Median prices for homes sold in the Sacramento region rose by double digits in October compared with the same month a year before, DataQuick reported today.
For Sacramento and Placer counties, it was the largest year-over-year price increase since the height of the housing bubble in late 2005, according to data supplied by the San Diego-based real estate information service.
Sacramento's median home price rose by more than 16 percent from $155,000 in October 2011 to $180,000 in October 2012. Placer County's median home price rose by nearly 19 percent during the same period, going from $252,500 in October 2011 to $300,000 last month, DataQuick said.
Price increases in the region are being driven by a scarcity of homes for sale, record low interest rates and strong demand from investors seeking rental properties.
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