Home Sales Up For Third Straight Month

Share |
(Sacramento, CA)
Thursday, July 17, 2008

DataQuick Information Systems says last month’s median home price was 220-thousand dollars. Meanwhile, home sales are up again. DataQuick analyst Andrew LePage says they’ve risen 45% from a year ago. 

"The fact that Sacramento County was able to post higher sales than a year ago for the third month in a row tells us that we might be looking at a bottom in sales volume at least. The bottom for prices is somewhere out in the distance there. We’ve got a lot of foreclosures coming."  

LePage says the decline in the median home price is driven by tightening mortgage markets and a growing willingness by sellers to accept less for their homes.