Business Journal: Home Sales Lagging

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(Sacramento, CA)
Monday, August 20, 2007
In June, the median home price in the region was 10% lower than a year ago, down to $418,000. New home sales dropped 15% from June of last year. But while the four-county Sacramento region has often been cited as one of the most overinflated housing markets, the statewide figures were more severe. Single-family home sales in California were down nearly 17% in June, and the number of home sales dropped 26% -- far more than in Sacramento. These figures from the California Building Industry Association and Hanley Wood Marketing Intelligence are in tune with the negative trends nationally.