Friday, September 14, 2012

Sacramento home prices jump 10 percent in August - Sacramento Bee

Driven by short supply and relatively high demand, Sacramento County's median home price continued its steady upward climb in August - and rose more than 10 percent from the same month a year before.

At the same time, foreclosure sales dropped to their lowest level in five years.

Real estate information service DataQuick reported this morning that the median price for detached, resale homes in Sacramento County reached $176,500 last month. That was $6,500 more than the month before and $16,500 more than August 2011.

The median price has been climbing steadily this year, except for a dip in May.

Ultra-low interest rates and an extremely tight supply of homes for sale have pushed prices up, while the number of foreclosures on the market has continued falling.

Absentee buyers - generally investors - have been scooping up rentals at the lower end of the market. Move-up buyers have been increasingly wading into the middle- and upper-priced market segments, seeking to take advantage of interest rates that dropped below 4 percent, for 30-year mortgages, and below 3 percent for 15-year loans.

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