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Sacramento Home Prices Down 7.2% From Last Year

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(Sacramento, CA)
Thursday, November 3, 2011

If you own a home in the Sacramento region, chances are the value has dropped by 7.2% in the past year. Prices have fallen by 0.7% in the last three months alone.

The rising number of foreclosures is one reason for the price declines. More than one-in-three homes on the market are REOs - or discounted bank-owned properties.

The numbers come from Clear Capital. Alex Villacorta is with the Truckee-based home price tracking firm.

He says if you're thinking of selling…you'd be better off waiting until 2014.

"There's a lot of competition in the discounted home space which would be the REO segment. Buyers have the option to choose an aggressive deal. So if a homeowner has the ability to remain in the home and maybe push out a potential sale at least one to three years that would certainly be more advisable."

Sacramento is the 13th lowest performing housing market in the United States. Las Vegas tops the list.

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