Aug 19, 2008 10:43 pm US/Pacific
Sacramento Housing Prices Mixed, Sales Rise
SACRAMENTO (CBS13) ―
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A sign indicating a reduced price is posted in front of a home for sale in East Palo Alto.
AP
There's an old saying in real estate: It's all about location. One Sacramento zip code showed an alarming drop in sales compared to last year, but a zip code right next door showed surprising gains.
In Midtown and East Sacramento, 95816, you could have bought a house just a year ago and sold it for profit this month. Homes sold for 16 percent more than July 2007.
"Yeah, it's amazing, but predictable," said Midtown specialist Christina McBurney. She says the area's charm appeals to gas-conscious buyers.
"It's worth it to them to pay more money and not have to drive 20 minutes or a half hour to get to their job," she said.
That zip code has its own mini-market forces unlike most others, especially one of its neighbors, where the real estate story is worlds apart.
The North Sacramento area, zip code 95815, has seen home prices drop by 64 percent since last year -- nearly two-thirds of the homes' value gone.
Vacant homes in the area have been on the market for months, many have been vandalized, and almost all are bank-owned. Sales are up, but prices are falling as the downward spiral continues.
You can view all the data on Sacramento-area real estate prices by zip codes in
this spreadsheet.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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