Wednesday, June 12, 2013

Sacramento County Median Home Price Statistics for May 2013

WOW sums it up. The numbers are out. The median home sale price was $240,000 for May 2013 in Sacramento County. This is starkly different from just a year ago as you can probably tell from the graphic here. In May, my personal closed transactions were on par with this trend -- selling for substantially higher prices than what these homes would have fetched last year in 2012. Compared to the home values in Sacramento County in August 2005 (the peak of the market) at $395,000, our current values are still a great bargain, and in general home affordability is really high among median wage earners in Sacramento. Is this level of appreciation sustainable? NO. But this has allowed many home sellers who were in short sale territory just a year ago to get out from under their homes and sell with equity! Interest rates remain low, but are creeping upward. Given that we are entering a time of year when typically most folks seek to buy or sell homes, the next couple months should be interesting.

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