” LePage said. “This decline could be the result of lower affordability and also a still-tight inventory of homes for sale.”

In the six-county Southern California region, 19,930 new and previously owned houses and condominiums sold in October, up only 1.3 percent from 19,673 a year earlier.

Mark Glover: 916-321-1184, @markhglover