It only takes a small decline in foreclosure sales to begin to see price increases and this is true even in the Fruitridge and Elder Creek area of Sacramento county. Foreclosure sales fell by 59.8% year over year from 112 sold last October to just 45 this October. Short sales doubled from 6 to 11 and non-distressed property sales gained by 56.5% for the same period. Overall unit volume fell by 34.8%.

All this and price increases, albeit small. From $80.72 last October we see a price increase of 5.5% year over year to $85.17 this October. This corresponds to an increase in average sales price from $90,818 to $102,458 year over year pushing sales price above the $100,000 mark. Median sales price is now $88,950. Interestingly enough, homebuyers also bought homes on average 7% bigger this October than they did last October.

Inventory sits at 2.5 months based on the last year of sales and 2.7 months based on the last six months of sales corresponding to the slow sales we are seeing. Foreclosure inventory is at 0.3 months and 0.5 months respectively.

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