Business Journal: Sac Housing Prices Still on the Rise

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(Sacramento, CA)
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.