Home prices still climbing, but at slower pace

Home prices are still climbing in the Sacramento area, but at a much more moderate pace than a year ago, DataQuick reported Wednesday.

The market research firm said the median sale price of all homes came to $260,000 last month in Sacramento County. That was down slightly from May, but up 13 percent from a year earlier.

Median sale prices in Placer County reached $385,000 last month, the highest in the eight-county region covered by DataQuick. That represented a 6.5 percent increase from a year ago.

DataQuick said the results are in line with the general slowdown in price appreciation elsewhere in California. “Sacramento is more or less mirroring the state in terms of price appreciation throttling back,” said analyst Andrew LePage.

The actual volume of sales was down significantly throughout the region, with activity dropping 10.3 percent in Sacramento County in June compared to a year earlier.

The latest statistics suggest the market is continuing to recover from the 2008 crash but isn’t roaring like it was in 2013, LePage said.

For example, he said the 13 percent growth in Sacramento sale prices is one-third the pace of a year ago, when prices jumped 39 percent.

One reason for the slowdown in price appreciation: Investors are retreating from the market. In June, 25 percent of all purchases were made by investors. A year ago, it was 34 percent. The 14-year average is 22 percent.

“We have fewer investors and cash buyers out in the market,” LePage said.

In addition, job and income growth remains relatively sluggish, putting a damper on pricing, he said.

As for the decline in sales volume, LePage cited a relative scarcity of available homes for sale. That shortage is a reflection of the incomplete recovery in the housing market. Many homeowners either are still “underwater” or have only a small amount of equity in their properties, which means they don’t have the ability to make a down payment on another house. If they can’t move into another house, they can’t sell their current house.

Also, new-home construction remains relatively slow, which puts another constraint on inventory, he said.

Only 121 new homes were sold last month in Sacramento County, down 21 percent from a year earlier.

Courtesy of Dale Kasler, sacbee.com

Sacramento area home prices continue to increase

April statsThe number of homes sold in Sacramento County in March dropped to the lowest level for the month in six years, DataQuick reported Wednesday.

The median price for detached resale homes in the county was $245,000 – 19.5 percent higher than March of last year, the San Diego real estate information service said. Yet only 1,456 single-family resale homes closed escrow last month – a nearly 15 percent drop from the same month a year ago, DataQuick said.

A low supply of homes for sale was the main reason, said DataQuick analyst Andrew LePage. Fewer sales to investors, decreased affordability for buyers and credit hurdles were other reasons, “but tight inventory’s at the top of the list,” he said.

There are currently about 1.5 months of inventory in Sacramento County, meaning it would take about that long to sell all the homes on the market, the Sacramento Association of Realtors recently said. Anything less than three months is deemed a sellers’ market.

Sales volume also fell significantly in El Dorado, Placer and Yolo counties last month compared with March 2013, DataQuick reported

Read more here: http://www.sacbee.com/2014/04/16/6330782/sacramento-county-home-sales-drop.html#storylink=cpy
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April Median Home Prices on the Increase

Great News for the Sacramento area real estate market.  April, 2013 Home Sales Prices are on the increase.  Check on detailed information in this article in the Sacramento Bee:

Sacramento County‘s median home resale price up nearly one-third

Published: Thursday, May. 16, 2013 – 12:00 am | Page 6B
Last Modified: Thursday, May. 16, 2013 – 7:53 am

In Sacramento County, the median price of detached resale homes rose by nearly a third in April compared with the same month a year before, DataQuick reported Wednesday.

The median price of resale homes in El Dorado County jumped by about 33 percent last month compared with April 2012. Placer and Yolo counties also experienced double-digit percentage gains, the San Diego-based real estate information service said.

“These eye-popping increases in medians remain a function of two things: home values going up because a lot of people are trying to buy in a supply-constrained market … and we’re seeing a lot more move-up activity,” said DataQuick analyst Andrew LePage.

The median is the price at which half of houses sell for more and half sell for less. Factors that influence it include the mix of homes sold.

Last year at this time, investors snapping up foreclosures dominated the region’s market. Today, foreclosure sales have plummeted and traditional buyers account for the majority of the open market, with many buying pricier move-up homes.

