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Local Home Prices Gaining Momentum



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(Sacramento, CA)
Thursday, June 3, 2010
That may sound like a big spike.
 
But Alex Villacorta with the research firm Clear Capital says prices are still nowhere near where they used to be five years ago.
 
“In fact, for the Sacramento market, prices have fallen 54% since the market peak back in late 2005. So even though we’ve seen a nice gain over the year, we are still very low compared to where prices were in the peak of the market.”
 
Villacorta says government programs like the federal home-buyer tax credit are partially responsible for the growth in home prices. He says it’s likely prices will keep rising as those tax-credit incentivized sales continue to close through June.
 
Meanwhile, both Stockton and Modesto also saw year-over-year price gains hovering around 10%.
 
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