Sacramento-area home prices rise in February amid low inventory
Sacramento-area home prices rose in February even as the number of houses sold remained low –the result of a constrained supply of homes for sale, figures from DataQuick and the Sacramento Association of Realtors show.
In Sacramento County, the median price of resale detached homes jumped from $230,000 in January to $245,000 in February, DataQuick reported Thursday. The county’s median home price in February of last year was $190,000, the San Diego-based real estate information service said.
Part of that increase is the mix of homes sold. More move-up buyers are purchasing homes in higher price ranges, while the supply of low-priced houses favored by investors and first-time buyers is drying up.
But it also reflects growing demand at a time when few people are able or willing to put their homes on the market.
In February there was about a two-month supply of homes for sale, meaning it would take about that long to sell all the houses, the Sacramento Association of Realtors said this week. Anything less than three months of inventory is considered a strong sellers’ market. That pushes prices upward as buyers compete for a limited number of homes.
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