July 31st, 2017 3:40 PM by Mike Frangadakis
Bay Area single-family home prices rose 7.9 percent
in June from a year earlier, outpacing the 7.0 percent statewide price increase
— and Bay Area home prices remain far more expensive than statewide home prices,
according to a new California Association of Realtors report.
Closing in on a million bucks, the Bay Area’s
median price of $908,740 for single-family homes was much higher than the
statewide median sale price of $555,150.
And look at some of the numbers from specific
counties: The median price rose 12.6 percent year-over-year to $1,182,500 in
Santa Clara County and 12.1 percent to $900,000 in Alameda County. It jumped 9.8
percent to $1,433,750 in San Mateo
County, 8.8 percent to $1,469,000 in San Francisco and 5.6 percent to $660,000
in Contra Costa County.
All of this is driven by the combination of low
housing supply and job growth. Worried that they won’t otherwise seal the deal,
buyers are pushing sale prices higher and higher.
Broken down another way, the data show that the
highest per-square-foot prices in the state were in the Bay Area. At the top of
the list was San Francisco ($909 per square foot), followed by San Mateo County
($848) and Santa Clara County ($662).
And which California counties showed the sharpest
drops in inventory? The report showed the top five were all in the Bay Area: San
Mateo was No. 1, followed by Santa Clara, Alameda, San Francisco and Contra
“A lack of available homes for sale continues to be
the largest single factor influencing California’s housing market,” said C.A.R.
President Geoff McIntosh. “With active listings 13.5 percent lower than last
June, we’ve now experienced a full two years in which active listings have
fallen on a year-over-year basis and the lowest inventory level this year.
Would-be sellers aren’t listing their homes as many of them would also face an
inventory challenge if they were to turn around and buy another
Tight inventory combined with buyers’ desperation,
spurring sales on a year-over-year basis. The volume of sales was up 2.4 percent
across California and 6.1 percent in the Bay Area.
Sales jumped 9.4 percent in Santa Clara and San
Mateo counties; 8.2 percent in Contra Costa County; and 4.8 percent in Alameda
In San Francisco, the number of sales declined by
This chart shows year-over-year changes in price
and sales for single-family homes.
A report analyzing sales data for June shows
that Bay Area counties led the state in housing price increases. (Courtesy of
California Association of Realtors)
Written by: RICHARD SCHEININ