Traditional Home Sales Increasing
RealtyTrac reported that in March of 2013 the Sacramento area experienced a 32 percent rise in the median price of homes. The main factor influencing the rise of home prices is a lack of inventory. The inventory of homes for sale in a real estate market is measured by the amount of time it would take to sell all of the homes on the market. From February to March the inventory dropped from 0.9 months to 0.8 months.
Another factor for the home price increase in Sacramento is the number of traditional sales. RealtyTrac also showed that 63 percent of sales were from traditional equity sales. In the fourth quarter of 2012 a large portion of sales in the Sacramento area were from short sales. The area was eighth in the nation for short sales. Contrasted against March’s numbers we are seeing a welcome improvement in Sacramento.
However, there are other factors to consider and Sacramento does have a ways to go before the market is back on track. Unemployment continues to be a challenge, there are still short sales and foreclosures processing daily, and many people are feeling the weight of their debts. Improvement is always welcome but must be considered against the bigger picture.
If you have any questions or concerns about your own personal situation I would be happy to give you a FREE one on one legal consultation. You can call me at 916.442.6400 or send me an email at email@example.com or just visit my website www.upsidedownca.com.
California Attorney and
licensed Real Estate Broker