Sonoma County foreclosure sales drop to four-year low in October

Sonoma County home sales remained strong in October, even as the rate of foreclosure sales fell to its lowest level in more than four years.

Only 8 percent of the 480 single-family homes sold last month were bank-owned foreclosure properties, according to The Press Democrat's monthly housing report compiled by Pacific Union International Vice President Rick Laws.

It was the most homes sold for any October since 2008. At that time, half of the sales involved homes that previously had been lost through foreclosure.

The median sales price last month reached $366,000, an increase of 3 percent from September and 18 percent from a year ago.

However, Laws said the increases weren't due primarily to rising home values. Instead, he attributed them mostly to a decline in the sale of lower-end foreclosure properties and a rise in the sale of more-expensive homes by owners with equity.

© The Press Democrat |  Terms of Service |  Privacy Policy |  Jobs With Us |  RSS |  Advertising |  Sonoma Media Investments |  Place an Ad
Switch to our Mobile View