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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New wave of foreclosures hit Sacramento again

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The Sacramento Beepublished an article September 26, 2011 with the following statistics compiled by RealtyTrac and Foreclosure-Response.org.  They placed our region’s shadow inventory at 53,256 homes in the four surrounding areas of Sacramento, Yolo, Placerand El Dorado counties.

They included in this number three categories of distressed properties:

  • 12,285 houses already owned by banks but not sold
  • 19,367 units whose owners have received an initial foreclosure notice, or notice of default, but have not been foreclosed on
  • 21,604 homeowners who are 90 days or more delinquent on their payments but have not received a notice of default

Lenderare starting to pick up the pace on repossessions once again.  The figures provided by RealtyTrac show foreclosures in the area soared 76% from July to August, the highest number in 11 months.

Based on this “shadow inventory” it would take a year and a half to sell these distressed homes.

To read the complete article by Rick Daysog of the Sacramento Bee click here

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