In the newest signal that a free-fall in capital area home prices is ending, November's median sales price topped year-ago figures in
SAR said the median price for existing homes - where half cost more and half less - reached $187,000. That was 1.1 percent higher than $184,944 in November 2008.
The trade group for area real estate agents reported 1,439 sales in November, 16 percent fewer than the same month a year earlier.
Forty percent of sales were bank repos, while 21.5 percent were short sales, in which banks accepted less than owed to avoid costs of foreclosing. The remaining transactions were conventional sales. That's a sharp contrast from November 2008, when 71 percent of sales were bank repos, according to SAR.
Call The Sacramento Bee's Jim Wasserman, (916) 321-1102 or email him at [email protected]. Read his blog on real estate, Home Front, at www.sacbee.com/blogs.