According to a report?issued this week by Realtor.com, real estate in Northern California is booming ? especially in one housing market that was among the hardest hit of any in the country by the collapse of the housing bubble.
The report, which looked at the year-over-year increases in median home listing prices in housing markets across the United States, found that the Sacramento area had the largest gains of any metro region. This data suggests that sagging housing prices, which have been a drag on the economy in much of California?s Central Valley for years, are not only beginning to rebound, but are doing so with surprising strength.
Not only did Sacramento have the biggest gain in home list prices over the course of the past year, but it also had the largest percentage of its listed houses go off the market, an inventory reduction of just over two-thirds. Even so, Sacramento?s median listing price is still well below its mid-bubble 2006 peak.
?In Sacramento, you have a desirable area that was hit really hard by the housing bubble, with a lot of foreclosures and a lot of overbuilding,? said Alison Schwartz of Move, Inc., the operator of Realtor.com, who noted that the spike in prices in the area is largely a result of how far home values had dropped in the region during the recession.
Five of the top 10 cities with the fastest growth are located in Northern California and two more are in the southern portion of the state. (By: Huff Post)
Source: http://reggielal.com/archives/1874
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