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The childhood home of famous newspaper columnist Herb Caen is on the market in midtown Sacramento for $714,000.
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The childhood home of famous newspaper columnist Herb Caen is on the market in midtown Sacramento for $714,000.
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Business & Real Estate

Home prices keep pushing higher in Sacramento County

By Hudson Sangree

hsangree@sacbee.com

November 30, 2017 12:45 PM

Sacramento County’s median resale home price rose by 10 percent in October compared with the same month last year, CoreLogic reported Thursday.

The Irvine-based real estate tracking service said, however, that the number of home sales continued to slip.

“Total Sacramento County sales fell year over year in (October) for the third consecutive month, which reflects the tight supply and affordability constraints,” CoreLogic analyst Andrew LePage wrote in an email.

October’s median home price for detached single-family resale homes in Sacramento County was $339,000, according to CoreLogic.

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That’s more than double the median price of $155,000 when the housing market hit bottom in late 2011 and about 9 percent less than the peak of the housing bubble in 2005, when the median price of resale homes in Sacramento County stood at $374,000.

The median price is the point at which half of homes sell for more and half for less. It can be influenced by the mix of houses sold.

In this case, a significant increase in sales of homes for more than $500,000 pushed the median higher, LePage noted.

In Sacramento County, the number of homes sold for more than a half-million dollars jumped by more than 50 percent compared with the same time last year. That figure includes both new and resale houses, the analyst said.

The number of all homes sold below $300,000 was 17 percent lower year over year, he said.

Hudson Sangree: 916-321-1191, @hudson_sangree

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