LEZLIE STERLING / lsterling@sacbee.com

A worker applies stucco to a new home in West Sacramento's Stone Harbor development, where houses are selling fast and at higher prices, thanks to a rise in demand.

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Sacramento area home prices rising fastest in nation

Published: Tuesday, May. 21, 2013 - 12:00 pm
Last Modified: Tuesday, May. 21, 2013 - 4:02 pm

Sacramento metro-area home values rose a nation-leading 3.4 percent from March to April, Seattle-based data tracker Zillow said today.

Zillow put the Sacramento area's median home value at $252,900 last month, with the monthly percentage surge topping the 30 largest U.S. metro areas tracked by Zillow.

That was up 9.7 percent from the most recent quarter and a whopping 25.4 percent year over year, a byproduct of low inventory and increasing buyer demand.

Only Phoenix, with a 25.5 increase, topped Sacramento's year-over-year rise in median value.

Nationwide, the median home value in April was $158,300, up a modest 0.5 percent from March and up 5.2 percent from a year ago.

"April marks the sixth straight month of annual home value appreciation of 5 percent or above, the longest such streak since the height of the bubble in 2006," said Stan Humphries, Zillow's chief economist. "In the short-term, this has been welcome news for homeowners.

"But in the long-term, this cannot be sustained, and consumers entering the market today should not expect this kind of appreciation to last."

Call The Bee's Mark Glover, (916) 321-1184.

Read more articles by Mark Glover





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