Business Journal: Sac Housing Prices Still on the Rise
New figures show sales are slowing, but prices continue to climb, making housing less affordable than ever in Sacramento.
Thursday, October 6, 2005
New homes sales are slowing … and the numbers of people touring the model homes at new subdivisions are off by 20 to 30% this year … but still in all, new home prices continue to rise. And the average existing home costs 15% more than a year ago.
Mortgage rates are on the march as well. A fixed, 30-year mortgage today comes in just a hair shy of 6%, according to a fresh report from Freddie Mac. That’s the highest it’s been since early spring.
Put it together, we have this word from the California Association of Realtors: for the first time, fewer than 20% of Sacramentans can afford a median-priced home.