Foreclosed Homes Sales in Sacramento Still on the Rise

The number of foreclosed home sales in Sacramento has continued to remain quite high according to the house resale data of the locality for the month of November. The number of bank owned home sales were responsible for 49.3% of the total sales of homes in the county of Sacramento. Though compared to last November’s figures these figures are less but they have still managed to maintain a high record. Last year the prices shot up due to the investors and first time buyers.

In Sacramento, total resale of homes reached 3,183 units including the El Dorado, Placer, Amador, Nevada, Sutter, Sacramento, Yuba and Yolo counties. Meanwhile the homebuilders sold 341 units making almost 11% of total sales. From 3,670 units sales of October the November figures showed substantial fall.

The resale homes could be settled at an average price of $177,000 in Sacramento last month. This was a $2,000 hike from last year November’s average price. The analysts feel that this hike in the average price was the very first increment on a year-over-year basis in Sacramento since 2006. They also feel that increment in the average prices featured a stability in the prices and a fall in the number of sales of foreclosed properties and a hike in the sales of expensive properties.

However, the average price for the newly-built homes including the pre-owned homes continued to be 5.4% less compared to the average price last year November. There was a fall in the in average sales prices in other regions as compared to November 2008. In six Bay Area counties, the average sales price for homes in November jumped to $387,000. This was the second month at a stretch that there was a jump in the price compared to last year’s figure.

The total sales figure of new and pre-owned properties is now 1,900 units in Sacramento County and their median prices fell to $175,000 that is 5% or above as against last year November’s figure. At least 549 units in Placer County were sold as their average prices fell by 7% leading to $305,000 and the El Dorado County featured sales of 201 units at an average price of $289,000.

In the counties of Yuba, Nevada, Sutter, El Dorado, Yolo, and Amador there was a fall in the average prices at which the properties were sold. These places had a lesser sales figure than Sacramento and Placer in November, though there was a fall in the total proportion of properties that were sold from among the foreclosed homes.

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