Friday, October 24, 2014
PLACERVILLE, CALIFORNIA
99 CENTS

Sac area home prices continue climb

By
From page HS23 | July 26, 2013 |

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“ZipRealty’s latest report provides our first real glimpse into the health of real estate market since mortgage interest rates began to rise in mid-June,” said CEO and President Lanny Baker. “During the third week of June, mortgage rates posted their largest one-week increase in more than a quarter-century and rates are now 1 percent higher than they were a month earlier. However, that hasn’t mattered much in terms of home sales prices and transaction activity.

“The median home sales price in the 24 markets we analyzed was over $280,000, up $10,000 from May 2013 and 16 percent higher than May 2012. Sales prices in June hovered above 99 percent of list prices on average, just as we’ve seen in prior months,” Baker continued. “Median days on market for homes sold in June decreased by another two days compared to May 2013, and at 27 days stands nearly two weeks shorter than last June. These indicators point to a market that appears to be relatively undisturbed by the recent rise in interest rates as of yet.”

Other interesting highlights from the report include:

• Sacramento has shot ahead of the Bay Area in percentage home price increases, jumping 42 percent on a year-over-year basis as of June 30, while Bay Area prices increased 38 percent.

• The West Coast continues to dominate in terms of home price growth: The Bay Area, Las Vegas, Los Angeles and San Diego followed Sacramento in terms of price gains.

• The number of new home listings in Denver, Seattle and Portland increased substantially, presenting more opportunities to buy for interested homebuyers. Denver listings increased 23 percent year-over-year, while Seattle and Portland both saw 20 percent increases in new listings.

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