Bay Area Median Home Price Approaches All-Time High

SAN FRANCISCO (CBS SF) — The variety of Bay Space houses bought in March hit a 5-yr excessive, with the area’s median gross sales worth creeping up in the direction of final summer time’s all-time excessive, based on actual property analysis agency CoreLogic.

The variety of new and present houses and condominiums bought within the 9-county area was 7,287 in March, up fifty one.5 % from February and four.four % over March 2016, based on CoreLogic.

The median worth for all houses bought within the Bay Space in March was $709,000, up 9.1 % from final March and simply zero.1 % under the all-time excessive of $710,000.

Though, adjusting for inflation, the March median was about eleven % under the June 2006 peak.

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“A February-to-March spike in house gross sales is a seasonal norm, however this yr’s almost fifty two % leap was among the many highest on document,” CoreLogic analysis analyst Andrew LePage stated in a written assertion Thursday.  “Job progress and the inventory market run-up this yr are among the many elements which have stoked gross sales.”

“It’s unclear whether or not heavy rains may need delayed some winter exercise, leading to extra offers that closed in March,” LePage stated.

It’s additionally potential that extra individuals jumped into the housing market in expectation of mortgage charges persevering with to rise, based on LePage.

Alameda County noticed heavy gross sales exercise in March, with a ten.6 % improve over the identical month final yr. Santa Clara County noticed a yr-over-yr improve of almost 10 %.

The median house worth in Santa Clara County was $988,500, up eight.four % from final March. In Alameda County, the worth hit a median of $730,000, up thirteen.7 % from March 2016, based on CoreLogic.

San Francisco noticed decreased gross sales, with March numbers dropping 5.three % from final yr and the median worth hitting $1.1 million, a four.three % drop.

“Wanting forward, affordability can be a significant factor for Bay Space residence consumers,” LePage stated. “If present tendencies maintain, the area’s media sale worth might simply surpass the present document … throughout this spring or summer time.”

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