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November Home Sales Drop 5.1% In Sacramento



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(Sacramento, CA)
Friday, December 09, 2011

The total number of closed escrows in November was 1,531. That's 5.1% decrease from October.

Doug Covill is president of the Sacramento Association of Realtors, which released the numbers today. He says home prices have been stagnant:

"Given that somewhere around 65%-70% of the sales we have are distressed property - either short sales or bank-owned properties - that's still keeping us without having appreciation. We have leveled off. We seem to be stuck at a median of $165,000."

In fact, the median has been hovering around $165,000 for the past 10-months.

Among the homes that sold in November: 33.6% were bank owned; 29.6% were short sales; and 36.8% were conventional sales.

 

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