April Home Sales Up

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(Sacramento, CA)
Monday, May 19, 2008

According to DataQuick Information Systems, 3,163 homes closed escrow. That’s a 26% jump from the same time last year. 

DataQuick’s Andrew LePage says foreclosure sales boosted the market. He calls it “the blue light special effect.” 

"…where you’re seeing sales really pop up in areas where prices have come down. And those tend to be areas that have had a lot of foreclosure activity and in Sacramento County almost 60% of the homes that resold had been foreclosed on at some point in the prior 12 months."

But LePage says one month does not make a trend. He says it’s premature to say whether April’s figures mark a turnaround in the weak housing market.  

Prices continued to fall sharply last month. April's median home price of $232,000 was down 32% from the same period last year.