Sacramento home prices post biggest gains in nation

Published: Wednesday, Oct. 30, 2013 - 10:14 pm
Last Modified: Thursday, Oct. 31, 2013 - 12:56 pm

Sacramento home prices rose by 26 percent this spring compared with the same period last year, topping a list of 380 markets surveyed by the CoreLogic Case-Shiller Indexes, the firm announced Wednesday.

Las Vegas was No, 2 on the list with a 25 percent year-to-year gain, and Oakland came in at number three with a 24 percent rise in home prices from the second quarter of 2012 to the second quarter of 2013. San Jose and Los Angeles rounded out the top five in the index.

Nationwide, home prices increased by an average of about 10 percent, the firm said in a news release.

Areas hardest hit by the bursting of the housing bubble last decade, such as Sacramento, tended to post the biggest gains, it said. Tight inventory and strong demand from investors and traditional home buyers pushed prices up.

But as resale inventory increases and more new homes are built, the rapid price appreciation of the last year will likely slow down, it said. Waning investor demand likely will also help cool the surging market.

Case-Schiller is widely regarded as one of the most conservative of home-price indexes because of its stringent methodology.

Call The Bee’s Hudson Sangree, (916) 321-1191.

Read more articles by Hudson Sangree

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