Business Journal: Homes Still Not Selling

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(Sacramento, CA)
Wednesday, November 28, 2007

October was downright painful for home sellers. Statewide, single-family home sales were down 40% for that month. In the Sacramento region, sales were down 30%.

As sellers struggle to find buyers in this slump, home prices continue to fall. Locally, prices fell 15% from last year, to a median price of about $309,000. In California, the median price of a single-family home fell 9%, to about $497,000. 

The California Association of Realtors compiled the information from about 90 different groups. The association also noted it would take about 16 months to deplete the current supply of homes on the market. Last year at this time, it would have taken about six months.