Not sure what area of Sacramento you are referring to so I pulled up statistics for your zip code - 95842. Here's what things looked like there for the month of July:
For all properties (bank owned, short sale, and regular sales) there were 54 homes for sale at an average price of $159,000. There were 30 sold listings with an average sale price of $144,000 and an average square foot price of $108. The sold to list price percentage was 107%. (This means that of those sales they sold on average at 7% over the asking price that was on the listing when it went pending.)
Looking at bank owned - REO statistics there were 16 for sale at an average listing price of $137,000. There were 16 solds as well that sold at an average price of $132,000 and an average square foot price of $105. The sold to list price percentage was 112%. There is obviously a lot of competition among the houses that were selling.
Let me know if you'd like a different zip code and I can pull those up as well. At Lyon Real Estate we have an exclusive program called Trendgraphix that pull all those statistics from the MLS each month. I have the stats by county on my website but we have the capabilty to pull them up by zip code, or by city, and can also get more specific and look at square foot ranges. It's quite fascinating!
Hope this helps,
Lyon Real Estate