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Business Journal: Sacramento-area Home Prices Up

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(Sacramento, CA)
Tuesday, May 25, 2010
The California Association of Realtors says the median home price – meaning half the homes sold for more, the other half for less — increased to $188,000 in April. That’s about $20,000 more than what has been considered the bottom of the market.  But the figure has created a bit of an unusual situation, since only Sacramento County enjoyed higher prices compared to April 2009. El Dorado, Placer and Yolo counties reported modest price declines in April compared to a year ago.
But sales dropped 8 percent to 484,000 homes, that’s the fewest homes sold in 19 months.  Real estate officials say the drop in home sales were likely because of a lack of quality homes on the market, along with the fact that many home shoppers were waiting until a state tax credit went into effect last month.
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