Home prices up 24.5% over 2012

The median sales price of existing, single-family homes in Sacramento County climbed sharply in February compared with the same month in 2012, the California Association of Realtors said.

In Sacramento County, February’s median of $203,540 was about 24.5 percent higher than $163,530 in February last year. February’s median also was up about 1.3 percent from $201,010 in January.

The statewide median price of an existing, single-family detached home also soared – $333,880 in February vs. $268,810 in 2011, a 24.2 percent spike.

February marked the 12th consecutive month of annual median price increases in California. However, the statewide median was higher in January this year, coming in at $337,360.

CAR noted that home sales in Sacramento County and statewide were down year-to-year.

“The demand for homes remains solid, but a shortage of homes for sale, especially in the lower-priced segments, is negatively impacting housing sales,” said Don Faught, CAR’s president. “Sales of homes priced above $500,000 continue to be strong … while (sales of ) homes priced below $300,000 were down 27 percent from last February due to fewer available homes for sale.”