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.