Real Estate News

Sacramento County home prices hold steady in July; sales slide

Sneak preview of luxury K Street apartments

The MAY Building at 11th and K streets in downtown Sacramento opens this week with 21 upscale apartments. Rents will range from about $1,850 to the high $2,000s.
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The MAY Building at 11th and K streets in downtown Sacramento opens this week with 21 upscale apartments. Rents will range from about $1,850 to the high $2,000s.

Housing prices in Sacramento County held steady in July, and as in other parts of California, home sales fell year-over-year.

The median resale price for single-family homes in Sacramento County stayed pegged at $310,000 in July, according to Thursday’s report by Irvine-based real estate market tracker CoreLogic. The $310,000 median reported in June was the highest in nearly nine years.

Sacramento County is still well short of the record existing-home sale median of $374,000, reached in August 2005.

The median sales price among all homes – including new and resale homes and condos – in Sacramento County last month was $308,000, down from $310,000 in June but 12 percent more than $275,000 in July 2015.

“It’s not unusual for it to dip a little here and there, said CoreLogic analyst Andrew LePage. “(Sacramento County) is still up 12 percent year over year … and has been up (year-over-year) in the low double digits four of the last five months.”

Residential real estate brokerages in the Sacramento area recently have noted steady increases in median home sale prices – pulled up in part by a surging market in the upper-end and luxury home sectors – amid tight inventory. Real estate experts said that has made it tougher for buyers with moderate incomes.

Pat Shea, president of Sacramento’s Lyon Real Estate, also noted that “we are seeing a greater number of cancellations occur as would-be buyers get cold feet after the frenzy of multiple-offer bidding has subsided and the inspection period begins.”

CoreLogic’s home sales data for Sacramento County and statewide trended downward last month.

In July, single-family homes sales volume in Sacramento County totaled 1,800, down 13.8 percent from 2,088 in June and an 8.6 percent decline from 1,970 in July 2015. July sales of all Sacramento County dwellings last month totaled 2,200, down nearly 13 percent from 2,523 in June and a dip of 5.9 percent from 2,339 in July last year.

Analyst LePage also explained that there were 20 business days for home-sale transactions to be recorded in July, compared with 22 business days in both June 2016 and July 2015. As in past years, LePage said, that difference resulted in sales drops statewide.

In the nine-county Bay Area, 7,901 new and resale houses and condominiums sold in July, down 13.5 percent from 9,130 in July 2015. CoreLogic said July marked the fourth consecutive month of year-over-year sales declines in the Bay Area. The median price paid for all homes sold in the Bay Area in July was $700,000, down 1.4 percent from a record $710,000 in June this year.

In the six-county Southern California region, 21,705 dwellings sold in July, a nearly 11 percent decrease from 24,317 in July 2015.

 

The Creamery Development offers suburb-like amenities within walking distance of the state Capitol building. Units sell for $500,000 and up. After years of lagging, housing near downtown Sacramento is hot.

Mark Glover: 916-321-1184, @markhglover

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