Drop In Home Sales Slowing

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(Sacramento, CA)
Thursday, March 13, 2008

DataQuick Analyst Andrew LePage says the decline in home sales slowed in February. 

"Sales decreased less on a year-over-year basis than we’ve seen in a number of years."

Last month’s drop was under 8%. That’s the first single digit decline in year-over-year numbers since the summer of 2005.

LePage says it’s partly because investors are making deals. 

"The percent of homes sold to absentee owners popped up in the last couple of months because in areas where foreclosures have tugged prices down there are some bargains out there at least that’s the way some people are perceiving right now." 

LePage says 56% of the homes that sold in February had been foreclosed within the past year.

The median sales price in Sacramento County last month was $257,000…up a few thousand from January but down 28% from the same time last year.