Rosemont Home Prices Near 10-Year Low

Now is not the time to be selling a home in Rosemont.

According to real estate website Zillow, home prices in Rosemont have plummeted to lows not seen since 2001. Last month, the median price for homes in the two ZIP codes covering Rosemont were $159,900 (95826) and $139,000 (95827), according to the Sacramento Association of Realtors.

Zillow says the current median sale price in Rosemont is even lower, at $138,500.

Local realtor , an occasional contributor to this site, said he doesn't expect home prices to bottom out until late 2012 or early 2013.

"Currently the inventory is Sacramento is low, but there are lot of foreclosures that have not hit the market yet," Yaffee said in an email. "The banks are holding a lot of inventory and slowing bringing it onto the market."

The current home prices are a far cry from the massive sale prices seen in the mid-2000s, but they're also below what they were just last year. Yaffee said the short-term decline was created when temporary incentives ran out.

"Last year there was a spike of purchases due to the federal tax credits being offered to first-time buyers," he wrote. "Once that disappeared, the market has declined. The tax credit allowed a lot people to buy a home and in most cases get their down payment back from the credit."

He added that many residents in Rosemont are public-sector employees, and may be avoiding buying a home for fear of being laid off.