Sacramento Real Estate Declining
Sacramento home sales declined 10 percent in July from June and are down 23.7 percent from a year ago, according to the California Association of Realtors.
The decline in sales was driven by both tightened mortgage underwriting standards since the beginning of this year and the averse psychological impact of news and information in the Sacramento Bee regarding increases in real estate foreclosures and the subprime loan situation.
The average price of a Sacramento home sold during July was $346,220, only 1.5 percent less than in June and but 8.4 percent less than a year ago.