American Builders Surprised By Sudden Rise in Home Demand

After nearly six years of a slumped economy, it appears that eager home buyers in the United States will need to wait to buy home, as there is too much of a demand at this time.

According to Zillow, the Sacramento area - for which the housing bust took an especially heavy toll - saw the median sales price surge 15 percent over the last year.

“In my 27 years I’ve never seen inventories this low,” Kurt K. Colgan, a broker with Lyon Real Estate in the Sacramento metropolitan area, said in an interview with The New York Times. 

“I’ve also never seen a market turn so quickly.”

February Shows Large Drop In Number Of Houses Lost To Foreclosure

Over the course of 2012, sale prices rose 7.3 percent on a national level.