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Housing Sales Up...Prices Down

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(Sacramento, CA)
Wednesday, November 16, 2011

For the month of October, year to year home sales were up: in Placer County by 21.6 % and in Sacramento by 19.5%.  But, the median sales price continues to fall.  Sacramento's in the past two months is the lowest it has been since the turn of the century.

Andrew LePage is an analyst for the real estate tracking service, Data Quick.  He says people who would normally be taking advantage of the market to get nicer homes can't.

LEPAGE: "So many people are underwater.  They owe more on their homes than they're worth.  So that's shut down a big portion of the move-up market.  So, what you're left with are many first-time buyers and investors.  This is still a market that's trying to get well."

Two-thirds of the homes sold are foreclosures and short sales .  

Of the home buyers, four out of ten are using Federal Housing Administration loans.   A third of buyers are classified as investors because they are using a different address as their primary address. 

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