Business Journal: Median Drops
Sacramento’s real estate market continued to struggle last month, but sales were much better than the statewide average.
Monday, February 25, 2008
The Sacramento area’s median home price – meaning half the homes sell for more, the other half for less – dropped 28 percent to $258,000 in January from a year ago, making the four-county region the third- cheapest market in the state. And the Sacramento region’s home sales declined a modest 4.9 percent from a year ago, the lowest rate in the state. Sacramento’s affordability – our median home price is about $170,000 less than the statewide price – could help the region recover quicker than other markets, some industry experts say. Statewide, home sales dropped almost 30 percent, while the median price fell 22 percent from a year ago.