Recent news of interest to homebuyers, home sellers, and the home-curious includes a trend that finds many first-time buyers unable to get a foot in the door in the Bay Area’s pricey, competitive housing market. Also, another report finds that things are getting even tougher for middle-class homebuyers in the Bay Area and California.
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.
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.
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.
A new report says the San Francisco metro area is among the top five best places in the United States to sell a home in the coming year, thanks to robust sales prices. We agree, and local sales data shows homes in some Bay Area regions are going for well above asking.
San Francisco is home to the second-healthiest housing market in the United States, according to a recent analysis, a distinction that bodes well for homebuyers and sellers all over the Bay Area.
The number of Bay Area homes selling for $1 million and higher skyrocketed 39 percent last year, a clear sign of the region’s strong economy as well as its bright prospects for 2013.