Sales of Sacramento County homes in the $300,000 to $800,000 range nearly doubled in April compared with the same month a year ago, while the number of homes that sold for less than $200,000 dropped by 26.5 percent, LePage said.

Median prices in all four counties also rose from March to April. In Sacramento County, for instance, the median sale price for detached single-family homes went from $162,000 in April 2012 to $208,000 in March to $215,000 last month.

Sales volume has also been picking up across the region, though the number of homes on the market remains at historic lows. Last month, the number of resale homes bought in Placer County was the most for any April since 2005, near the peak of the housing boom.

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

Read more here: http://www.sacbee.com/2013/05/16/5424557/sacramento-countys-median-home.html#storylink=cpy

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February 2013 Homes Prices Up 22.6% in One Year

Due to the low inventory of homes available, home buyers are willing to spend more on a home, that is if they can find one to buy.   The  Sacramento area’s resale home inventory is still very low.  This time last year there were 1,766 homes sold in February 2012 compared to 1,566 sold in February, 2013.  This is an 11.3% drop in sold homes.   This has caused the rapid increase in home prices.  Sacramento’s median price for February 2013 is $192,500, Placer County $298,500, El Dorado County $283,250 and Yolo County $250,000.  New home sales are also on the increase with 104 closings in Sacramento, 86 in Placer and 14 in Yolo County in the month of February.

 

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Sacramento Homes Prices on the Rise

Sacramento is suffering from lack of inventory for sale.  Due to the lack of available homes, the home prices in December, 2012 are on the rise.

Figures released by DataQuick show that the median home prices in Sacramento County rose 18% in December compared to December, 2011 from $155,000 to $183,000.

 

 

 

 

 

 

 

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Sacramento home prices climb in November

Sacramento‘s median home prices on the rise again!

The median home price in Sacramento County rose nearly 17 percent in November from the same month a year before, DataQuick reported this morning.

It was the largest year-over-year price gain in November since the housing market was booming in November 2004, according to the San Diego-based information service.

The county’s median home price of $185,000 last month was up from $158,500 the prior November. It was also up over October’s median of $180,000, DataQuick said.

However, sales volume was slightly down in November from October.

Strong investor activity coupled with a shortage of homes for sale has boosted home prices in the past half year.

In the last few month, more move-up buyers have been entering the market, seeking to take advantage of rock-bottom prices and interest rates near historic lows.

Read more here: http://www.sacbee.com/2012/12/13/5052791/sacramento-home-prices-climb-in.html#storylink=cpy
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Sacramento Housing Market Home Prices on the Rise

The numbers are in and Sacramento’s Housing Market continues to heat up!  In November the average Price per Square Foot hit a new high of $135.8, this was a 2.2% increase over last month and a 16% increase over the last year.  This increase can clearly be traced to the lower inventory numbers that continue to drive prices up.  The number of homes for sale decreased by-10% from last month and is down by over -52% from last year.  Another effect of this lower inventory is that houses are selling faster than we have seen in a long time, the average Days on Market for a home in the Sacramento Region dropped again to only 48 days!

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SHORT SALES & BACK UP OFFERS

With the Sacramento Real Estate market full of Short Sale Properties for Sale it is taking longer to close on the purchase of your new home.  Due to the vast number of short sale properties available, the banks are starting to back up again on the approval of short sale properties.

If you are unwilling to wait a minimum of 60-90 days for an approval of your offer then a short sale is NOT for you.   With the decrease of inventory available for sale in the Sacramento area, we are seeing an increase of multiple offers on our listings for sale.   We are also seeing quite a few buyers who are unwilling to wait for short sale approval.   This is the main reason we take BACKUP offers on our listings and ask that our buyers be held in backup position.  We have seen countless buyers who are in 1st, 2nd and even 3rd backup position get their home.  Patience is the name of the game in the short sale process.  

If you are making an offer on a Short Sale Property, be prepared for a lengthy process.   Updates are sometimes hard to come by, but working with a diligent agent who is well versed in Short Sales will help make the process quite a bit smoother and sometimes quite a bit faster.

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