Rise In New Home Sales But Market Still Down

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(Sacramento, CA)
Thursday, December 20, 2007

According to DataQuick Information Systems, 1,341 buyers closed escrows in Sacramento last month, that’s 35 more than in October. Most of those were new homes. 

"In the context of the slump we’re in, November wasn’t a bad month for sales and part of that was because closings for new home sales ticked up a bit." 

But DataQuick analyst Andrew LePage says all local home sales, including new and existing homes, are down nearly 30% from a year ago. And he says the Sacramento region’s median sales price continued to fall in November. 

"The declines were pretty substantial, higher than we see anywhere except in some other markets in the Central Valley. In Sacramento County, all home medians fell to $290,000 which is down about 18% from a year ago." 

LePage says Sacramento is getting hit harder than the rest of the state partly because the influx of new buyers from the Bay Area has dried up.