The housing market is crazier than it has been since 2006

Less than a day after real estate agent Andrea White put a three-bedroom home in Sacramento, Calif., Up for sale in March, she received an all-cash offer. The buyer, who hadn’t even seen the house in person, was prepared to pay $ 520,000, Ms. White said. It was $ 21,000 more than asking price and 37% more than what the seller paid for the ranch-style home just two years ago.

Accepting the offer was the easy part. Ms White then had to call 17 other agents who had scheduled tours of the house to let them know she was no longer in the market.

Ms. White, who works for brokerage firm Redfin Corp. and has been an agent since 2014, has never seen anything like sales madness take hold of her northern California town. “It’s exhausting,” she said. “I’m speechless. It’s heartbreaking for buyers; it’s sellers’ party.

The past year has been the hottest for sale activity in 14 years. Home values ​​are rising in virtually every corner of the United States, and median selling prices in dozens of metropolitan areas have posted double-digit percentage increases from a year ago, according to Zillow Group Inc. In Boise, Idaho, the median selling price rose nearly 25% in January from a year earlier, while in Stamford, Connecticut, it rose 19%.

“Prices are going up pretty much everywhere,” said Mark Vitner, senior economist at Wells Fargo & Co. “It’s surprising to see home prices rebound so quickly, of this magnitude, so early in an economic recovery.”

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