Sales from Lists of Foreclosed Homes in Sacramento Still Up

Sales from lists of foreclosed homes in Sacramento are still high, based on house resale data in the area in November.

Sales of bank-owned homes accounted for 49.3 percent of total home sales in Sacramento County in November, a still high percentage despite its drop from November last year when investors and first time home buyers snapped up bargain-priced foreclosures and pushed the share of foreclosure sales to more than 69 percent.

All in all, total home resales in the Sacramento region, which includes the counties of Amador, Nevada, El Dorado, Placer, Sutter, Sacramento, Yuba and Yolo, reached 3,183 units. Homebuilders, meanwhile, sold 341 of their units, comprising nearly 11 percent of total sales in the region. Overall sales however dropped from the October sales of 3,670 units.

The median price for resale homes in November in Sacramento was $177,000, a jump of $2,000 from the median in November last year. According to real estate analysts, the jump in the median price was the first year-over-year increase Sacramento has experienced since May 2006.

The analysts said that the median increase reflected improvements towards price stability, declining sales from list of foreclosed homes and higher sales volume for costlier properties.

However, the median price for newly-built and pre-owned homes in Sacramento remained 5.4 percent less than the median price in November 2008. The other counties in the region also posted drops in median sales prices compared to November last year.

In six counties in the Bay Area, the median home sales price in November rose to $387,000, the second consecutive month that the price increased from last year. In six counties in the Los Angeles area, the median home sales price was $285,000, matching the median in November last year and marking the first time the median did not fall on a year-over-year basis.

In Sacramento County, total sales for new and pre-owned homes reached 1,900 units with the median price dropping by more than five percent to $175,000 from November last year.

In Placer County, a total of 549 units were sold, with the median falling by more than seven percent to $305,000 from last year. El Dorado County posted sales of 201 units at a median of $289,000.

The median sales prices also fell in Yolo, Yuba, El Dorado, Nevada, Sutter and Amador, which had lower sales in November than Sacramento and Placer, despite a decline in the percentage of properties sold from lists of foreclosed homes.

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