A continuing shortage of homes for sale in the greater Sacramento area housing market pushed prices higher once again last month as the median sale price in the region jumped 11 percent in June from a year ago, according to a new report by Coldwell Banker Residential Brokerage.
The figures are based on Multiple Listing Service data of all homes sold in Sacramento, El Dorado and Placer counties last month.
The tri-county region saw the median sale price of a local home hit $355,000 in June, up from $320,000 during the same period a year ago. El Dorado County, the most expensive of the three counties, led the way last month with a median sale price increase of 15 percent year-over-year to reach $465,000.
The region’s other two counties also recorded solid price increases. Sacramento County’s median sale price was $318,000 up 13 percent from a year ago when it stood at $281,000. And Placer County’s median price reached $425,000, up 7 percent from last year when it was $397,000.
As has been the pattern recently, a continuing decline in home listings not only drove prices higher but kept a lid on sales. Active inventory in the tri-county region fell 20 percent from a year ago with 5,143 units on the market last month. Sales in the region were up just 1 percent year-over-year with 2,942 properties changing hands last month.
“It seems like a broken record, but a shortage of homes to meet the strong demand from buyers continues to drive this market, whether its higher prices or softer sales numbers,” said Mike James, president of Coldwell Banker Residential Brokerage in the Sacramento-Tahoe region.
“We thought last year’s inventory levels were low, and they were,” he said. “But now we’re even 20 percent lower than that. The homes that are on the market are certainly attracting a lot of buyer interest, but we just need more of them. Hopefully we’ll see a few more listings as the summer home buying season continues.”
Some other key findings from the Coldwell Banker Residential Brokerage Sacramento Regional Housing Report for last month:
- The biggest decrease in homes for sale was in Sacramento County, which saw inventory drop 24 percent from a year ago. Placer County had a 16 percent decline and El Dorado County was down 14 percent;
- Year-to-date sales in the tri-county area through June reached 13,668, up 1 percent from the same six months in 2015;
- Sales over the past 12 months in the tri-county area climbed 6 percent to 28,556 units compared to the previous 12 months;
- The one county that bucked the sales trend last month was El Dorado County, which saw 305 sales during the period, up 22 percent from the 249 sales a year ago.
Coldwell Banker Residential Brokerage serves Sacramento, Placer and El Dorado counties with nearly 800 agents and 12 offices. For more information, please call 925-771-5285.