Sacramento real estateWe’ve all seen and heard how Sacramento has rebounded from the housing crash in recent months–so much so that observers worry about the potential for another real estate bubble. But speculation is one thing. Real statistics and data are something else entirely. And a new report from Movoto delivers one statistic in particular that puts our region’s growth in stunning perspective.

Movoto looked at residential markets nationwide to study the median price per square foot. Sacramento led the pack with a 64.5% increase from July 2012 to July 2013–a jump nearly 25% greater than the one seen in Phoenix, the next hottest market.

Overall, the median list price per square foot increased in 36 of the 38 cities we track, rising 14.9 percent compared to the same time last year. In July 2012, the median list price per square foot sat at $157; this increased to $181 at the end of last month.

The three cities that saw the biggest jump in price were:

Sacramento: The median price per square foot for a home in Sacramento jumped up 64.5 percent in the last year. In July 2012, a home buyer could expect to purchase a home for $93 per square foot. Today they could expect to pay $153.

Phoenix: The median list price per square foot for homes in Phoenix increased from $91 to $127 over the past year. This is a 39.6 percent increase.

Mesa: A Mesa home will cost buyers $118 per square foot, a significant increase from $89. This is a 32.6 percent increase.

[You can check out the full chart and other details at Movoto.]

The bigger takeaway is that prices across America are settling down a bit as more housing inventory reaches the market. We’re still catching up with that in Sacramento, hence the incredibly competitive climate reflected in the figures above. As noted here before, we should see that relax a bit as more REO properties reach the market.

Stay tuned to WarrenAdams.com (and my social-media channels, including Facebook and Twitter) for more about that as it happens, and contact me today with questions about listing your own property in Sacramento.

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