California is usually a trend setter when it comes to the real estate market. Real estate professionals all over the United States are constantly watching the California real estate market like some kind of magical crystal ball. For the most part, California does lead the United States in real estate trends. In our next installment of, “The State of Real Estate,” we take a closer look at the real estate market in the city if Sacramento, California.
Like much of the United States, the real estate market in Sacramento has seen better days. In early 2006, the real estate market all over the United States was seeing massive growth. Houses were being built, and new houses were being sold in record numbers. Along with this spike in real estate activity, the value of homes in Sacramento also started to rise as well, but this growing trend quickly came to an end in late 2007.
The value of homes in Sacramento started to fall. The amount of new homes being constructed started to fall as well. They reached a record low in 2008, but halfway through the year, the value of homes started to rise again. The rest of the real estate market in the United States was still falling, but there was a spark of life in Sacramento. That spark was quickly extinguished in early 2009, when new home construction, and home values fell even lower than they did in 2008.
Since that dramatic fall in 2009, the real estate market in Sacramento market has never fully recovered. For the past three years it has seen some ups and downs, but it has not gotten back to where it was in 2008. It has started to show some signs of growth again since the beginning of 2012. If you are thinking about purchasing real estate in Sacramento, now is a great time. You will be able to get in while the prices are still low.