Price of homes in California county rise

According to a recent Daily Democrat report, the cost of homes in Yolo County, California, rose in February. This increase was in contrast to the state as a whole, which did not reach its level from a year ago, as more than half of sales during the month were short sales and foreclosed home sales.

Analysis from MDA DataQuick showed the median price for a home last month was $244,000, down 2 percent from $249,000 in February 2010. The figure is an increase over January's total, however, which was $239,000.

In Yolo County, escrow closed on 125 homes, representing a 27.6 percent jump from February 2010's total. The median price for homes in the county was $233,000 - 5.4 percent higher than the same time last year.

"Over the next few months we'll begin to see how much of the pent-up demand will play out during the traditional spring-summer home-buying season," said John Walsh, president of DataQuick. "Our sense is that we could see sales jump significantly from today's subpar levels if the economic outlook improves."

For those seeking relocation, buying a foreclosed house might represent the best option, as such sales accounted for 40.1 percent of the total in the state during February. 

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