Home values plummeting statewide
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Here’s a zinger from the Sacramento Bee: ‘Sacramento’s Median Home Price Falls Below $200,000.’ Reporting on Thursday:
October brought another dubious honor to the Sacramento County real estate market, as median home prices for new and existing homes combined dipped below $200,000 for the first time since April 2002. The symbolic drop -- to $195,000 -- came exactly one year after the county’s median sales price for the same category fell below $300,000, according to MDA DataQuick statistics released today.
Southern California saw the median price fall more than 40% from its peak to $300,000 in October, according to MDA DataQuick, a level not seen since 2003, reported The Times on Wednesday.
Continues the Bee:
Bank repos again accounted for the majority of home purchases, especially in Sacramento County, the largest sector of the region’s real estate market. The Sacramento Assn. of Realtors reported that 73% of October sales in Sacramento County and the city of West Sacramento involved bank repos. Alan Wagner, SAR president said the pattern will last ‘well into the future’ because many vacant bank-owned homes have yet to come to market. Analysts saw similar patterns in Los Angeles and the Bay Area as foreclosures have mounted across California. DataQuick said 51% of Southern California’s October sales were bank repos; it was 45% in the Bay Area.
The property tax coffers should be taking quite a hit as values continue downward.
--Lauren Beale
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