Home prices remained solid across of all Pacific Union’s regions in the third quarter, while inventory slightly expanded in many, offering relief for buyers. Get an in-depth look into market conditions in the Bay Area and Tahoe/Truckee in our comprehensive Q3 quarterly report.
In August, median sales prices for homes in the state hit their highest levels since late 2007 and are up nearly 30 percent from last year. Not surprisingly, homes in the Bay Area are still much pricier than the California average, as well as harder to come by.
April home prices continued to post solid gains across the Bay Area and the Tahoe/Truckee region in April, with the median price for single-family homes reaching $1 million in San Francisco for the first time in more than five years and the median price in our Sonoma Valley region jumping 65 percent over the past year.
Both The Wall Street Journal and USA Today have noted recently that rising home prices in the San Francisco metropolitan area are sustainable because of its strong economic base.
An increasing number of sellers are putting their homes on the market in Napa County this spring, and other regions in the Bay Area and Tahoe/Truckee are also seeing more homes for sale after months of exceptionally tight inventories.
Recent news of interest to homebuyers, home sellers, and the home-curious includes a forecast of 10 percent growth in home prices this year and 8 percent growth next year. Also, lenders are warming up to home equity loans again, and sales of new and existing homes posted solid gains in March.
After record-breaking results in 2012, real estate activity in the first quarter suggests 2013 will once again reach new highs. Pacific Union’s Quarterly Real Estate Report has the facts and numbers behind the good news.
Access to public transportation keeps home prices stable, according to a recent study that found property values near public transit lines in the Bay Area outperformed other neighborhoods by 37 percent.
Bay Area home prices continued to climb higher in March, with the median price of all sales up 33 percent from a year earlier, according to the California Association of Realtors. All nine Bay Area counties posted double-digit increases.
The San Francisco metropolitan area ranked No. 1 in the United States in January for job growth, up 4.3 percent from a year earlier, and the Oakland area wasn’t far behind. The strong job growth helps boost local real estate markets.