Lower than a day after real-estate agent Andrea White listed a three-bedroom house on the market in Sacramento, Calif., in March, she obtained an all-cash provide. The client—who had not even seen the house in particular person—was able to pay $520,000, Ms. White mentioned. That was $21,000 above the asking worth and 37% greater than the vendor had paid for the ranch-style house solely two years in the past.
Accepting the provide was the simple half. Ms. White then needed to name 17 different brokers who had scheduled excursions of the home to allow them to realize it was off the market.
Ms. White, who works for brokerage Redfin Corp. and has been an agent since 2014, has by no means seen something just like the gross sales mania gripping her Northern California metropolis. “It’s exhausting,” she mentioned. “I’m speechless. It’s heartbreaking for consumers; it’s celebration for sellers.”
The previous yr has been the hottest for sales activity in 14 years. Dwelling values are rising in virtually each nook of the U.S., and median sale costs in dozens of metro areas have posted double-digit share will increase from a yr in the past, in accordance with Zillow Group Inc. In Boise, Idaho, the median sale worth rose virtually 25% in January from a yr earlier, whereas in Stamford, Conn., it rose 19%.
“Costs are up nearly all over the place,” mentioned Mark Vitner, senior economist at Wells Fargo & Co. “It’s stunning to see house costs rebound this shortly, by this magnitude, this early into an financial restoration.”