With 2,200 homes for sale, twice as many as a year ago, one might expect home prices to be lower. But the opposite is true.
The Placer County Association of Realtors reports that the median sale price was $495,000 in March. A year earlier it was $470,000. And 23% fewer homes sold last month than in March of 2005.
Analysts were saying late last year that sales would drop, but prices rise, and that’s the case. The spiraling cost of land for homes is one factor … and another is the double-digit rise the cost of building materials.