Monday, October 01, 2007

Asking Price Decline Breaks 15% YoY, -21% Since Aug 2005

The median asking price for Sacramento area homes fell 15.3% from a year ago, according to Housing Tracker. Since mid-August 2005, the median has dropped 20.6%. For a visual of the decline, please see these charts at the California Housing Forecast blog.

Meanwhile, preliminary data suggests that Sacramento area home sales took a serious hit in September. More at the Sacramento Real Estate Statistics blog.


Sittin' Out This One said...

Housingtracker shows another interesing trait:

September 2006 listings = 17,727
September 2007 listings = 18,566
Difference = 839

October 2006 listings = 16,822
October 2007 listings = 18,394
Difference = 1,572

REO will keep inventory much higher going into the "off season" in 2007-2008.

piggy said...

Geeze. That's scary as we are looking into buying either a condo or a single house. Can't decide on whether to focus on Sacraemnto (Arden and E. Sac) vs. Davis area. Any suggestions?

norcaljeff said...

Piggy, rent for at least another year otherwise you're gonna lose money, or have a huge probability of losing money. Those places you are looking at might be holding up now but as things get worse for housing, it will eventually infect that part of town too.

Gwynster said...

Davis is looking at a flood of REOs.

The larger homes aren't being rented out because owners want too much for them so they stay vacant. If they do get rented, it's for far less then the monthly nut so eventually they'll go in receivership too. I'd rent if you really want Davis. And beware of the child sex offenders if you do come this way.

We're just a year behind Sac county but it's definately heading down.