The median price of a Sacramento home is now $170,229 compared to $164,900 in June, 2011. The rise in the median price is because increased demand for resale housing coupled with a very low 3 week supply of houses has forced prices upward.
For buyers this remains a great buying opportunity since prices remain well below the peak of the market in 2005 and mortgage rates are super-low. But buyers will probably be faced with competition for the best buys.
For sellers who have been putting off selling because prices were too low, they're now encouraged to call a real estate broker and re-look at what's going on with recent sales in their neighborhood.
It's hard to say if this is a beginning of a turnaround for the real estate market, but the signs seem to be pointing in that direction.
David Jurewicz, Sacramento real estate broker talks about the forces driving these powerful market shifts in his latest video at: http://youtu.be/