Real Estate News

Sacramento housing prices highest in nine years

Home prices in Sacramento County rose to their highest level in nearly nine years last month as the region’s real estate market continued its steady recovery from the recession.

Median resale prices for single-family homes hit $310,000 in Sacramento County in June, market researcher CoreLogic reported Wednesday. That represented a $5,000 increase from May and a $30,000 increase from a year earlier. The volume of sales rose 3 percent from a year ago.

The latest results from CoreLogic show the continued improvement Sacramento’s housing market has made since the bubble burst a decade ago and prices went into a steep downward spiral. The $310,000 figure for Sacramento County was the highest since August 2007, when the median was $314,000.

Sacramento County is still well short of the record $374,000, reached in August 2005.

CoreLogic analyst Andrew LePage said the numbers are encouraging. He noted that 2,090 single-family resale homes changed hands last month in the county — the highest June for sales volume in eight years.

“This was a strong June for home sales, the strongest we’ve seen in years,” he said.

Other counties in the region showed improvement as well. El Dorado County’s median resale price for single-family homes hit $425,000 last month, an 11 percent increase from a year earlier. Placer County prices rose to $423,000, up 5.9 percent from a year earlier. However, prices have fallen slightly in Yolo and Nevada counties compared with a year ago, according to CoreLogic.

Prices are still rising at a moderate level compared with the bubble era, when loose lending standards unleashed an almost unprecedented stampede among homebuyers and prices were jumping at around 20 percent a year.

Dale Kasler: 916-321-1066, @dakasler

 

June home price trends

Resale detached

Escrows closed

Yr/yr chng

Median price

Yr/yr chng

Amador

82

20.6%

$274,000

21.8%

El Dorado

344

10.6%

$425,000

11.3%

Nevada

226

16.5%

$375,000

-0.4%

Placer

798

-0.1%

$423,000

5.9%

Sacramento

2,090

3.1%

$310,000

10.7%

Sutter

141

23.7%

$242,500

7.8%

Yolo

221

7.8%

$376,000

-0.3%

Yuba

114

1.8%

$245,000

6.5%

Resale condos

Escrows closed

Yr/yr chng

Median price

Yr/yr chng

Amador

n/a

n/a

n/a

n/a

El Dorado

6

n/a

$201,250

n/a

Nevada

11

37.5%

$375,000

22.7%

Placer

51

-3.8%

$230,000

-13.0%

Sacramento

219

3.3%

$185,000

12.1%

Sutter

5

150.0%

$48,000

-35.6%

Yolo

22

-4.3%

$311,250

41.5%

Yuba

0

n/a

n/a

n/a

New homes

Escrows closed

Yr/yr chng

Median price

Yr/yr chng

Amador

0

n/a

n/a

n/a

El Dorado

41

46.4%

$546,500

-5.5%

Nevada

3

-25.0%

$639,000

5.5%

Placer

169

22.5%

$480,000

3.6%

Sacramento

217

42.8%

$393,500

-8.5%

Sutter

5

-37.5%

$346,000

-13.2%

Yolo

37

105.6%

$500,000

4.8%

Yuba

4

-55.6%

$273,000

-2.5%

All homes

Escrows closed

Yr/yr chng

Median price

Yr/yr chng

Amador

82

20.6%

$274,000

21.8%

El Dorado

391

15.3%

$437,250

10.7%

Nevada

240

16.5%

$375,000

-1.1%

Placer

1,018

2.8%

$429,000

6.8%

Sacramento

2,526

5.6%

$310,000

11.3%

Sutter

151

21.8%

$242,500

7.8%

Yolo

280

13.8%

$393,500

5.6%

Yuba

118

-2.5%

$245,000

4.3%

Notes: Amador County resale detached stats include resale condos.

Due to incomplete data in late June, escrows closed in Placer County are estimates.

Source: CoreLogic

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