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.
Tight supplies of homes for sale have stymied would-be buyers in the Bay Area – and in many parts of California and the U.S. – for many long months. Have housing inventories finally hit bottom?
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.
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.
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.
February home prices posted exceptionally strong gains across the Bay Area and the Tahoe/Truckee region, led by San Francisco, where the median sales price for a single-family home jumped $166,000 — 26 percent — in a year’s time.
Recent news of interest to homebuyers, home sellers, and the home-curious includes a report that home sales were down in February across most of the Bay Area, although median sale prices showed no such decline. Also, California is no longer on a list of the top-10 states with high foreclosure rates.