Business Journal: Home Sales Still Down

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(Sacramento, CA)
Wednesday, October 24, 2007
Even as Sacramento homes become more affordable, no one’s buying. According to the California Association of Realtors, the decline in single-family homes is the sharpest on record. From August to September, the median price dipped from $589,000 to $531,000. But despite the cheaper price tag, people aren’t buying. Closed escrow sales plummeted. Only about 270,000 houses closed escrow this September, which is nearly a 40 percent drop from September 2006.
Sacramento’s market mimics that of the state. Median housing prices dropped 11 percent to $325,000, and sales dipped nearly 40 percent as well.