Figures released today by real estate information service Dataquick show signs of a strengthening home market across the Sacramento region, driven by investors snapping up rental properties and competition for the ultra-low inventory of resale homes.
The median price of resale single-family homes in Sacramento County rose 5.6 percent from the same month a year ago, from $161,000 in July 2011 to $170,000 last month.
Median resale home prices in Yolo County last month jumped by 12.9 percent from July 2011. In Placer County the increase was 9.6 percent. El Dorado County saw a 7.6 percent year-over-year price gain.
Median prices for detached single-family resale homes in all four counties also rose from June to July.
The percentage of foreclosures in Sacramento County continued to decline, but sales to absentee owners - who are generally investors - hit a record high of 37 percent in July, said Dataquick analyst Andrew LePage.
The latest report from the Sacramento Association of Realtors showed less than a one-month inventory of homes on the market, meaning it would take less than 30 days to sell all those properties. An optimum inventory is about a six-month supply, real estate agents say.
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