Sacramento home prices are still dropping

Although the available inventory of Sacramento real estate homes on the market has remained steady for the past month and is down from where we were six months ago the median price for a home has continued to decline.

The median price for a home, according to HousingTracker was $319,000 as of February 11 and is down 1.8 percent from a month ago. Looking back further the median price has dropped 16.1 percent in the past month and over 20 percent in the last 12 months.

As we move into the traditional spring selling season we can expect to see more homes coming on the market which will continue to put pressure on sellers to lower their asking prices.
What we are seeing at MagnumOne Realty is no showing activity for overpriced homes. I would estimate a good 80 percent of the houses on the market are overpriced. We brought a new listing on the market last week, 316 Roseville Street, at what we felt was a competitive price but the lack of showings has demonstrated we may have missed the mark and we will be working on getting it reduced this week because it doesn’t do anyone any good to have it sit vacant and not shown.