Local Home Sales Up, But Not Prices
KXJZ file photo/Steve Milne
Sacramento County home sales rose in August compared to a year ago for the fifth consecutive month. But data released Thursday from the research firm MDA DataQuick show prices continue to lag.
Thursday, September 18, 2008
DataQuick’s Andrew LePage says when prices go down, sales go up.
LePage: “We have some zip codes in the capital region that are showing some of the steepest home price depreciation in the country. It’s brought back affordability; there are a lot of so-called bargain hunters out there, whether first-time buyers or investors snapping homes up.”
LePage says most of the August sales came from foreclosed homes.
Meanwhile, Placer County saw its sales rise for the second month in a row.
LePage says the Sacramento area has taken a much harder hit than the rest of the state – in both home sales and prices. But while prices here are still down, sales are picking up sooner than other regions.