Home prices continued to fall during the month of May all over the tri-county region. According to DataQuick that keeps up with all these numbers the median selling price of a home in Sac County last month was $160,000 which was 11.6 percent lower than May of 2010.
(The median price is the point at which half the home sales were above and half below.)
Placer County’s median selling price at $255,000 was 6.8 percent less than a year ago and El Dorado County’s median home price of $259,000 was down 10.4 from May of 2010. El Dorado County still maintains the highest median priced home in the eight county region.
The number of home sales for the region declined 7 percent from last year same month.
“There wasn’t much in the latest sales data to suggest the overall market will pull out anytime soon,” said John Walsh, president of DataQuick.
On the positive side of the real estate news….inventory continues to fall. Available homes for sale are 23 percent less this month than a year earlier. Foreclosures and short sales account for half the sales but the number of actual foreclosures is declining.
Portion of article by: Ken Calhoon, Real Estate Broker, Placerville, California.