Figures released today by real estate information service Dataquick show signs of a strengthening home market across the Sacramento region, driven by investors snapping up rental properties and competition for the ultra-low inventory of resale homes.
The median price of resale single-family homes in Sacramento County rose 5.6 percent from the same month a year ago, from $161,000 in July 2011 to $170,000 last month.
Median prices for detached single-family resale homes in all four counties also rose from June to July.
The percentage of foreclosures in Sacramento County continued to decline, but sales to absentee owners - who are generally investors - hit a record high of 37 percent in July, said Dataquick analyst Andrew LePage.
The latest report from the Sacramento Association of Realtors showed less than a one-month inventory of homes on the market, meaning it would take less than 30 days to sell all those properties. An optimum inventory is about a six-month supply, real estate agents say.