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Median Up But Home Sales Lag

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(Sacramento, CA)
Monday, March 15, 2010
That “median” sales price is 5.8% higher than the previous month…and 7.7% higher than the same time last year.

The numbers were released Monday by the Sacramento Association of Realtors. Barbara Harsch is the association’s president.

“One of the things that effects the overall median price is the fact that the high-end isn’t selling. There are no sales over $1 million, for example…and like 19 sales between $500,000 and $1 million. Whereas, in 2005 a lot of sales were in that price range so it bumped the total statistic up higher.”  

Home sales have been sluggish this winter.

There were 1,156 homes sold in February…virtually the same number as January. That’s a 26% decrease from the same time last year. Most of the homes that sold were bank-owned properties.
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