Chico real Estate, which is owned by real estate giant REO Real Estate, reported Friday that sales jumped more than 60% in the second quarter, the biggest single-day jump since December 2013.
The company also posted a year-over-year gain of 10.2%.
The increase was driven by a huge surge in sales in the region surrounding the Texas city of Austin.
The city is the epicenter of a growing real estate boom, and its real estate prices are also outpacing the rest of the country.
Chico Real Estate reported that the median selling price in the metro area was $541,400, up more than 20% from the same time last year.
The median price in Austin was $634,900, up 4.5% from last year, the company reported.
The number of listings for properties rose to a record 8,945 from a year ago, and the average price was $717,000, up 9.7%.
The rise in sales came in the wake of a federal court ruling that allowed landlords to evict tenants who are homeless or have a mental illness.
As the housing market recovers, landlords will increasingly be able to evict people who are in trouble.
But landlords have struggled to find new tenants in the last year as prices have surged and supply dwindled, said Joe Lappalardo, president of the Chico Association of Realtors.
“There’s always a risk that the market doesn’t pick up the momentum and you end up with a foreclosure,” Lapparardo said.
In the second half of last year alone, a record 5,622 people lost their homes due to foreclosure, according to a report by the U.S. Government Accountability Office.
The numbers are likely to rise as more and more foreclosures are filed, said John Stossel, chairman of Fox Business Network and former president of Fox News.
“There’s more and greater uncertainty and uncertainty about when it’s going to be over,” Stosse said.
“People are very worried about their credit and their mortgage payments and how much they can afford to pay.”
The number of people in need of housing rose in Texas in 2017, according a U.N. report released Friday.
More than 2.3 million people were in need, the report found, including 1.4 million who were homeless and 1.1 million with mental health or substance abuse issues.
The report said Texas had the highest number of homeless in the nation.
In Chico, nearly 1,100 people were homeless, including a dozen children, the U-T San Antonio reported.