Residential properties, including VA homes, became even cheaper in Sacramento, California in November. Prices of houses declined for the fourth month in a row in the area, resulting in worries among analysts that a double dip is in the works for the region's housing industry.
The California Association of Realtors has released data showing that November prices of Sacramento foreclosures and other residential structures declined by 7.8% compared with the same 2009 month. The month's median price is pegged at $173,870 from last year's $188,480. When compared with October 2010, November's price dropped by 3.4%. Meanwhile, sales of housing units also fell for the month by 1.5% compared with year-ago levels. When compared with October of this year, sales climbed by 5.7%.
According to industry analysts, the continuous decline in residential prices is mainly due to the huge supplies of California foreclosures and short sale transactions that characterized the region's residential property market in the past couple of years. The latest median price of residences in Sacramento is only about 3.9% higher than the prices recorded during April 2009 when the market was supposed to have hit bottom.
Current price is a little over $6,000 more expensive than the April 2009 median rate of $167,340. For November, Sacramento recorded the third smallest price increase in California, with Northern California and San Luis Obispo the only regions in the state that have worse price performances during the month. Meanwhile, several California housing markets recorded price increases of at least 30% during the month, with VA homes, foreclosed residences and non-foreclosures all doing better than previous periods.
Despite short sales and foreclosures, San Francisco recorded a 39% rise in median home prices, while Santa Clara County recorded a jump of 33%. Statewide, median housing prices rose by 21% when compared with the February 2009 bottom market rate of $245,320. When compared with October 2010 and November 2009, November 2010 median price for the whole state dropped by 2.5%.
Sales of housing units, including VA homes and regular dwellings, recorded a decline of 8.6% for the month compared with year-ago levels. However, it increased from October of this year by around 9.2%. November marks the first time since February that median prices dipped below $300,000 in the state.
For over 10 years, John Evan Miller has provided exceptional information on the foreclosure market.
Notice: In accordance with FTC guidelines, we state that RealEstateProArticles.com has financial relationships with some companies and may be compensated if consumers choose to buy, subscribe or take any action to a product or service via the links on our website. Occasionally, we receive free access to review a product or service. We do not accept compensation in exchange for a positive review. These reviews are strictly the opinions of the author.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites