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DataQuick: Sacramento Area Home Prices Rising

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(Sacramento, CA)
Wednesday, May 15, 2013

Research firm DataQuick says the median home price in April was $210,000 - up from $205,000 in March and a 32.1% increase from April of last year.

Andrew LePage is with DataQuick:

"Part of its home price appreciation as a lot of people chase not enough homes on the market and then part of its just the big change in market mix."

The change, LePage says, is that there's been a steep decline in the share of sales that are foreclosed properties. Another thing bringing up the median price is that people are buying more expensive houses.
"Sales below $200,000 were down 27% from a year ago, sales in the $300,000 to $800,000 range, a typical move-up range, were almost double, they were up 91%."
LePage says the data continue to show an above average level of investor and cash-buying.
"…38.6% of all homes sold went to absentee-buyers which is mainly investors...38.2% of the homes sold went to buyers paying cash, most of those would be investors."
LePage says 2,114 homes sold in Sacramento County last month, up only 4.4% from a year ago and below average…but still the highest April sales count in four-years. 
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