Report: Home Values Continue To Escalate
New figures from the real estate research firm RealtyTrac show the median home price is up more over the past year in Sacramento than anywhere else in the state.
Daren Blomquist is with Realty Trac:
“In Sacramento we saw a 35% year over year increase in median home prices from a year ago which is just crazy, I mean that’s not sustainable for the long term but as we’ve kind of hit bottom and bounced very quickly off that bottom, you’d had this very sharp home appreciation that’s probably not going to continue.”
Blomquist says homeowners in the Central Valley are also seeing rising values.
"…similar trends there: Stockton was up 20%; Modesto up 27% year-over-year in those median home prices. But across the board in every California market that we track we’re showing at least double-digit percentage increase in home prices from a year ago.”
Blomquist says nationwide, all-cash sales and institutional investor purchases are down a bit – but they still make up a large percentage of sales, especially in California. In Sacramento, cash sales accounted for 27% of all purchases in June.