Sacramento homes are selling fast, often to investors paying cash.
In December 71 percent of homes sold in Sacramento County and West Sacramento had been on the market 30 days or less, according to the Sacramento Association of Realtors. That's the highest percentage of homes sold quickly since 2005.
Almost 40 percent of homes sold went to cash buyers. Realtors and would-be homebuyers have complained recently that investors are shutting them out of the market, especially for affordable homes.
The last time so many homes sold so quickly was during the housing boom, as buyers tripped over each other while pursuing the creative financing that eventually led to the bust.
The total number of homes sold in the county and West Sacramento in December was about the same as it was in December 2010, while the number of houses bought in 30 days or less was at its highest point since 2008.
Source: Sacramento Association of Realtors
© Copyright The Sacramento Bee. All rights reserved.
What You Should Know About Comments on Sacbee.com
Sacbee.com is happy to provide a forum for reader interaction, discussion, feedback and reaction to our stories. However, we reserve the right to delete inappropriate comments or ban users who can't play nice. (See our full terms of service here.)
Here are some rules of the road:
Keep your comments civil. Don't insult one another or the subjects of our articles. If you think a comment violates our guidelines click the "Report Abuse" link to notify the moderators. Responding to the comment will only encourage bad behavior.
Don't use profanities, vulgarities or hate speech. This is a general interest news site. Sometimes, there are children present. Don't say anything in a way you wouldn't want your own child to hear.
Do not attack other users; focus your comments on issues, not individuals.
Stay on topic. Only post comments relevant to the article at hand.
Do not copy and paste outside material into the comment box.
Don't repeat the same comment over and over. We heard you the first time.
Do not use the commenting system for advertising. That's spam and it isn't allowed.
Don't use all capital letters. That's akin to yelling and not appreciated by the audience.
Don't flag other users' comments just because you don't agree with their point of view. Please only flag comments that violate these guidelines.
You should also know that The Sacramento Bee does not screen comments before they are posted. You are more likely to see inappropriate comments before our staff does, so we ask that you click the "Report Abuse" link to submit those comments for moderator review. You also may notify us via email at firstname.lastname@example.org. Note the headline on which the comment is made and tell us the profile name of the user who made the comment. Remember, comment moderation is subjective. You may find some material objectionable that we won't and vice versa.
If you submit a comment, the user name of your account will appear along with it. Users cannot remove their own comments once they have submitted them.