The Sacramento area ranked No. 3 on a national list of top home sellers' markets, according to the latest buyer/seller market rankings by Seattle-based data tracker Zillow.
California markets dominated the top of Zillow's latest list measuring locally strong demand, with San Jose and San Francisco coming in first and second, respectively. The top 10 also included Los Angeles, San Diego and Riverside.
The top three buyers' markets were in Chicago, Cleveland and Philadelphia. No California markets cracked that top 10.
Zillow analyzed sales prices compared with asking prices, the number of days listings spent on Zillow and the percentage of homes on the market with a price cut, and then ranked the 30 largest metro areas in the respective categories.
"Many of the strongest sellers' markets are in areas that were hardest hit by the housing bust, places like California, Nevada and Arizona, which may seem counterintuitive," said Stan Humphries, Zillow's chief economist. "But much of that strength is driven by investor interest, as many distressed and non-distressed homes are purchased and transformed into rentals.
"This investor activity is contributing to very low inventory levels, which increases demand and helps drive up prices, particularly for less expensive homes in these markets."
Within the Sacramento regional market, North Highlands was the top sellers' market, followed in order by Orangevale, the city of Sacramento, Rancho Cordova and Elk Grove.
Regionally, Auburn was the top buyers' market, followed in order by Granite Bay, Placerville, Loomis and South Lake Tahoe.
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