Big Jump In Sacramento Area Home Prices
Wednesday, January 16, 2013
A research firm says Sacramento area home prices rose last month at the fastest rate in more than five years.
The median sales price for all homes in Sacramento County in December was $183,000.
That was up 18% from December of 2011 and it was the highest year-over-year increase in a while.
"You have to go back to August 2005 when the median was up 22.9%."
Andrew LePage is with DataQuick - the research firm that released the numbers.
He says one reason for the increase is that the stock of foreclosed homes, which tend to sell at deep discounts, is disappearing.
"In December 2011 about 43% of Sacramento County's resale market was foreclosed properties. This past December it was down to 16%."
The DataQuick figures show a record 42% of all homes sold in Sacramento County last month went to absentee buyers or people who don't live in the area and are buying, for the most part, to either quickly resell or "flip" a home or rent it out.