Home prices rise despite fewer sales

By Dale Kasler
Published: Friday, Jul. 23, 2010 – 12:00 am | Page 6B
Last Modified: Sunday, Jul. 25, 2010 – 10:25 am

Home prices continued to recover in Sacramento and California last month, even though fewer sales were recorded, according to a report released Thursday.

The findings by the California Association of Realtors were consistent with recent trends showing a steady improvement in the state’s housing market in spite of a shaky economic recovery.

The median sale price in California hit $311,950 in June, a 13.6 percent increase from a year earlier. The volume of sales dropped 4.2 percent from a year ago, the result of the expiration of federal tax credits for home purchases.

California’s market, among the hardest hit anywhere, seems to be recovering at a faster pace than the nation’s. The National Association of Realtors said median prices nationwide rose only 1 percent in June, to $183,700, while sales volumes fell 5 percent.

California prices have improved 27 percent since hitting bottom in February 2009, the Realtors group said.

Sacramento-area prices, while recovering more slowly than California’s, are also going up. The median price has risen 7.6 percent, to $196,220, from a year ago. The Sacramento median price has risen 17 percent since bottoming out in April 2009.

Read more: http://www.sacbee.com/2010/07/23/2909637/home-prices-rise-despite-fewer.html#ixzz0v7T8Fx6b