Sacramento housing market sees substantial gains in July 2012
The latest real estate news for Sacramento is displaying positive momentum for the market. Reports from a wide variety of sources are showing significant year-over-year and month-over-month gains for properties in the greater Sacramento area. As the local housing market continues to improve, more residents may want to consider ditching their apartment in favor of purchasing one of the homes for sale in Sacramento.
Housing prices post substantial gains
According to the latest data from Santa Ana-based CoreLogic, housing prices in the four-county Sacramento region increased 4.6 percent in July 2012 in a year-over-year comparison. When excluding the sale of distressed properties such as foreclosures and short sales, this figure increases to 5.6 percent.
Property values are improving at a significant pace - just between June and July, prices rose 2.3 percent, which could indicate a fast-moving market for potential homebuyers.
"The housing market continues its positive trajectory with significant price gains in July and our expectation of a further increase in August," said Mark Fleming, chief economist for CoreLogic. "While the pace of growth is moderating as we transition to the off-season for home buying, we expect a positive gain in price levels for the full year."
The year-over-year gains experienced in Sacramento far surpassed those recorded as the national average. The Modesto Bee reports that national home prices increased 3.8 percent over the course of the year. However, by excluding distressed property sales, that figure increases to 4.3 percent.
Homes for sale in Sacramento in key neighborhoods are featuring strong increases in property values. According to real estate research firm DataQuick, the community of Isleton, ZIP code 95641, had a property value increase of 86.3 percent in July 2012 when compared to July 2011. The median price for a house in the area is now $150,000 - about $53 per square foot.
The luxury community of Elk Grove also featured an increase in median home price during the course of July 2012. The source claims that the median home price for the 95758 ZIP code was $199,250 during the mid-summer month, which is a 7.8 percent increase from the past year. The highest price paid for a property in this neighborhood was $670,000.
Check out the MLS listings in Sacramento to find an affordable home that may be improving in value.