Home prices continue to fall in the Sacramento region
By Jim Wasserman
Sales of new and existing homes in the Sacramento region registered a typical seasonal bounce in March, with 2,522 transactions closing escrow, according to the newest statistics from DataQuick Information Systems. Still, the prolonged housing slump continued as median prices fell throughout the area and sales of new homes dropped sharply.
March’s numbers were a change from the 2,162 homes sold during February in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties.
The sales price statistics showed that investors and first-time buyers continue to focus on bank repos. The Sacramento Association of Realtors reported that almost half of March closings in the county and West Sacramento were for homes valued at $250,000 or less.
Yuba County saw median sales prices dip below $200,000 for the first time since January 2004, DataQuick reported. Median is that point where half cost more and half cost less.
Overall, Sacramento county sales of new and existing homes combined were up 19 percent in March from the previous month. While encouraging in light of a slumping housing market, the 20-year average is 36 percent, according to DataQuick.
Closings on new homes showed the weakest March numbers as many buyers shop for bank-owned bargains. DataQuick reported that year-over-year sales of new homes were down 35.6 percent in Sacramento County, down 42 percent in Placer County and down more than 70 percent in Sutter and Yuba counties.
By contrast sales of existing homes were down just 9 percent in Sacramento County. That was the lowest year-to-year sales dip of all eight counties.
Other March highlights:
• Sacramento County’s 1,501 March closings on new and existing homes combined were the fewest since March 1997, according to DataQuick. The tally was down 14 percent from the same time last year.
• Median sales prices also dipped to $247,000, a level not seen in the county since May 2003. Median prices are now 36 percent below August 2005 highs of $387,000.
• Placer County’s 464 new and existing home sales were the lowest since March 1996, and were down nearly one-third from the same time last year.
• The county’s March median sales price of $355,000 is 19 percent below a year ago and off one-third from the August 2005 high of $525,000, DataQuick reported.
• The El Dorado County median sales price dipped again in March to $362,250, down 21 percent from the same time last year.
• Yolo County’s March median sales price fell to $327,500, down 16 percent from a year ago.
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