Research firm DataQuick says the median sales price of a Sacramento County home in July was $165,000 - up 3% from a year ago.
Also up were sales to so-called "absentee owners" or people who don't live in the area and are buying, for the most part, to either quickly resell or "flip" a home or rent it out. It hit a record high of 37% in July.
"We're seeing a lot of people paying cash and it's putting pressure on the, on the first time buyer, they're not able to be competitive with the cash-buyer."
That's Chris Little, President-elect of the Sacramento
Association of Realtors.
On Insight with Beth Ruyak, he said as a
result of cash investors snapping up properties, there's now a
supply shortage for first-time buyers.
"We have about 22 days worth of inventory on the market
which is extremely low. And it's just a very difficult time for
people to buy a home."
Little says with affordability at an all-time high, first-time
buyers who can outbid investors are getting higher-quality starter
homes.