Business Journal: Home Prices Continue Decline
Home prices are falling at different rates in different communities.
Friday, December 22, 2006
Home prices in the four-county Sacramento declined 4% in November alone, compared to a year earlier. But it’s a mixed bag. Homes sold for more in El Dorado Hills, Folsom, Rocklin and South Lake Tahoe – as much as 6% more in El Dorado Hills. But the market tumbled in West Sacramento … where home prices were down 25% in a year. Placerville, Lincoln and Elk Grove also saw sharp declines, exceeding 12% in each case. Statewide, however, home prices were 1 and a half % higher than last November. In short, the Sacramento region was a leader in soaring price increases … and now is losing much of that gain.