West Sacramento Prices "Tumbled" 26% in a Year

The Sacramento Business Journal reports on November's CAR & DataQuick stats:

Report: West Sac home prices fall 26 percent in a year

Sacramento-area's median home price plummeted and sales tumbled in November from a year earlier, the latest evidence of a struggling real estate market. Home prices in the four-county region declined 3.9 percent to $365,000 in November compared to a year ago, according to a California Association of Realtors (CAR) report released Thursday. But several markets -- including Elk Grove and West Sacramento -- reported much larger price drops [Keep in mind the city data is from DataQuick and measures combined (all) sales of existing and new homes.]

Existing-home sales fell 24.5 percent last month in the Sacramento area compared to November 2005, according to the closely watched monthly report. The region's sales drop was one of the largest in the state.
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West Sacramento's median-home price -- meaning half the homes sold for more, half for less -- tumbled 26.2 percent last month to $363,500, easily the largest decline in the region.

Elk Grove, Lincoln and Placerville also endured double-digit percentage declines in median price from a year ago. Placerville fell 14.6 percent to $365,000; Lincoln dropped 13.8 percent to $420,909; and Elk Grove declined 12.9 percent to $428.000. The Realtor group cautioned that communities with small numbers of transactions may see unusually large fluctuations in median prices.

And all four counties reported lower home prices, led by a 16 percent decline in Yolo County. El Dorado County had the smallest drop, down 4.3 percent. Placer and Sacramento counties' median home prices fell 12.6 percent and 8.8 percent, respectively.

CAR report here.
DQNews/DataQuick report here (and archived here).