Sacramento Has Greatest Increase in Home Sale Prices
The latest numbers from ZipRealty show Sacramento had the greatest increase in home sale prices in all 24 markets analyzed.
Even with interest rates rising a full percentage point, Sacramento saw a 42-percent home sale price increase in June compared to last year.
The median price of a home was $235,000, up from $166,000. ZipRealty President Lanny Baker says Sacramento’s home price rise was three times that of other markets.
“In Sacramento, we’re looking at more than a third of the housing is selling in less than seven days," says Baker. "And when houses are selling at their listing price and selling really quickly that’s a real encouragement.”
Baker says investors in Sacramento that were once paying cash for housing stock are now focusing their attention on the east coast.