First-Time Homebuyers and Investors Boost First Quarter 2009 Home Sales in Sacramento County

The Sacramento County real estate market continued to show some rays of hope during the first quarter of 2009 as falling interest rates, extremely favorable home prices and the introduction of new tax incentives for homebuyers fueled a 75 percent increase in sales of existing single-family detached homes compared with first quarter of 2008, according to a report by the research division of Prudential California Realty based on an analysis of MLS data.

In Sacramento County, 4,589 existing homes were sold during the first quarter, up from 2,619 sold during the same period of 2008 - the fourth consecutive quarter and twelfth consecutive month that sales have improved compared with the previous year. The strong sales results and a moratorium on new foreclosures generated at least a temporary reduction in the number of foreclosed and bank-owned properties on the market. As a result, the average time a home was on the market before sales dropped from 72 days a year ago to 61 days in the first quarter and multiple offers became commonplace among homes priced below $200,000.

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