DataQuick: Sacramento's Median Home Price Falls 18.3%
From the Sacramento Bee:
Sacramento County, where median sales prices of new and existing homes combined are now 18.3 percent below this time last year, is still California's hardest-hit urban county for declining values.
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Sacramento County's median sales price for existing homes fell to $285,000 from $295,000 the previous month. That's down 24 percent from the August 2005 peak of $374,000 and lowest since $275,000 in April 2004.
5 comments:
WOW!!
With still more to go....
24% down and they are still too expensive for people to buy.
maybe we'll 30% next year and that will get us closer to 50% from peak and then maybe people will start buying.
But lots of pain to come next year, especially since the banks have failed to put together a proper shell game to keep assets from being priced to market.
Lots of writedowns to come next year and when the banks get serious about moving their homes we will see some real declines.
Yup...we're continuing to move south as the inventory just doesn't want to move in the right direction.
Land Park is starting to crater. The really nice homes still sell in a reasonable time, but more and more homes for sale are just sitting, sitting, sitting...
$/sq. ft. has dropped from $400+ at peak to a range in the $300s.
We even have FITs in this prestigious neighborhood. While not yet experiencing a crisis like those in the outlying areas, the veil of immunity has been pulled back, revealing underlying weakness even here in the most stable of neighborhoods.
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