Holy cow! Another $10,000 drop in Sacramento Median Home price!
December 18th, 2008 Categories: Real Estate News, Real Estate Trends, Sacramento RE Stats, Sacramento Real Estate
Here in Sacramento county, Data Quick numbers show that November’s median home price is a huge $10,000 lower than October…That is a nearly 5.5% drop in just a month! Prices have fallen $105,000, or 36 percent, in just a year!
According to the Sacramento Bee, 69 percent of Sacramento Real Estate transactions last month involved discounted bank owned homes. Statewide, California’s home sales last month were 56 percent bank owned homes.
Add to that downward momentum the number of recent job losses, those still on the horizon and the number of recent Notice of defaults filed here in the Sacramento area, and things are not ‘not looking good for the home team’…
Yet buyers have been buying… and are still buying. In massive amounts. In Sacramento County, November was the eighth straight month where sales were higher than last 12 months prior. Mortgage rates have fallen to 5 percent or less for 30-year fixed… buyers are out in droves, even now during the holidays.
