Median sales prices in Sacramento County and the city of West Sacramento climbed 7.7 percent from April to May - from $167,5000 to $180,000 - the Sacramento Association of Realtors reports in this news release sent just minutes ago. The association called it "an unexpected move" and said "this increase marks the largest month-to-month median sales price increase recorded by the association."
Analysts I've talked with have been careful to note that a rise in median prices means a lot of things, but probably not a big turnaround for the market. It likely reflects lessening of really really cheap bank repos in the mix and some of the bank-owned trouble moving into higher-end homes. Yet it's hard to not cheer a little for once.
Sales of existing homes have remained the same- just above 1,700 a months - for the past three months as you'll see in this may2009.pdf of summary statistics.
Bank repos were about 60 percent of of sales, down from a high of 70 percent earlier this year as the supply has dwindled. Sales are still running ahead of the same time last year and the SAR says there aer 2.9 months of inventory - the time it would take to sell all the listings at today's sales pace.