DataQuick yesterday released April Sales numbers for the Sacramento region and they were somewhat encouraging. The most encouraging number is sales volume which was up 10% for the 8-county region compared to last year. Even though prices are still going down, though not nearly as rapidly, it appears that buyers are starting to return to the market as they attempt to bottom pick.
With median prices off 40% and 33% from their August 2005 highs in Sacramento and Placer counties, respectively, value is returning to the housing market.
I don’t think this is the absolute bottom but I do think we’re getting close.
Source: “Area home sales bounce back”, The Sacramento Bee, Tuesday May 20, 2008, A1