Business Journal: Home Sales Strong Statewide, Struggling in Sacramento
A slight bump in home prices did little to hurt home sales statewide in November, as home-shoppers continue to take advantage of one of the hardest-hit housing markets in generations. But the Sacramento area struggled.
Wednesday, December 23, 2009
California home sales increased five percent, while the median home price — meaning half the homes sold for more, the other half for less — jumped about six percent to $305,000. But perhaps the biggest figure is a dramatic decline in the number of homes on the market, with the current inventory at 4.5 months, and the average home selling in about a month — both are much lower than a year ago.
The Sacramento region was a bit of an anomaly in the state, with a dip in home prices and a drop in sales. All four counties reported a decline in the median price, with El Dorado County off 13.4 percent, the highest in the region. Placer County has the highest-priced homes at $305,000.
Statewide, six communities have median home prices of at least $1 million, including Los Altos at almost $1.5 million.