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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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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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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77% Live Paycheck to Paycheck

As the recession lingers on workers are really feeling it in their pocket.  Nearly eight-in- ten (77%) of workers in 2010 said they felt they lived paycheck to paycheck to make ends meet, up from 61% in 2009.  One-in-five (22%) said they have missed payments on bills in the last year in a survey conducted by Career Builder between May and June, 2010.

Some workers are making ends meet by dipping into their long-terms savings. More than one-in-five (21%) say they have reduced their 401(k) contributions or savings to get by; while 33% state they do not participate in any programs such as 401(k), IRA or retirement plans.  30% also reported they don’t put any money aside into their savings each month while 28% set aside $100 or less for savings and 14% save less than $50.

As a result some workers said they have made changes to their living and spending habits as follows:

  • Cut back on leisure activities – 54%
  • Used coupons or shopped at discount stores – 48%
  • Drove less to save on gas – 37%
  • Cancelled cable and other subscriptions – 12%
  • Used public transportation – 5% 

This survey found that six-in-ten felt that the recession has made them more fiscally responsible.

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