Sacramento area home prices are getting up off the mat, increasing 12.4 percent from the bottom of the market reached in April of last year. The four-county region —said to be one of the hardest hit in the nation with overwhelming foreclosures and 35 percent-plus drops in home values — had a median-home price of $188,100 last month, compared to the so-called “trough” price of $167,340 a year ago.
A large percentage of the price increase last month came from Sacramento County alone, easily the most affected by the downturn, with numerous communities, such as Elk Grove and North Natomas, reporting 50 percent price drops in some neighborhoods during the worst of it. The Sacramento region had the smallest price increase from the “bottom” of the market in the state, with 40 percent-plus gains in San Francisco and Santa Clara County leading the way. But in our local four-county region Sacramento County was the only county in the region that enjoyed a price increase compared to a year ago. Mostly in the cities of Fair Oaks, Galt, North Highlands, Orangevale and Sacramento, which ofset price declines in Folsom and Citrus heights….