In Sacramento, low interest rates, improved wages, and job security are bringing home buyers back to the market, reports The Sacramento Bee's Richard Chang.
As the economy strengthens, demand for homes has surged, driven by people who lost homes during the recession who are looking again to buy. At the same time, these “boomerang buyers,”... are also competing with millennials – those in their 20s – who sometimes get financial help from family.
The surge of demand has made Sacramento one of the hottest markets in the country.
In August, Sacramento was listed 10th among the nation’s hottest residential real estate markets, according to the official website for the Chicago-based National Association of Realtors. Median home sale prices have steadily risen in recent months, with the resale price for a single-family home in Sacramento County hovering at $310,000 for the months of June and July, reported CoreLogic, an Irvine-based real estate market tracker.