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Oct 30 2018 62900 1
Dated: October 30 2018
Sacramento home prices plateau. But will they become affordable again?
Sacramento’s once-hot home sales market has cooled for three straight months, new data show. That mirrors similar easing in the Bay Area and elsewhere in California amid six years of nation-leading home price increases.
The median price of $360,000 in August in Sacramento County is basically the same as it was in June and July, according to data published Friday by CoreLogic, a national real estate consultancy that tracks the housing market.
Meanwhile, the number of homes on the market has edged up in recent months. Economists and real estate watchers say it’s a sign the state’s high-flying real estate values have gotten too rich for some would-be buyers, and that others may have dropped out after running into stiff competition this spring.
“I don’t think it would be a terrible thing if the market cooled off,” Stumpf said. “Prices can’t go up forever. A little more of a level playing field (for buyers) would be a positive thing. Buyers get treated more fairly.”
Housing affordability hit a 10-year low this year throughout most of the state. Three out of four state residents could no longer afford a median-priced home, according to the California Association of Realtors’ second-quarter housing affordability report.
The median price for a new home in Sacramento County was $437,250 in August, down from $445,750 the month before, CoreLogic reported. Total new home sales dipped slightly as well in August compared to the same month last year.
Michael Strech, head of the North State Building Industry Association said sales remain decent, and builders have a lot of projects in the ground around the region. But, he said, “there are no high fives, no back flips” among builders.
“We’re interested in a balanced market,” Strech said. “Ebbs and flows are part of a healthy market. I don’t think anybody is overly concerned that we have had several months in a role of a flattening prices. If prices outpace wages, that is not good for anybody.”
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