Business Journal: Home Sales Still Down
The median price of single-family homes in Sacramento is down, but so is the number of sales. That’s according to new figures out Wednesday. Shana Lynch with the Business Journal has more.
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.