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Community Corner

Home Sales On The Rise Despite Decreasing Value

Despite the perpetual decline in real estate value, Fair Oaks home sales have increased more than four percent.

Home values have famously dropped in the last three years.

Despite the constant warnings, some may not have noticed the local values began declining before 2008, yet actual home sales seem to slowly increase.

According to Zillow.com, housing prices in Fair Oaks peaked at a median price of $465,000 in late August of 2006.

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That same time the following year in 2007, the price had collapsed to a median home value of $385,000.

When the housing bubble burst, and much of the economy had begun to descend in late 2008, further decline in median home value was inevitable. The Fair Oaks median housing price was at a median price of $324,000.

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One month later, just days before the Troubled Asset Relief Program, also known as TARP, was passed on Oct. 3 to bailout large banks and mortgage companies, the housing median had fallen again to $318,000.

Interestingly enough, between the fiscal years of 2009 and 2010, the median home price, remained relatively flat at $283,000 and feel to only $279,000.

Currently, Fair Oaks median home value is still in decline.

As of June 2011, Fair Oaks median home as fallen to an estimated $246,400, the same point almost ten years ago. It was around $251,000 in January of 2002.

Despite the perpetual loss of home value, the 2011 fiscal year saw a significant increase in housing sales as it grew from 4.02 percent to 4.69 percent.

Zillow.com also shows that an estimated 71 percent sold their homes at a gain, while only 27 percent of homes closed at a loss. It does not show how much was lost or gained on each sale.

Only .18 percent were foreclosed on, down from its peak in March of this year, were it climbed to .25 percent of a percentage point. This is down from the previous fiscal years closing at a .19 percent foreclosure rate.

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