Home price rises are forecast for 2013 in Sacramento

By Hudson SangreePublished: Oct. 24, 2012

Home prices in the Sacramento area are likely to rise significantly in the coming year and will outpace the national average, online real estate tracker Zillow predicted Tuesday.

The Seattle-based firm projected that home values in the region will increase by an average of 5.6 percent through the third quarter of 2013. Home prices will rise 1.7 percent nationally during the same period, the firm said.

"Six percent is on the healthy side," said Zillow senior economist Svenja Gudell. "It's a steady clip of appreciation."

Like other market-watchers, Zillow says Sacramento area home prices hit bottom in the first few months of this year after a five-year free fall.

Tight inventory, including fewer foreclosures for sale, combined with strong demand from investors for rental homes has spurred recent increases, Gudell said.

At the same time, low prices and historically low interest rates have been drawing more would-be homeowners to the market. Home values are about half what they were at the peak of the boom but starting to trend upward, she said.

"Prices have fallen so far," Gudell said. "As soon as they start to pick up, it's almost a mentality of no one wants to miss the boat."

The median home value in the region rose 3.4 percent to $210,900 in the third quarter of 2012 compared with the third quarter of 2011, Zillow said. Prices were up 2.9 percent from the second to the third quarter of this year.

Some cities did better than others. Elk Grove's median home price rose 6.4 percent in the third quarter of 2012 compared to the same period a year before, Zillow reported. Roseville's jumped by 6.2 percent year-over-year, it said.

In the city of Sacramento, the median home price rose by 3.7 percent from the third quarter of 2011 to the third quarter of 2012, Zillow said.

Sacramento area home values are now back to March 2002 levels, the company reported.

The area's median home price is about 50 percent of its peak value of $422,000 in the fourth quarter of 2005, Zillow reported. The last time home values rose as fast as they have recently was in March 2006, when the median price rose 3.4 percent year-over-year, Zillow said.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Sierra Oaks, Wilhaggin, Del Dayo and Shelfield - Sales Data for October 2012

There were 19 homes sold in Sierra Oaks, Wilhaggin, Del Dayo and Shelfield in the month of October, 2012. This is the an increase from the 12 sold in September, 2012.  Here are the addresses and specific details:

Currently there are: 36 Active listings, 3 Active short sale listings, 5 Short Sales waiting for lender approval and 19 Pending Sales

If you would like more information (pictures, listing history, what type of sales they were, etc.) feel free to call or email and I’d be happy to provide that for you.  Call or email me if you are looking to buy or sell in the Sierra Oaks, Wilhaggin, Del Dayo and Shelfield areas.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Arden Park and Arden Oaks - Sales Data for October 2012

There were 11 homes sold in Arden Park and Arden Oaks in October, 2012.  That is a increase from the 7 sold in the month of September, 2012.  Here are the addresses and specific information:

Currently there are: 19 Active listings, 0 Active short sale listings, 7 Short Sales waiting for lender approval and 12 Pending Sales

If you would like more information (pictures, listing history, what type of sales they were, etc.) feel free to call or email and I’d be happy to provide that for you.  Call or email me if you are looking to buy or sell in the Arden Park or Arden Oaks area.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Elmhurst and Tahoe Park Sales Data - October 2012 (Sacramento, Ca)

There were 16 homes sold in Elmhurst and Tahoe Park in the month of October, 2012.  That is a decrease from the 13 homes sold in the area in the month of September, 2012.  Here are the addresses and specific information.

Currently there are: 11 Active listings, 4 Active short sale listings, 17 Short Sales waiting for lender approval and 26 Pending Sales

If you would like more information (pictures, listing history, what type of sales they were, etc.) feel free to call or email and I’d be happy to provide that for you.  Call or email me if you are looking to buy or sell in the Tahoe Park / Elmhurst area.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Land Park and Curtis Park Sales Data - October 2012 (Sacramento, Ca)

There were 18 homes sold in Land Park and Curtis Park in the month of October, 2012 .  That is a increase from the 13 homes sold in the month of  September, 2012.  Here are the addresses and specific information.

Currently there are: 36 Active listings, 1 Active short sale listings, 10 Short Sales waiting for lender approval and 19 Pending Sales

If you would like more information (pictures, listing history, what type of sales they were, etc.) feel free to call or email and I’d be happy to provide that for you.  Call or email me if you are looking to buy or sell in the Land Park or Curtis Park area.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

East Sacramento: McKinley Park, Fab 40's, River Park, East Sac, East Portal Park - Sales Data for October 2012

There were 26 homes sold in East Sacramento in the month of October, 2012.  That is a increase from the 23 homes sold in the area in the month of September, 2012 .  Here are the addresses and specific information.

Currently there are: 42 Active listings, 4 Active short sale listings, 12 Short Sales waiting for lender approval and 38 Pending Sales

If you would like more information (pictures, listing history, what type of sales they were, etc.) feel free to call or email and I’d be happy to provide that for you.  Call or email me if you are looking to buy or sell in the East Sacramento area.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Fannie: Sales Up 9 Percent in 2012

RISMEDIA, — Fannie Mae’s economists expect total home sales to rise approximately 9 percent this year from last year’s depressed levels.

Although home prices are likely to dip somewhat in the winter season following typically stronger spring and summer months, Fannie Mae’s experts still believe that home prices hit bottom earlier this year. Combined with record-low mortgage rates, aided by the Federal Reserve’s latest round of mortgage-backed security purchases, more consumers are likely to enter the housing market, the company said today.

Sales will top out at 4.98 million this year and continue to increase next year, reaching 5.19 million units for the first time in years. Fannie predicts prices will rise 2.9 percent this year and 1.6 percent next year. Housing starts will reach 746,000 this year and rise to 888,000 in 2013.

“The U.S. fiscal cliff and debt ceiling debate as well as the weakened global economic environment are likely to create the strongest headwinds facing any real improvement this year,” says Fannie Mae Chief Economist Doug Duncan. “With these issues hanging in the balance, we believe risks remain tilted to the downside. News from the housing sector is more positive, with various indicators showing continued momentum toward a sustainable, long-term recovery. Notably, home prices are inching back into positive territory on a year-over-year basis. Results from our September National Housing Survey also show consumers’ home price change expectations have remained positive for nearly a year.”

For more information, visit www.realestateeconomywatch.com.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com