Home Sales Up, Median Price Down

Share |
(Sacramento, CA)
Wednesday, June 18, 2008

The numbers come from DataQuick Information Systems. Andrew LePage is an analyst with the firm. He says the decline in the median price…in which half the homes sold for more and half sold for less…is being driven by home depreciation... 

"And also just shifting more of what sales there are toward more affordable neighborhoods. Meanwhile, some of the more expensive areas whether it’s Land Park, Curtis Park, East Sacramento, Granite Bay, you don’t see big jumps in sales year over year in those areas." 

The good news is local home sales are up. 2,126 homes sold last month. That’s a 31% jump from the same time last year.

But LePage says it’s premature to say whether May’s figures mark a turnaround in the weak housing market.